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news & events



Peoples State Bank Remodels Minocqua Location

Wausau, Wis. April 10, 2017 – Peoples State Bank is excited to announce the remodeling of its Minocqua location. The 2,000 square-foot facility has been entirely remodeled to provide an improved banking experience for customers which was finalized in mid-March.

Before renovations occurred, the Peoples’ Minocqua location was smaller and the bank wanted to provide a greater customer experience by expanding the branch. The new additions to the building include a top-to-bottom redesign and structure add-on. Within the branch, there are three new offices dedicated to customers for privately meeting with staff, a new conference room, updated teller lines and redesigned customer service area. The branch’s exterior has taken on a new look with the addition of two more lanes and easier accessibility to ATM services in drive-up banking.

Chief Operations Officer Leif Christianson stated, “Peoples State Bank had planned on remodeling for three years prior to it occurring. We realized that the location was excellent and wanted to offer a greater experience to customers with an expansion of services. We worked with the town of Minocqua to ensure we would accommodate our renovations to the town’s expectations and environment.”

“The community’s response to the remodel has been positive to say the least,” said Minocqua Branch Manager Cory Erickson. “With the new improvements to the building, our location really stands out in the community.” Peoples’ staff encourages the community to visit the remodeled location at 9560 Highway 70 West, Minocqua, Wis., 54548.


PSB announces March 2017 quarterly earnings of $1.29 per
share on net income of $2.0 million

Wausau, Wis. April 18, 2017 – PSB Holdings, Inc. (OTCPK: PSBQ) reported March 2017 quarterly earnings of $1.29 per share on net income of $1,970,000, compared to earnings of $1.18 per share on net income of $1,845,000 during the March 2016 quarter. Increased earnings were led by higher tax adjusted
net interest income, up $516,000, or 8.3%, on commercial loan growth and a $91,000 tax benefit upon adoption of a change in accounting for vesting restricted stock, offset by a $356,000 increase in operating expense, up 7.6%. Proforma March 2017 quarterly earnings per share before recognition of the change in
accounting principles were $1.23 per share compared to $1.18 per share in the March 2016 quarter, up 4.2%.

Peter W. Knitt, President and CEO of PSB Holdings, Inc. noted, “Strong loan growth during calendar 2016 continued into 2017 with commercial related net loans up $17.8 million during the March quarter, up 4.2%, despite often being a seasonally slow period for growth. Customer loan demand has come from many
sectors, including increased line of credit usage by large and small borrowers with a mix of commercial real estate growth and commercial and industrial loan activity. Almost 50% of this net growth was in our Milwaukee loan production office which has additional strong growth potential. Although new loan yields
from March 2017 quarterly production were in excess of the December 2016 quarter and our total portfolio average, market pricing pressures are pushing net margins lower on new loans when compared to today’s wholesale funding costs.”

Knitt added, “March 2017 quarterly operating costs grew greater than inflation due to non-recurring costs associated with the Bank’s new CEO search on my 2018 retirement, as well as seasonal building maintenance costs and bank wide computer equipment replacements. These costs are expected to decline
in the coming quarter with income further supported by increased mortgage banking fee income on the spring home buying and selling season.” Knitt continued, “Today’s higher short-term interest rate environment following Federal Reserve rate increases contributed to increased March 2017 quarterly net
interest margin as loan yield increases outpaced funding cost increases. However, potential future core deposit rate increases could challenge further net interest margin improvement.”

Check out the full press release here.


Peoples State Bank Voted “Best Local Bank”
For Sixth Straight Year

Wausau, Wis. April 6, 2017 – Peoples State Bank announced that it was voted as “Best Local Bank” for the sixth consecutive year by the Wausau Daily Herald 2017 Readers’ Choice Awards.

The Readers’ Choice Awards featured various categories including best food and spirits, entertainment and leisure, retail and professional services. Readers were allowed to vote for the best in each category.

“We are extremely honored to win this award for the sixth straight year,” said President & CEO Peter Knitt of Peoples State Bank. “What is humbling about this award is that our customers and community chose us as the best, so it is a great indication of the level of customer service and value that our customers find in us. We build strong relationships and strive to always see the potential--helping people turn their dreams and aspirations into reality.”

Knitt also noted that Peoples distinguishes itself with employee and community engagement. In 2016, Peoples employees gave back 8,697 hours to a variety of community organizations and programs throughout Central and Northern Wisconsin.

