<Page>
Exhibit 99.5
END OF OFFERING PSB HOLDINGS, INC. WEBSITE MESSAGE
STOCK ISSUANCE PLAN INFORMATION
The PSB Holdings, Inc. stock offering closed on ___________, 2004. The results
of the offering are as follows:
______________________________________________________________.
Interest and refund [if applicable] checks will be mailed out on
________________ by regular mail. No special mailing instructions will be
accepted.
Allocations will be made available beginning at ______ on ________________. [If
applicable]
Notice to Subscribers not receiving all shares: Please be aware that while we
believe this to be a final allocation, we reserve the right to amend this amount
up to the time of trading and recommend you verify such on your certificate
prior to trading your shares. [if applicable]
The transfer agent for PSB Holdings, Inc. will be _____________ Company in
_____________, __________ and the phone number for their Investor Relations
Department is 1-800-___-____.
We anticipate trading to begin on ____________, 2004 on the Nasdaq National
Market under the symbol "____."
THE SHARES OF COMMON STOCK BEING OFFERED ARE NOT DEPOSITS OR ACCOUNTS AND ARE
NOT INSURED OR GUARANTEED BY PSB HOLDINGS, INC., PUTNAM SAVINGS BANK, PUTNAM
BANCORP, MHC, THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE SAVINGS ASSOCIATION
INSURANCE FUND OR ANY OTHER GOVERNMENTAL AGENCY.
THIS IS NOT AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY COMMON STOCK.
THE OFFER IS MADE ONLY BY THE PROSPECTUS.
<Page>
INITIAL PUTNAM SAVINGS BANK WEBSITE MESSAGE TO COMMENCE ____________, 2004
PLAN OF STOCK ISSUANCE INFORMATION
PSB Holdings, Inc., the holding company for Putnam Savings Bank is pleased to
announce that materials were mailed on ______________, 2004 regarding its
Stock Issuance Plan. If you were a depositor as of March 31, 2003, June 30,
2004, and or July 31, 2004, you should be receiving a packet of materials
soon. We encourage you to read the information carefully.
Information, including a prospectus, regarding PSB Holdings, Inc.'s stock
offering is also enclosed. The Subscription Offering has commenced and continues
until 5:00 p.m. on, ____________, 2004, at which time all orders must be
RECEIVED if you want to subscribe for stock.
Depending upon the outcome of the Subscription Offering on ___________, 2004 our
best estimate at this time for trading of the PSB Holdings, Inc. stock (NASDAQ
National Market - "XXXX") is late September or early October. As described in
the prospectus, it could trade later than anticipated. Upon completion of the
stock offering, we will update this website with the results of the offering.
If you have questions regarding the offering, please call our Stock Information
Center at (860) ___-____.
THE SHARES OF COMMON STOCK BEING OFFERED ARE NOT DEPOSITS OR ACCOUNTS AND ARE
NOT INSURED BY PSB HOLDINGS, INC., PUTNAM SAVINGS BANK, PUTNAM BANCORP, MHC, THE
FEDERAL DEPOSIT INSURANCE CORPORATION, THE SAVINGS ASSOCIATION INSURANCE FUND OR
ANY OTHER GOVERNMENTAL AGENCY.
THIS IS NOT AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY COMMON STOCK.
THE OFFER IS MADE ONLY BY THE PROSPECTUS.
<Page>
______________, 2004
Dear Depositor and Friends of Putnam Savings Bank:
We are pleased to announce that PSB Holdings, Inc., the holding company for
Putnam Savings Bank, is offering shares of its common stock in a subscription
offering pursuant to a Stock Issuance Plan.
Because we believe you may be interested in learning more about the merits of
PSB Holdings, Inc. common stock as an investment, we are sending you the
following materials which describe the offering:
PROSPECTUS: This document provides detailed information about Putnam
Savings Banks operations and the proposed offering of PSB Holdings, Inc.
common stock.
STOCK ORDER AND CERTIFICATION FORM: This form is used to purchase stock by
returning it with your payment in the enclosed business reply envelope. The
deadline for ordering stock is 5:00 p.m., Connecticut Time, on _____ __,
2004.
