SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
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Date of Report (date of earliest event reported): JANUARY 18, 2005
PSB HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
WISCONSIN 0-26480 39-1804877
(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification
incorporation) Number)
1905 W. STEWART AVENUE
WAUSAU, WI 54401
(Address of principal executive offices, including Zip Code)
(715) 842-2191
Registrant's telephone number, including area code
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 23.425)
* 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))
INFORMATION TO BE INCLUDED IN THE REPORT
SECTION 1 - REGISTRANT'S BUSINESS AND OPERATIONS
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
BASE SALARIES
On January 18, 2005, the Board of Directors (the "Board") of the
Company's bank subsidiary (the "Bank") established the following base salaries
for 2005:
Dave Kopperud $179,000
Dave Svacina $115,850
Scott Cattanach $107,425
INCENTIVE PLANS
On February 15, 2005, the Board took the following actions concerning
executive compensation.
SENIOR MANAGEMENT INCENTIVE COMPENSATION PLAN
The Board adopted individual performance criteria for 2005 under the
Bank's Senior Management Incentive Compensation Plan. Participants' department
goals and individual goals under the plan were established as follows:
David K. Kopperud, President and CEO
(bullet) Department goals consist of achieving targets for commercial
customer contacts among current and prospective customers, reduction
in past due loans, and net loan growth.
(bullet) Individual goals consist of achieving targets for net loan growth,
reduction in net charge-offs, bank-wide banking services per
household, and net interest income growth.
David A. Svacina, Executive Vice President
(bullet) Department goals consist of achieving targets for increases in
investment center referrals, budgeted amounts of gross commissions for
the investment center, and fee income for the consumer retail and
investment center departments.
(bullet) Individual goals consist of development and implementation of human
resources organizational plan, developing procedures regarding board
policy management, and increasing retail banking services per
household.
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Scott M. Cattanach, Chief Financial Officer
(bullet) Department goals consist of achieving targeted referral goals,
minimum level of budgeted income for Nevada investment subsidiary, and
targeted levels for department operating expenses.
(bullet) Individual goals consist of successfully managing holding company
requirements for internal control of financial reporting, and
achievement of targeted levels of net interest income, targeted
operating expense ratios, and tax adjusted net interest margin.
EXECUTIVE DEFERRED COMPENSATION PLAN
The Board set deferral and matching contribution percentages under the
Executive Deferred Compensation Plan for 2005 as follows:
(1) Maximum deferral (% of base salary) - 20%
(2) Bank matching contribution - 20% of first 15% of salary deferred.
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 HOLDINGS, INC.
Date: February 21, 2005 By: SCOTT M. CATTANACH
Scott M. Cattanach
Treasurer
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