EXHIBIT 99.1



PSB GROUP, INC. ANNOUNCES
BOARD MEMBER RESIGNATION


Madison Heights, MI. October 31, 2003 -- PSB Group, Inc., (OTCBB: PSBG), the
bank holding company for Peoples State Bank, a Michigan state-chartered bank
with offices in Wayne, Oakland and Macomb Counties, announced the resignation of
Nels Olson II as a director of both PSB Group, Inc., and its subsidiary, Peoples
State Bank, effective October 31, 2003.

Concomitant with his resignation, PSB Group, Inc. has reached an agreement with
Nels Olson II to purchase all of his PSB Group, Inc common stock, 263,118 shares
at a purchase price of $23.3125 per share. The agreed-upon purchase price for
the stock was negotiated by the company's Board of Directors and in connection
therewith, an opinion as to the fairness of the transaction from a financial
point of view was rendered by a nationally recognized bank valuation expert.

Management believes this stock re-purchase can have the long term effect of
increasing stockholder value, which will be of benefit to all of the
shareholders.

As of September 30, 2003, the assets of Peoples State Bank stood at
$408,700,000.

Peoples State Bank is an independent, locally owned community bank, founded in
1909. The bank currently serves the tri-county area with ten offices in
Farmington Hills, Grosse Pointe Woods, Hamtramck, Madison Heights, St. Clair
Shores, Southfield, Sterling Heights and Warren.


Contact:   David A. Wilson
           Senior Vice President & CFO
           (248) 548-2900