As a depositor of Putnam Savings Bank as of March 31, 2003, June 30, 2004
and/or July 31, 2004, you will have the opportunity to buy common stock
directly from PSB Holdings, Inc. in the offering without paying a commission
or fee. If you have additional questions regarding the stock issuance, please
call us at (860) ___-___, Monday through Friday from 9:00 a.m. to 4:00 p.m..,
Connecticut Time, or stop by the Stock Information Center located in our main
office at 40 Main Street, Putnam, Connecticut.
We are pleased to offer you this opportunity to become a stockholder of PSB
Holdings, Inc.
Best Regards,
Thomas A. Borner
Chairman of the Board
THESE SECURITIES ARE NOT SAVINGS ACCOUNTS OR DEPOSITS AND ARE NOT INSURED BY PSB
HOLDINGS, INC., PUTNAM SAVINGS BANK, PUTNAM BANCORP, MHC, THE FEDERAL DEPOSIT
INSURANCE CORPORATION, THE SAVINGS ASSOCIATION INSURANCE FUND OR ANY OTHER
GOVERNMENTAL AGENCY.
THIS IS NOT AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY COMMON STOCK.
THE OFFER IS MADE ONLY BY THE PROSPECTUS.
<Page>
[KEEFE, BRUYETTE & WOODS, INC. LOGO]
KEEFE, BRUYETTE & WOODS
SPECIALISTS IN FINANCIAL SERVICES
TO DEPOSITORS AND FRIENDS
OF PUTNAM SAVINGS BANK
Keefe, Bruyette & Woods, Inc., a member of the National Association of
Securities Dealers, Inc., is assisting PSB Holdings, Inc., the holding company
for Putnam Savings Bank, in offering shares of its common stock in a
subscription offering pursuant to its Stock Issuance Plan.
At the request of PSB Holdings, Inc., we are enclosing materials explaining this
process and your options, including an opportunity to invest in the shares of
PSB Holdings, Inc. common stock being offered to customers of Putnam Savings
Bank and various other persons until 5:00 p.m., Connecticut Time, on _______ __,
2004. Please read the enclosed offering materials carefully, including the
prospectus, for a complete description of the stock offering. PSB Holdings, Inc.
has asked us to forward these documents to you in view of certain requirements
of the securities laws in your state.
If you have any questions, please visit our Stock Information Center located at
40 Main Street in Putnam, Connecticut, Monday through Friday from 9:00 a.m. to
4:00 p.m., or feel free to call the Stock Information Center at (860) ___-____.
Very truly yours,
Keefe, Bruyette & Woods, Inc.
THESE SECURITIES ARE NOT SAVINGS ACCOUNTS OR DEPOSITS AND ARE NOT INSURED BY PSB
HOLDINGS, INC., PUTNAM SAVINGS BANK, PUTNAM BANCORP, MHC, THE FEDERAL DEPOSIT
INSURANCE CORPORATION, THE SAVINGS ASSOCIATION INSURANCE FUND OR ANY OTHER
GOVERNMENTAL AGENCY.
THIS IS NOT AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY COMMON STOCK.
THE OFFER IS MADE ONLY BY THE PROSPECTUS.
<Page>
_________________________, 2004
Dear Prospective Investor:
We are pleased to announce that PSB Holdings, Inc., the holding company for
Putnam Savings Bank, is offering shares of its common stock in a subscription
offering pursuant to a Stock Issuance Plan.
We have enclosed the following materials that will help you learn more about the
merits of PSB Holdings, Inc. common stock as an investment. Please read and
review the materials carefully.
PROSPECTUS: This document provides detailed information about Putnam
Savings Bank's operations and the proposed offering of PSB Holdings, Inc.
common stock.
STOCK ORDER AND CERTIFICATION FORM: This form is used to purchase stock by
returning it with your payment in the enclosed business reply envelope. The
deadline for ordering stock is 5:00 p.m., Connecticut Time, on _____ __,
____.
We invite you and certain depositors and borrowers to become stockholders of PSB
Holdings, Inc. Through this offering, you have the opportunity to buy stock
directly from PSB Holdings, Inc. without a commission or a fee.
If you have additional questions regarding the stock issuance, please call us at
(860) ___-____ Monday through Friday from 9:00 a.m. to 4:00 p.m., Connecticut
Time, or stop by our Stock Information Center located in our main office at 40
Main Street in Putnam, Connecticut.
