PSB Holdings, Inc. Announces Completion of Merger with Waukesha Bankshares, Inc., and Its Subsidiary, Sunset Bank & Savings

Rhea-AI Summary

PSB Holdings completed its merger with Waukesha Bankshares, enhancing its presence in the greater Milwaukee area. As of March 31, 2021, PSB Holdings boasted $1.13 billion in assets and nine branches across Wisconsin. The transaction involved financial advice from Raymond James & Associates, with legal support from Boardman & Clark LLP and Godfrey & Kahn, S.C. The merger aims to drive growth and expand financial services, benefiting both business owners and individuals in the region.

Positive

• Expansion into the greater Milwaukee area, enhancing market presence.
• Increased asset base of $1.13 billion post-merger.

Negative

• None.

WAUSAU, Wis., April 16, 2021 (GLOBE NEWSWIRE) -- PSB Holdings, Inc. (OTCQX: PSBQ) (“PSB Holdings”), parent company of Peoples State Bank (“Peoples”), Wausau, Wisconsin, announced today that it completed the merger with Waukesha Bankshares, Inc., (“WBI”) parent company of Sunset Bank & Savings.

“We are excited to complete this transaction and we look forward to expanding upon our growing presence in the greater Milwaukee area,” said Scott Cattanach, President & CEO of PSB Holdings. PSB Holdings had $1.13 billion in assets as of March 31, 2021 and operated nine branches across Wisconsin. For more information on PSB Holdings operations and performance, visit the investor relations website at www.psbholdingsinc.com.

Raymond James & Associates, Inc. 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 Wisconsin from nine full-service banking locations in Marathon, Oneida, Vilas, Milwaukee and Waukesha Counties, as well as commercial loan production offices in Stevens Point, WI. Peoples provides financial services to business owners and individuals, as well as investments and retirement planning services through Peoples Wealth Management, a division of Peoples. Peoples was founded in 1962 and has total assets of $1.13 billion. PSB Holdings, Inc. common stock is traded under stock symbol PSBQ on the OTCQX Market. Peoples is an Equal Housing Lender and Member FDIC. More information about PSB Holdings, 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 obtain and maintain all necessary regulatory approvals for the acquisition of WBI and its subsidiary Sunset, including approval of 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 significance of PSBQ's merger with Waukesha Bankshares?

The merger expands PSB Holdings' footprint in the greater Milwaukee area and increases its asset base to $1.13 billion.

Who advised PSB Holdings during the WBI merger?

Raymond James & Associates acted as the financial advisor, while Boardman & Clark LLP provided legal counsel.

When was the merger of PSB Holdings and Waukesha Bankshares completed?

The merger was completed on April 16, 2021.

How many branches does PSB Holdings operate after the merger?

Post-merger, PSB Holdings operates nine branches across Wisconsin.

What are the expected benefits of the merger for PSB Holdings?

The merger is expected to enhance market presence, drive growth, and expand financial services offerings.