“Thank you to everyone that voted for us, and to our customers for this great honor,” said Knitt.

For more information about Peoples State Bank, visit or call 888.929.9902.



Ryan Kellenberger Joins Peoples State Bank

Wausau, Wis. March 17, 2017 – Peoples State Bank welcomes Senior Personal Banker Ryan Kellenberger, NMLS #1608298, to its Wausau – Stewart Avenue location.

Kellenberger brings over nine years of experience in community banking to Peoples.

He will help customers choose products that best fit their needs, from checking and savings accounts to consumer loans and home equity lines of credit.

“My goal is to make my customers feel comfortable and welcome, usually by getting them to smile,” he said. “Communication is key to any relationship, and I will listen to our customers to learn their needs or concerns so I can be the most helpful.”

Kellenberger resides in Schofield with his wife and their three children. He serves on the committee for ChalkFest in Wausau, and has also coached youth and high school soccer in Wausau. For more information, please call Kellenberger at 715.847.4082.


Wisconsin Banker Selected to Attend
ABA’s Emerging Leaders Forum & Summit in D.C.

Wausau, Wis. March 17, 2017 –Chief Operations Officer Leif Christianson of Peoples State Bank in Wausau, Wis. has been selected to receive a scholarship to attend the American Bankers Association’s Emerging Leaders Forum and Government Relations Summit, March 20-22 in Washington, D.C. The scholarship, which was awarded by the Wisconsin Bankers Association in partnership with ABA, is just one of two that will be awarded to Wisconsin bankers. The Forum, which takes place in conjunction with ABA’s Government Relations Summit, focuses on growing the industry’s future leaders through professional development, empowerment and bank advocacy.

During the forum, next generation bank leaders will have the opportunity to exchange business strategies and career best practices while discussing the challenges currently facing the banking workforce. In addition, bankers will participate in discussions on leadership development, professional growth and bank advocacy. Keynote speakers include Debra Jasper, founder and CEO of Mindset Digital, and Inquoris “Inky” Johnson, a former University of Tennessee football player and author will share basic principles to help individuals overcome obstacles and challenges.

“I am excited to represent the Wisconsin Bankers Association, and honored to receive this scholarship from the American Bankers Association,” said Christianson. “Community banks are at the center of economic development to the markets we serve; we invest in local businesses and residents to help communities thrive. I hope to come back from this summit with even more ways to contribute to our community and our bank.”

ABA’s Government Relations Summit hosts the largest conference of bankers in Washington. It’s an opportunity for bankers to educate policymakers on how America’s Banks deliver jobs and growth in their communities. ABA’s Women’s Leadership Forum will also be held during the Summit on March 22.


Peoples State Bank donates property to Marathon City 2020 Ltd.

Wausau, Wis. February 27, 2017 –Peoples State Bank is giving back to the local community with their recent donation of property to the Marathon City 2020 Ltd organization. The donation consists of their 1,800 square-foot former branch office building and lot at the corner of Second and Main streets in Marathon which they vacated in 2012.

Until recently, the Marathon City 2020 board had been granted permission from Peoples State Bank to utilize the building as the temporary home for the Marathon City Heritage Center until a permanent site could be secured. The property donation will now allow Marathon City 2020 to permanently house the Marathon City Heritage Center at 301 Main St., and collect cultural and historical assets at the site, including artifacts, data, memorabilia, photos and apparel.

“The property donation is an important aspect of our commitment to support the communities where we work and live,” said Peter Knitt, president and CEO of Peoples State Bank. “It builds on our commitment to neighborhood stabilization, as well as our longstanding support for growth and development in the Village of Marathon.”

Marathon City 2020 Ltd. is a community-based, non-profit organization that was formed in 2015 to provide leadership and support for the economic advancement of Marathon City and surrounding communities. The board’s mission is focused on identifying, developing and implementing effective and creative strategies to promote Marathon City’s assets; recruit and retain business and residential development; ensure the community’s long-term sustainability; and preserve and promote the Village’s long, vibrant history.

“Both Peoples and Marathon City 2020 share a mission of helping the local community thrive,” said Knitt. “We care about the heart of a community–and that includes helping local people, local businesses and organizations succeed for sustained economic growth.”