Best Regards,
Thomas A Borner
Chairman of the Board
THESE SECURITIES ARE NOT SAVINGS ACCOUNTS OR DEPOSITS AND ARE NOT INSURED BY PSB
HOLDINGS, INC., PUTNAM SAVINGS BANK, PUTNAM BANCORP, MHC, THE FEDERAL DEPOSIT
INSURANCE CORPORATION, THE SAVINGS ASSOCIATION INSURANCE FUND OR ANY OTHER
GOVERNMENTAL AGENCY.
THIS IS NOT AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY COMMON STOCK.
THE OFFER IS MADE ONLY BY THE PROSPECTUS.
<Page>
FACTS ABOUT STOCK ISSUANCE
The Board of Directors of PSB Holdings., Inc. the holding company for Putnam
Savings Bank, unanimously adopted a Stock Issuance Plan to issue stock to
certain Putnam Savings Bank depositors and possibly members of the community.
This brochure answers some of the most frequently asked questions about the
stock issuance and about your opportunity to invest in the common stock of PSB
Holdings, Inc.
Investment in the common stock of PSB Holdings, Inc. involves certain risks. For
a discussion of these risks and other factors, including a complete description
of the offering, PROSPECTIVE INVESTORS ARE URGED TO READ THE ACCOMPANYING
PROSPECTUS, especially the discussion under the heading "Risk Factors."
WHAT EFFECT WILL THE STOCK ISSUANCE HAVE ON EXISTING DEPOSIT AND LOAN ACCOUNTS
AND CUSTOMER RELATIONSHIPS?
The stock issuance will have no effect on existing deposit or loan accounts and
customer relationships. Deposits will continue to be federally insured by the
Federal Deposit Insurance Corporation to the maximum legal limit. Interest rates
and existing terms and conditions on deposit accounts will remain the same upon
completion of the stock issuance. Contractual obligations of borrowers of Putnam
Savings Bank will not change and there will be no change in the amount, interest
rate, maturity, security or any other condition relating to the respective loans
of customers.
WILL PUTNAM SAVINGS BANK'S DEPOSITORS BE REQUIRED TO PURCHASE STOCK IN THE
OFFERING?
No depositor or other person is required to purchase stock. However, depositors
and other eligible persons will be provided the opportunity to purchase stock
consistent with the established priority of subscription rights, should they so
desire. The decision to purchase stock will be exclusively that of each person.
Whether an individual decides to purchase stock or not will have no impact on
his or her standing as a customer of Putnam Savings Bank. The stock issuance
will allow depositors of Putnam Savings Bank an opportunity to buy common stock
and become stockholders of PSB Holdings, Inc.
WHO IS ELIGIBLE TO PURCHASE COMMON SHARES IN THE SUBSCRIPTION OFFERING?
Certain past and present depositors of Putnam Savings Bank are eligible to
purchase common stock in the subscription offering.
HOW MANY COMMON SHARES ARE BEING OFFERED AND AT WHAT PRICE?
PSB Holdings, Inc. is offering up to 2,686,688 shares of common stock, subject
to adjustment as described in the prospectus, at a price of $10.00 per share
through the prospectus.
HOW MANY SHARES MAY I BUY?
The minimum order is 25 shares. The maximum individual purchase is 25,000
shares. No person, together with associates of, and persons acting in concert
with that person, may purchase more than 350,000 shares, as further discussed in
the prospectus.
WILL THE COMMON STOCK BE INSURED?
No. Like any other common stock, PSB Holdings, Inc.'s common stock will not be
insured.
HOW DO I ORDER THE COMMON STOCK?
You must complete the enclosed Stock Order and Certification Form. Instructions
for completing your Stock Order and Certification Form are contained in this
packet. Your order must be received by 5:00 p.m., Connecticut Time, on
_____ __ ____.
HOW MAY I PAY FOR MY COMMON STOCK?
First, you may pay for common stock by check or money order. Interest will be
paid by Putnam Savings Bank on these funds at the passbook savings rate from the
day the funds are received until the completion or termination of the stock
issuance. Second, you may authorize us to withdraw funds from your deposit
account or certificate of deposit at Putnam Savings Bank for the amount of funds
you specify for payment. You will not have access to these funds from the day we
receive your order until completion or termination of the stock issuance. THERE
IS NO PENALTY FOR WITHDRAWAL FROM A CERTIFICATE OF DEPOSIT.
