PSB Holdings, Inc. announces approval of merger with Waukesha Bankshares, Inc.


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WAUSAU, Wisconsin, March 9, 2021 (GLOBE NEWSWIRE) – PSB Holdings, Inc. (OTCQX: PSBQ) (“PSB Holdings”), parent company of Peoples State Bank (“Peoples”), Wausau, Wisconsin, today announced that it has received all necessary shareholder and regulatory approvals in connection with its merger with Waukesha Bankshares, Inc., parent company of Sunset Bank & Savings. Closing is scheduled for April 16, 2021, and data system conversion is currently scheduled for Q2 2021.

“We are excited to complete this transaction and look forward to expanding our growing presence in Southeastern Wisconsin with a presence in Waukesha,” said Scott Cattanach, President and CEO of PSB Holdings. Prior to the merger, PSB Holdings held $ 1.13 billion in bank assets as of December 31, 2020 and operated nine branches in Wisconsin. Waukesha Bankshares, Inc. held approximately $ 140 million in assets as of December 31, 2020 and operated through two branches.

For more information on the operations and performance of PSB Holdings, visit the Investor Relations website at www.psbholdingsinc.com.

Raymond James acted as financial advisor to PSB Holdings in connection with the transaction, and Boardman & Clark LLP acted as external legal advisor to PSB Holdings. Godfrey & Kahn, SC, served as legal counsel to WBI.

PSB Holdings, Inc. is the parent company of Peoples State Bank. Peoples is a community bank headquartered in Wausau, Wisconsin, serving north-central and southeastern Wisconsin from nine full-service banking locations in Marathon, Oneida, Vilas and Milwaukee counties and an office of loan production at Stevens Point, Wisconsin. Peoples also offers investment and insurance products, as well as retirement planning services, through Peoples Wealth Management, a division of Peoples. PSB Holdings, Inc. is listed under the ticker symbol PSBQ on the OTCQX market. For more information on PSB, its management and financial performance, visit www.psbholdingsinc.com.

Forward-looking statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections regarding the business of PSB Holdings based, in part, on assumptions formulated by management. and include, without limitation, statements regarding the potential benefits of the acquisition of WBI by PSB Holdings and the potential growth of PSB Holdings, its future earnings, expected share buyback levels, future dividend rates and future interest rates. The forward-looking statements contained in this press release are necessarily based on assumptions, including, without limitation, assumptions regarding the ability of PSB Holdings to execute its business plan as currently contemplated, the WBI shareholder approval and the ability of PSB Holdings to maintain all regulatory approvals necessary for the acquisition of WBI and its Sunset subsidiary, including the Federal Reserve and FDIC, and other assumptions. Forward-looking statements may be affected by known and unknown risks, uncertainties and other factors, including, but not limited to, the strength of the economy, the effects of government policies, including interest rate policies. of interest, and the risks associated with the global economic instability associated with the COVID-19 pandemic and its effects on PSB Holdings and WBI, and Peoples and Sunset and their customers, and other risks. Forward-looking statements contained in this press release speak only as of the date on which they are made and PSB Holdings assumes no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release. .

Investor Relations ContactPSB Holdings, Inc. 1905 Stewart Avenue Wausau, WI 54401888.929.9902[email protected]

Source: PSB Holdings, Inc.

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