The property donation will substantially support Marathon City 2020’s efforts to promote the village’s rich assets and continued economic development.

“The Marathon City 2020 board is extremely grateful to Peoples State Bank for their generous and timely donation to support our organization and our community,” said Board President Edee Zuleger. “Interest continues to grow in the Heritage Center; we envision it becoming a vibrant resource and place where people can celebrate community pride and share the history and continued growth of the Village and the surrounding area.”


Homebuyer seminar offered by Wausau-based bank

Wausau, Wis. February 28, 2017 –Peoples State Bank, headquartered in Wausau, will conduct a seminar for homebuyers on Wednesday, March 8th from 6:00-7:30pm at their Wausau location at 1905 Stewart Ave.

The seminar is free and open to the public. This is the second year that Peoples has offered this seminar.

Attendees will learn about the home buying process, the benefits of owning versus renting, how to determine the home they can afford, the importance of credit scores and ratios, and how home financing and the loan process work.

Area residents are encouraged to reserve a spot by registering online at or by calling toll free to 888-929-9902.

“Buying a home is the biggest purchase most people will ever make. It’s important to learn about home financing to help prepare you for what could potentially be a complicated process,” said Jeff Saxton, vice president of mortgage lending. “It has been our experience that homebuyers truly find value in education provided for the local community,” he concluded.

The seminar is designed for first-time homebuyers, people who are looking to move up into a home of greater value, or anyone who would like to be more informed about the home-buying process.

Offering free financial education services to the public is part of our desire to educate our neighbors on smart use of financial products, according to bank CFO Scott Cattanach. “We were recently awarded the 2016 Governor’s Financial Literacy Award for our efforts to ‘enhance the personal financial knowledge and skills’ of people in our communities,” said Cattanach. “We appreciate opportunities to help foster financial success.”


Local bank wins Governor’s Financial Literacy Award
 on strength of volunteerism

Wausau, Wis. February 22, 2017 –Peoples State Bank received the 2016 Governor’s Financial Literacy Award as selected by the Governor’s Council on Financial Literacy. Wisconsin Governor Scott Walker presented the award to Peoples State Bank CFO Scott Cattanach in a midday ceremony in the Governor’s Conference Room at the capitol last Tuesday.

The Financial Literacy Award is given each year for efforts to “enhance the personal financial knowledge and skills” of citizens of all ages across the state. Criteria considered during the screening process included innovative implementation, measurable results, collaboration with partners, and a focus on need-based groups, per information supplied by the Governor’s office.

Notable in the award summary of Peoples’ contributions to financial literacy is the spirit of volunteerism and giving back to the community that permeates their corporate culture. “Our bank is successful only if our communities are successful,” said Cattanach. “We have an obligation to support our communities through volunteerism. In fact, we request that all employees volunteer, and we even tie in year-end incentives for volunteering,” he continued.

In 2016, the 170 Peoples State bank employees logged 8,697 volunteer hours, an average of more than 51 hours per employee per year, according to Kari Solomonson, VP-Retail Team Leader. Employees determine where they wish to volunteer, and a large portion of those hours were served in financial literacy programs.

“Partnering with local, regional and national organizations also helps broaden our reach,” said Solomonson. “From Junior Achievement in local schools, to Upward Bound programs targeting Hmong teens, to United Way’s Women in Action-Project Step Up, to the Get Smart Wausau Coalition, in conjunction with our partners, Peoples’ volunteers help empower those most in need of financial skills and tools to have greater control over their financial futures,” she added.

And those efforts seem to be paying off. “At the ceremony Governor Walker pointed out that nearly two thirds of Wisconsin schools now require a personal finance course to graduate from high school, and it’s growing ever year,” said Cattanach. “It just points out the power of diverse people working together for a common goal. Peoples State Bank is honored to be part of a legacy of improving financial literacy for all people in our communities,” he concluded.


PSB announces December 2016 quarterly earnings of $1.51
per share on net income of $2.3 million

Wausau, Wis. January 24, 2017 –PSB Holdings, Inc. (OTCPK: PSBQ) reported December 2016 quarterly
earnings of $1.51 per share on net income of $2,310,000, compared to earnings of $1.16 per share on net
income of $1,836,000 during the December 2015 quarter. Increased earnings were due primarily to the
recapture of loan loss reserves associated with full collection of two problem loans. The December 2016
quarterly provision for loan losses was $610,000 less than the December 2015 quarter, making up 78% of
the increased quarterly net income after tax impacts. The remaining increase to quarterly net income was
driven by greater net interest income and fee income on loan growth and higher net interest margin which
offset increased operating expenses.