CAN I PURCHASE STOCK USING FUNDS IN MY PUTNAM SAVINGS BANK IRA ACCOUNT?
Federal regulations do not permit the purchase of common stock in connection
with the conversion from your existing Putnam Savings Bank IRA account. Please
call our Stock Information Center at (877) 848-4663 for additional information
at your earliest convenience if you would like to utilize IRA funds. In order to
utilize the funds in your Putnam Savings Bank IRA account for the purchase of
PSB Holdings, Inc. common stock, you must execute a trustee-to-trustee transfer
with a self-directed IRA provider. Please contact your broker or self-directed
IRA provider as soon as possible if you want to explore this option.
WILL DIVIDENDS BE PAID ON THE COMMON STOCK?
The Board of Directors of PSB Holdings, Inc. currently intends to consider a
policy of paying cash or stock dividends. However, no decision has been made
with respect to the payment of dividends.
HOW WILL THE COMMON STOCK BE TRADED?
PSB Holdings, Inc.'s stock is expected to trade on the NASDAQ National Market
under the symbol "___". However, no assurance can be given that an active and
liquid market will develop.
ARE EXECUTIVE OFFICERS AND DIRECTORS OF PUTNAM SAVINGS BANK PLANNING TO PURCHASE
STOCK?
Yes! The executive officers and directors of Putnam Savings Bank plan to
purchase, in the aggregate, $2,480,000 worth of stock or approximately
6.43610.6% of the common stock offered at the midpoint of the offering range.
<Page>
MUST I PAY A COMMISSION?
No. You will not be charged a commission or fee on the purchase of common stock
in the subscription offering.
STOCKINFORMATION CENTER
FOR ADDITIONAL INFORMATION YOU MAY VISIT OR CALL OUR STOCK INFORMATION CENTER
MONDAY THROUGH FRIDAY FROM 9:00 A.M. TO 4:00 P.M., LOCATED IN OUR MAIN OFFICE AT
40 MAIN STREET, PUTNAM, CONNECTICUT.
(860) ___-____
QUESTIONS
AND
ANSWERS
PSB HOLDINGS, INC.
LOGO AS APPLICABLE
HOLDING COMPANY FOR
PUTNAM SAVINGS BANK
THE SHARES OF COMMON STOCK BEING OFFERED ARE NOT SAVINGS ACCOUNTS OR DEPOSITS
AND ARE NOT INSURED OR GUARANTEED BY PSB HOLDINGS INC., PUTNAM SAVINGS BANK,
PUTNAM BANCORP, MHC, THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE SAVINGS
ASSOCIATION INSURANCE FUND OR ANY OTHER GOVERNMENTAL AGENCY.
THIS IS NOT AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY COMMON STOCK.
THE OFFER IS MADE ONLY BY THE PROSPECTUS.
<Page>
PSB HOLDINGS, INC.
STOCK ORDER FORM INSTRUCTIONS
ALL SUBSCRIPTION ORDERS ARE SUBJECT TO THE PROVISIONS OF THE STOCK ISSUANCE
PLAN.
ITEMS 1 AND 2 - Fill in the number of shares that you wish to purchase and the
total payment due. The amount due is determined by multiplying the number of
shares ordered by the subscription price of $10.00 per share. The minimum
purchase is $250 or 25 shares of common stock. The maximum individual purchase
is $250,000 or 25,000 shares of common stock. The maximum purchase for any
person or persons acting in concert is $500,000 or 50,000 shares of common
stock. For additional information and limits, see "The Stock Offering -
Limitations on Purchase of Shares" in the prospectus.
ITEM 3 - Payment for shares may be made by check or money order payable to PSB
Holdings, Inc. DO NOT MAIL CASH. Your funds will earn interest at our passbook
savings rate until the stock offering is completed.
