Exhibit 99.4


                                       June 7, 2004


Board of Directors
Putnam Bancorp, MHC
PSB Holdings, Inc.
Putnam Savings Bank
40 Main Street
Putnam, Connecticut  06260

Re:   Plan of Stock Issuance:
      PSB Holdings, Inc.

Members of the Boards of Directors:

         All capitalized terms not otherwise defined in this letter have the
meanings given such terms in the Pan of Stock Issuance adopted by the Board of
Directors of PSB Holdings, Inc. ("PSB Holdings" or the "Company"). Pursuant to
the Plan of Stock Issuance, PSB Holdings will issue a majority of its common
stock to the Putnam Bancorp, MHC and sell a minority of its stock to the public.

         We understand that in accordance with the Plan of Stock Issuance,
subscription rights to purchase shares of common stock in the Company are to be
issued to: (1) Eligible Account Holders; (2) Tax-Qualified Employee Plans; (3)
Supplemental Eligible Account Holders; and (4) Other Members. Based solely upon
our observation that the subscription rights will be available to such parties
without cost, will be legally non-transferable and of short duration, and will
afford such parties the right only to purchase shares of common stock at the
same price as will be paid by members of the general public in the community
offering, but without undertaking any independent investigation of state or
federal law or the position of the Internal Revenue Service with respect to this
issue, we are of the belief that, as a factual matter:

         (1)      the subscription rights will have no ascertainable market
                  value; and

         (2)      the price at which the subscription rights are exercisable
                  will not be more or less than the pro forma market value of
                  the shares upon issuance.

         Changes in the local and national economy, the legislative and
regulatory environment, the stock market, interest rates, and other external
forces (such as natural disasters or significant world events) may occur from
time to time, often with great unpredictability and may materially impact the
value of thrift stocks as a whole or the Company's value alone. Accordingly, no
assurance can be given that persons who subscribe to shares of common stock in
the subscription offering will thereafter be able to buy or sell such shares at
the same price paid in the subscription offering.

                                                Sincerely,


                                                /s/ RP Financial, LC.


                                                RP FINANCIAL, LC.