EXHIBIT 99.3





                                        October 29, 2003


The Board of Directors
PSB Group, Inc.
1800 East 12 Mile Road
Madison Heights, MI

The Board of Directors:

        You have requested our opinion as to the fairness, from a financial
point of view, to the shareholders of PSB Group, Inc. ("PSBG") of the
consideration to be paid for the purchase of shares of PSBG's common stock by
PSBG from Nels Olson ("Transaction").

        As is more specifically set forth in the Agreement to Sell Stock and
Mutual Release dated October 29, 2003 by and among PSBG and Nels Olson, PSBG has
agreed to purchase 263,118 shares of PSBG common stock at a price of $23.3125
per share from Nels Olson.

        McConnell, Budd & Romano, Inc., as part of its investment banking
business, is regularly engaged in the valuation of bank holding companies and
banks, thrift holding companies and thrifts and their securities in connection
with mergers and acquisitions, negotiated underwritings, private placements,
competitive bidding processes, market making as a NASD market maker, secondary
distributions of listed securities and valuations for corporate, estate and
other purposes.

         In arriving at our opinion, we have reviewed the Agreement to Sell
Stock and Mutual Release. We have also reviewed publicly available business,
financial and shareholder information relating to PSBG.

         In connection with the foregoing, we have (i) reviewed Peoples State
Bank's Annual Reports to Shareholders, Annual Reports on Form 10-K and related
financial information for the four calendar years ended December 31, 2002 and
PSBG's Quarterly Report on Form 10-Q and related unaudited financial information
for the second quarter of 2003; (ii) reviewed certain internal financial
information and financial forecasts, relating to the business, earnings, cash
flows, assets and prospects of PSBG furnished to McConnell, Budd & Romano, Inc.
by PSBG; (iii) held discussions with members of the senior management and board
of PSBG concerning the past and current results of operations of PSBG, its
current financial condition and management's opinion of its future prospects;
(iv) reviewed the historical record of reported prices, trading volume and
dividend payments for PSBG common stock; (v) considered the current state of and
future prospects for the economy of Michigan generally and the relevant market
area for PSBG in particular; (vi) reviewed specific analysis models employed by
McConnell, Budd & Romano, Inc. to evaluate







potential impact of the share purchase on PSBG; and (vii) performed such other
studies and analyses as McConnell, Budd & Romano, Inc. considered appropriate
under the circumstances associated with this particular transaction.

        In the course of our review and analysis we considered, among other
things, such topics as the historical and projected future earnings of PSBG, the
anticipated future earnings per share, the capitalization and capital adequacy
of PSBG, and the relative asset quality and apparent adequacy of the reserve for
loan losses for PSBG. In addition, we considered the historical trading range,
trading pattern and relative market liquidity of the common shares of PSBG. In
the conduct of our review and analysis we have relied upon and assumed, without
independent verification, the accuracy and completeness of the financial
information provided to us by PSBG and or otherwise publicly obtainable. In
reaching our opinion we have not assumed any responsibility for the independent
verification of such information or any independent valuation or appraisal of
any of the assets or the liabilities of PSBG, nor have we obtained from any
other source, any current appraisals of the assets or liabilities of PSBG. We
have also relied on the management of PSBG as to the reasonableness of various
financial and operating forecasts and of the assumptions on which they are
based, which were provided to us for use in our analyses.

        Based upon and subject to the foregoing, it is our opinion, that as of
the date of this letter, the consideration to be paid in the Transaction is fair
to the shareholders of PSBG from a financial point of view.

                                          Very truly yours,

                                          /s/McConnell, Budd & Romano, Inc.

                                          McConnell, Budd & Romano, Inc.








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