ITEM 4 - To pay by withdrawal from a savings account or certificate of deposit
at Putnam Savings Bank, insert the account number(s) and the amount(s) you wish
to withdraw from each account. If more than one signature is required for a
withdrawal, all signatories must sign in the signature box at the bottom of the
Stock Order and Certification Form. TO WITHDRAW FROM AN ACCOUNT WITH CHECKING
PRIVILEGES, PLEASE WRITE A CHECK. Putnam Savings Bank will waive any applicable
penalties for early withdrawal from certificate of deposit accounts. A hold will
be placed on the account(s) for the amount(s) you indicate to be withdrawn,
which means that you may not withdraw these funds. Payments will remain in the
account(s) earning their respective rate of interest until the stock offering
closes.
ITEM 5 - Please check the appropriate box to tell us the earliest of the dates
that applies to you, or if not applicable, if you are a member of the local
community or the general public.
ITEM 6 - Please check this box if you are a director, officer or employee of
Putnam Savings Bank, or a member of such person's household.
ITEM 7 - Please check this box if you have a National Association of Securities
Dealers, Inc. ("NASD") affiliation (as defined on the reverse side of the Stock
Order and Certification Form.)
ITEM 8 - Please review the preprinted qualifying account number(s) information.
THE ACCOUNT NUMBER(S) LISTED MAY NOT BE ALL OF YOUR ACCOUNT NUMBERS. You should
list any other qualifying accounts that you may have or had with Putnam Savings
Bank in the box located under the heading "Additional Qualifying Accounts."
These may appear on other Stock Order and Certification Forms you have received.
For example, if you are ordering stock in just your name, you should list all of
your deposit accounts as of the earliest date that you were a depositor.
Similarly, if you are ordering stock jointly with another depositor, you should
list all deposit accounts under which either of you are owners, i.e., individual
accounts, joint accounts, etc. If you are ordering stock in your minor child's
or grandchild's name under the UNIFORM GIFT TO MINORS ACT, the minor must have
had a deposit account on one of the two dates and you should list only their
account number(s). If you are ordering stock through a corporation, you need to
list just that corporation's deposit accounts, as your individual account(s) do
not qualify. FAILURE TO LIST ALL OF YOUR QUALIFYING ACCOUNTS MAY RESULT IN THE
LOSS OF PART OR ALL OF YOUR SUBSCRIPTION RIGHTS.
ITEM 9 - The stock transfer industry has developed a uniform system of
shareholder registrations that we will use in the issuance of PSB Holdings, Inc.
common stock. Please complete this section as fully and accurately as possible,
and be certain to supply your social security or tax I.D. number(s) and your
daytime and evening phone numbers. We will need to call you if we cannot execute
your order as given. If you have any questions regarding the registration of
your stock, please consult your legal advisor or call the Stock Information
Center at (___) ___-____. SUBSCRIPTION RIGHTS ARE NOT TRANSFERABLE. If you are
an eligible or supplemental eligible account holder or other member, to protect
your priority over other purchasers as described in the prospectus, you must
take ownership in at least one of the account holder's names.
NOTE: The order form is to be received (not postmarked) at 40 Main Street,
Putnam, CT 06260, or at any of our branch offices or in the post office box on
the stock order return envelope, by the end of the subscription offering on
_________ ___, ____ at 5:00p.m., Connecticut time.
PLEASE BE SURE TO SIGN THE CERTIFICATION FORM ON THE BACK OF THE
STOCK ORDER FORM.
(SEE REVERSE SIDE FOR STOCK OWNERSHIP GUIDE)
<Page>
PSB HOLDINGS, INC.
STOCK OWNERSHIP GUIDE
INDIVIDUAL - The stock is to be registered in an individual's name only. You may
not list beneficiaries for this ownership.
JOINT TENANTS - Joint tenants with rights of survivorship identifies two or more
owners. When stock is held by joint tenants with rights of survivorship,
ownership automatically passes to the surviving joint tenant(s) upon the death
of any joint tenant. You may not list beneficiaries for this ownership.
TENANTS IN COMMON - Tenants in common may also identify two or more owners. When
stock is to be held by tenants in common, upon the death of one co-tenant,
ownership of the stock will be held by the surviving co-tenant(s) and by the
heirs of the deceased co-tenant. All parties must agree to the transfer or sale
of shares held by tenants in common. You may not list beneficiaries for this
ownership.
