PSB Holdings, Inc. Announces Approval of Merger with Waukesha Bankshares, Inc.

Rhea-AI Summary

PSB Holdings, Inc. (OTCQX: PSBQ) has secured necessary shareholder and regulatory approvals for its merger with Waukesha Bankshares, Inc. The closing is expected on April 16, 2021, with a data system conversion planned for Q2 2021. As of December 31, 2020, PSB Holdings reported $1.13 billion in assets, while Waukesha Bankshares had approximately $140 million. This merger aims to enhance PSB's presence in southeastern Wisconsin. Raymond James acted as financial advisor for the transaction.

Positive

• Merger expected to expand PSB's presence in southeastern Wisconsin.
• Combined assets post-merger will enhance market position.

Negative

• Integration risks associated with merging different banking systems.
• Potential regulatory challenges in finalizing the merger.

WAUSAU, Wis., March 09, 2021 (GLOBE NEWSWIRE) -- PSB Holdings, Inc. (OTCQX: PSBQ) (“PSB Holdings”), parent company of Peoples State Bank (“Peoples”), Wausau, Wisconsin, announced today 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 targeted for April 16, 2021 and conversion of data system is currently planned for the second quarter of 2021.

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

For more information on PSB Holdings operations and performance, visit the investor relations website at www.psbholdingsinc.com.

Raymond James acted as financial advisor to PSB Holdings in the transaction, and Boardman & Clark LLP served as outside legal counsel to PSB Holdings. Godfrey & Kahn, S.C., 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 northcentral and southeastern Wisconsin from nine full-service banking locations in Marathon, Oneida, Vilas and Milwaukee counties and a loan production office in Stevens Point, Wisconsin. Peoples also provides investment and insurance products, along with retirement planning services, through Peoples Wealth Management, a division of Peoples. PSB Holdings, Inc. is traded under the stock symbol PSBQ on the OTCQX Market. More information about PSB, its management, and its financial performance may be found at 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. Such forward-looking statements are based on current expectations, estimates and projections about PSB Holdings’ business based, in part, on assumptions made by management and include, without limitation, statements with respect to the potential benefits of PSB Holdings acquisition of WBI and the potential growth of PSB Holdings, its future profits, expected stock repurchase levels, future dividend rates, and future interest rates. The forward-looking statements in this press release are necessarily based on assumptions, including, without limitation, assumptions with respect to PSB Holdings’ ability to execute its business plan as currently contemplated, the approval of WBI’s shareholders and PSB Holdings’ ability to maintain all necessary regulatory approvals for the acquisition of WBI and its subsidiary Sunset, including the Federal Reserve and FDIC, and other assumptions. Forward-looking statements can be affected by known and unknown risks, uncertainties and other factors, including, but not limited to, strength of the economy, the effects of government policies, including interest rate policies, and risks associated with global economic instability relating to the COVID-19 pandemic and its effect on PSB Holdings and WBI, and Peoples and Sunset and their customers, and other risks. The forward-looking statements in this press release speak only as of the date on which they are made and PSB Holdings does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.

Investor Relations Contact
PSB Holdings, Inc.
1905 Stewart Avenue
Wausau, WI 54401
888.929.9902
InvestorRelations@bankpeoples.com

FAQ

What is the purpose of the PSBQ and WBI merger?

The merger aims to enhance PSB's market presence in southeastern Wisconsin.

When is the PSBQ and WBI merger expected to close?

The merger is targeted to close on April 16, 2021.

What are the total assets of PSB Holdings before the merger?

As of December 31, 2020, PSB Holdings had $1.13 billion in assets.

How much in assets does Waukesha Bankshares have?

Waukesha Bankshares had approximately $140 million in assets as of December 31, 2020.

Who advised PSB Holdings in the merger?

Raymond James acted as the financial advisor for PSB Holdings.