SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
January 8, 2007 (December 31, 2006)
PSB GROUP, INC.
(Exact name of registrant as specified in its charter)
Michigan 000-50301 42-1591104
(State or other jurisdiction (Commission File No.) (IRS Employer
of incorporation) Identification No.)
1800 East Twelve Mile Road, Madison Heights, Michigan 48071
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (248) 548-2900
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 5.02 DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF PRINCIPAL OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN
OFFICERS.
As previously announced by PSB Group, Inc. (the "Company"), effective
December 31, 2006, Robert L. Cole has retired as President and Chief Executive
Officer of the Company. Concurrent with Mr. Cole's retirement, Michael J.
Tierney, President and Chief Executive Officer of the Company's subsidiary bank,
Peoples State Bank (the "Bank"), has assumed the additional role as President
and Chief Executive Officer of the Company. Mr. Cole will continue to serve as a
director of the Company and in a consulting capacity for the Bank. In 2007, Mr.
Cole will be eligible to participate in the Company's health plans, will receive
a consulting fee of $5,500 per month, and will be entitled to reimbursement of
his country club annual dues and continued use of Bank owned vehicle.
Page 2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PSB GROUP, INC.
Dated: January 8, 2007 By: /s/ Michael J. Tierney
------------------------------------
Michael J. Tierney
President and Chief Executive
Officer
Page 3