UNIFORM GIFT AND TRANSFER TO MINORS ACTS - For residents of CONNECTICUT and many
states, stock may be held in the name of a custodian for the benefit of a minor
under the UNIFORM GIFT TO MINORS ACT. For residents in other states, stock may
be held in a similar type of ownership under the UNIFORM TRANSFER TO MINORS ACT
of the individual state. For either form of ownership, the minor is the actual
owner of the stock with the adult custodian being responsible for the investment
until the child reaches legal age. Only one custodian and one minor may be
designated.
INSTRUCTIONS: On the first name line, print the first name, middle initial and
last name of the minor, with the abbreviation followed by the notation UGMA-CT
or UTMA-Other State. Print the first name, middle initial and last name of the
custodian on the second name line followed by abbreviation "CUST." LIST ONLY THE
MINOR'S SOCIAL SECURITY NUMBER.
CORPORATION/PARTNERSHIP - Corporations/partnerships may purchase stock. Please
provide the corporation/partnership's legal name and Tax I.D. number. To have
depositor rights, the corporation/partnership must have an account in its legal
name. Please contact the Stock Information Center to verify depositor rights and
purchase limitations.
INDIVIDUAL RETIREMENT ACCOUNT - Individual retirement account ("IRA") holders
may make stock purchases from their deposits through a PREARRANGED
"trustee-to-trustee" transfer. Stock may only be held in a self-directed IRA.
IRAs AT PUTNAM SAVINGS BANK ARE NOT SELF-DIRECTED. PLEASE CONTACT YOUR BROKER OR
SELF-DIRECTED IRA PROVIDER AS QUICKLY AS POSSIBLE TO EXPLORE THIS OPTION.
ESTABLISHING A SELF-DIRECTED IRA AND COMPLETING A "TRUSTEE-TO-TRUSTEE" TRANSFER
CAN FREQUENTLY REQUIRE SEVERAL DAYS' TIME.
Registration for IRAs: On Name Line 1 - list the name of the broker or trust
department followed by CUST or TRUSTEE.
On Name Line 2 - FBO (for benefit of) YOUR NAME IRA a/c
#______.
Address will be that of the broker/trust department to
where the stock certificate will be sent.
The social security/tax I.D. number(s) will be either
yours or your trustees, AS THEY DIRECT.
Please list YOUR phone numbers.
FIDUCIARY/TRUST - Generally, fiduciary relationships (such as trusts, estates,
guardianships, etc.) are established under a form of trust agreement or pursuant
to a court order. Without a legal document establishing a fiduciary
relationship, your stock may not be registered in a fiduciary capacity.
INSTRUCTIONS: On the first name line, print the first name, middle initial and
last name of the fiduciary if the fiduciary is an individual. If the fiduciary
is a corporation, list the corporate title on the first name line. Following the
name, print the fiduciary title such as trustee, executor, personal
representative, etc. On the second name line, print the name of the maker, donor
or testator or the name of the beneficiary. Following the name, indicate the
type of legal document establishing the fiduciary relationship (agreement, court
order, etc.). In the blank after "Under Agreement Dated," fill in the date of
the document governing the relationship. The date of the document need not be
provided for a trust created by a will.
(SEE REVERSE SIDE FOR STOCK ORDER FORM INSTRUCTIONS)
<Page>
PUTNAM SAVINGS BANK
COMMUNITY INVESTOR
PRESENTATION
SEPTEMBER 2004
<Page>
MANAGEMENT
- - THOMAS A. BORNER, CHAIRMAN OF THE BOARD
- - ROBERT G. COCKS, JR., PRESIDENT AND CHIEF EXECUTIVE OFFICER
- - ROBERT J. HALLORAN, JR., SENIOR VICE PRESIDENT AND CHIEF FINANCIAL OFFICER
[KEEFE, BRUYETTE & WOODS, INC. LOGO]
<Page>
[CHART]
TOTAL ASSETS
<Table>
<Caption>
(IN THOUSANDS)
06/30/2002 $ 223,840
06/30/2003 $ 243,703
03/31/2004 $ 252,652
</Table>
[KEEFE, BRUYETTE & WOODS, INC. LOGO]
<Page>
[CHART]
ASSET MIX
TOTAL ASSETS = $253 MILLION AT 03/31/04
<Table>
LOANS, NET 52%
OTHER ASSETS 3%
CASH & EQUIV. 2%
INVESTMENT SECURITIES 43%
</Table>
[KEEFE, BRUYETTE & WOODS, INC. LOGO]
<Page>
[CHART]
LOANS RECEIVABLE, NET
<Table>
<Caption>
MILLIONS
06/30/2002 $ 112,208
06/30/2003 $ 120,464
03/31/2004 $ 132,611
</Table>
[KEEFE, BRUYETTE & WOODS, INC. LOGO]
<Page>
[CHART]
LOAN PORTFOLIO MIX
GROSS LOANS = $136 MILLION AT 03/31/04
<Table>
RESIDENTIAL MORTGAGE 75%
COMMERCIAL REAL ESTATE 17%
CONSTRUCTION 4%
C & I 3%
CONSUMER & OTHER 1%
</Table>
[KEEFE, BRUYETTE & WOODS, INC. LOGO]
<Page>
SCHEDULED LOAN REPAYMENTS
FIXED AND ADJUSTABLE RATE LOANS
<Table>
<Caption>
DUE AFTER JUNE 30, 2004
------------------------------------
FIXED ADJUSTABLE TOTAL
-------- -------------- --------
(IN THOUSANDS)
MORTGAGE LOANS:
RESIDENTIAL 47,995 14,392 62,387
COMMERCIAL REAL ESTATE 8,834 207 9,041
-------- -------------- --------
TOTAL MORTGAGE LOANS $ 56,829 $ 14,599 $ 71,428
-------- -------------- --------
CONSUMER AND OTHER LOANS 581 581
-------- -------------- --------
COMMERCIAL 375 375
TOTAL LOANS $ 57,785 $ 14,599 $ 72,384
======== ============== ========
</Table>
Scheduled repayments of fixed- and adjustable rate loans at June 30, 2003 that
are contractually due after June 30, 2004.
[KEEFE, BRUYETTE & WOODS, INC. LOGO]
<Page>
[CHART]
NON-PERFORMING ASSETS TO TOTAL ASSETS
<Table>
06/30/2002 0.08%
06/30/2003 0.48%
03/31/2004 0.37%
</Table>
[KEEFE, BRUYETTE & WOODS, INC. LOGO]
<Page>
[CHART]
ALLOWANCE FOR LOAN LOSS RESERVES TO NON-PERFORMING LOANS
<Table>
06/30/2002 705.7%
06/30/2003 109.1%
03/31/2004 137.2%
</Table>
[KEEFE, BRUYETTE & WOODS, INC. LOGO]
<Page>
[CHART]
DEPOSIT ACCOUNT MIX
TOTAL DEPOSITS = $197 MILLION AT 03/31/04
<Table>
NOW ACCOUNTS 4%
SAVINGS 23%
MONEY MARKET & OTHER 24%
REGULAR CD'S 26%
JUMBO CD'S 13%
DEMAND DEPOSITS 10%
</Table>
[KEEFE, BRUYETTE & WOODS, INC. LOGO]
<Page>
[CHART]
EQUITY TO TOTAL ASSETS
<Table>
06/30/2002 9.22%
06/30/2003 9.46%
03/31/2004 9.59%
</Table>
[KEEFE, BRUYETTE & WOODS, INC. LOGO]
<Page>
[CHART]
NET INCOME
<Table>
<Caption>
(IN THOUSANDS)
06/30/2002 $ 884
06/30/2003 $ 1,354
03/31/2004 $ 1,158
</Table>
[KEEFE, BRUYETTE & WOODS, INC. LOGO]
<Page>
[CHART]
RETURN ON AVERAGE ASSETS
<Table>
06/30/2002 0.44%
06/30/2003 0.59%
03/31/2004 0.63%
</Table>
[KEEFE, BRUYETTE & WOODS, INC. LOGO]
<Page>
[CHART]
RETURN ON AVERAGE EQUITY
<Table>
06/30/2002 4.52%
06/30/2003 6.19%
03/31/2004 6.66%
</Table>
[KEEFE, BRUYETTE & WOODS, INC. LOGO]
<Page>
[CHART]
NET INTEREST MARGIN
<Table>
06/30/2002 2.86%
06/30/2003 3.01%
03/31/2004 3.14%
</Table>
[KEEFE, BRUYETTE & WOODS, INC. LOGO]
<Page>
[CHART]
EFFICIENCY RATIO
<Table>
06/30/2002 79.74%
06/30/2003 73.15%
03/31/2004 73.76%
</Table>
[KEEFE, BRUYETTE & WOODS, INC. LOGO]
<Page>
PREFERENCE CATEGORIES
A. Eligible Account Holders (03/31/03)
B. Tax-Qualified Employee Stock Ownership Plan (ESOP)
C. Supplemental Eligible Account Holders (06/30/04)
D. Other Depositors, as of July 31, 2004
E. Employees, Officers and Directors
[KEEFE, BRUYETTE & WOODS, INC. LOGO]
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PRO FORMA DATA
<Table>
<Caption>
15% ABOVE
MINIMUM MIDPOINT MAXIMUM MAXIMUM
------------------------------------------
GROSS PROCEEDS (000'S) 19,858 23,363 26,867 30,897
STOCKHOLDERS EQUITY (000'S) 41,216 44,307 47,398 50,952
STOCKHOLDERS EQUITY PER SHARE $ 9.23 $ 8.44 $ 7.85 $ 7.33
NET INCOME (000'S) 1,137 1,133 1,130 1,126
EARNINGS PER SHARE $ 0.26 $ 0.22 $ 0.19 $ 0.16
PRICE TO BOOK 108.34% 118.48% 127.39% 136.43%
PRICE TO EARNINGS 28.85x 34.09x 39.47x 46.88x
</Table>
[KEEFE, BRUYETTE & WOODS, INC. LOGO]
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POST-CONVERSION AND REORGANIZATION CORPORATE STRUCTURE
- -------------------------------- --------------------------------------
PUTNAM BANCORP, MHC PUBLIC STOCKHOLDERS
- -------------------------------- (INCLUDING THE CHARITABLE FOUNDATION)
--------------------------------------
| |
53.7% OF THE | | 46.3% OF THE
COMMON STOCK | | COMMON STOCK
| |
| |
| |
- --------------------------------------------------------------------------------
PSB HOLDINGS, INC.
- --------------------------------------------------------------------------------
|
| 100% OF THE COMMON STOCK
|
- --------------------------------------------------------------------------------
PUTNAM SAVINGS BANK
- --------------------------------------------------------------------------------
[KEEFE, BRUYETTE & WOODS, INC. LOGO]
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WE THANK YOU FOR YOUR INTEREST IN
PUTNAM SAVINGS BANK
NASDAQ: "XXXX"
[KEEFE, BRUYETTE & WOODS, INC. LOGO]
<Page>
YOU ARE CORDIALLY INVITED
TO A COMMUNITY INVESTORS MEETING
TO LEARN MORE ABOUT THE STOCK OFFERING OF
PSB HOLDINGS, INC.
Senior executives of Putnam Savings Bank and its investment bankers will present
information and answer your questions about the Minority Stock Issuance and
Prospectus, as well as about the business and operations of Putnam Savings Bank
of Putnam, CT.
DATE: SEPTEMBER X, 2004
TIME: 7:00 P.M.
LOCATION: PUTNAM, CONNECTICUT
THERE WILL BE A REGISTERED REPRESENTATIVE AT THE FOLLOWING LOCATION AT THE TIMES
NOTED.
STOCK INFORMATION CENTER
40 MAIN STREET
PUTNAM, CT
MONDAY - FRIDAY 9:00 A.M. TO 5:00 P.M.
(860) XXX-XXXX
THESE SECURITIES ARE NOT SAVINGS ACCOUNTS OR DEPOSITS AND ARE NOT INSURED BY PSB
HOLDINGS, INC., PUTNAM SAVINGS BANK, PUTNAM BANCORP MHC, INC., THE FEDERAL
DEPOSIT INSURANCE CORPORATION, THE SAVINGS ASSOCIATION INSURANCE FUND OR ANY
OTHER GOVERNMENT AGENCY. THIS IS NOT AN OFFER TO SELL OR A SOLICITATION OF AN
OFFER TO BUY COMMON STOCK. THE OFFER IS MADE ONLY BY THE PROSPECTUS.