Read full press release here

PSB Holdings, Inc. Announces President Peter Knitt To Retire Next Year

Wausau, Wis. January 12, 2017 – PSB Holdings, Inc. (OTCPK: PSBQ) announced that President and Chief Executive Officer Peter Knitt plans to retire in January 2018. 

Knitt, 58, who joined the bank as Vice President of PSB’s northern Wisconsin market in 2003, has served as Chief Executive Officer since June 2006.

“We are thankful for Pete’s exceptional leadership during the past 11 years.  He is a major reason PSB has experienced record profits and growth while maintaining a community bank focus,” PSB Chairman William Fish said.  “When Pete informed the board about his retirement plans and expressed his enthusiasm to follow our transition process, we were able to put our succession plan into motion very effectively.”

“Mr. Knitt will remain in his current position until the search committee has selected a successor and will continue on the board of directors for a period of time to ensure a smooth transition,” stated Fish.

The board has formed a search committee and has retained Korn Ferry, a preeminent talent acquisition firm specializing in community banks.  Fish added, “We wish to assure shareholders, customers, and employees that the board will conduct a thorough search and vetting of qualified candidates for an individual who will carry forward the bank’s tradition of strong executive leadership and continue our strategy to build shareholder value as an independent bank.”

“We expect to have the new CEO on board near the end of 2017, with the transition complete prior to the April 2018 annual shareholder meeting,” Fish said.  “The bank will be looking at internal as well as external candidates.”

During Knitt’s tenure as President and CEO, the bank increased its assets from $500 million to over $800 million.  Recognizing consistently higher than peer return on average shareholder equity performance, American Banker Magazine recognized PSB during 2016 as one of the Top 200 Community Banks in the United States, an award PSB has received for seven consecutive years.


Peoples State Bank Video Receives Award


Wausau, Wis. – January 5, 2017 – The 2016 Peoples State Bank annual meeting video, Passion = Peoples, recently received an Award of Merit from the Madison chapter of Media Communications Association – International.

Susan Reetz of Clear Focus Media, LLC (formerly of Rucinski & Reetz Communication) produced the video featuring interviews with staff members Jared Morris at Peoples State Bank – Stewart Avenue, Tony Braun at Peoples State Bank – Marathon, and Jill McDonald at Peoples State Bank – Rhinelander Lincoln describing what makes them passionate about their work. Filming and editing services were provided by Shadow Collaborative.

The video was recognized for excellence in the Branding and Corporate Image category at the WAVE Awards for Wisconsin filmmakers, put on by Madison chapter of the Media Communications Association - International. Reetz was present to accept the award.

“We created this video as a way to show our shareholders and customers the culture that exists at Peoples,” said Janel Thoune, marketing manager. “Our employees are passionate about what they do; they are Passionate about working at Peoples and giving back to the community as well.”

The video is featured at Peoples State Bank’s YouTube page: For more information, visit


Peoples State Bank Announces Promotions

Wausau, Wis. – January 3, 2016 – Peter Knitt, President and CEO of Peoples State Bank, announces the following promotions.

Tina Andrasek, promoted to Branch Officer – Retail Sales and Service, Weston location. Over Andrasek’s career at Peoples she has moved from loan processor, to customer service representative, and most recently as branch manager. Under her leadership, branch income grew by 9 percent, and the Weston team continues to exceed their goals.

Andrea Sasman, promoted to Mortgage Loan Officer – Retail Sales and Service, Wausau – Stewart Ave. location. Sasman has over 20 years of mortgage experience, and joined Peoples in late 2015 as a mortgage loan specialist. With her attention to detail, loan processing knowledge, and high level of prioritization and effort, she has been a major reason for the mortgage team’s success in 2016. NMLS # 1134266.

Jared Morris, promoted to Credit Administration Officer – Risk Management, Wausau – Stewart Ave. location. Morris joined Peoples in 2012 as a credit analyst and later promoted to commercial credit supervisor. He has consistently displayed the Bank’s core values through agility, hard work and leadership, and has skillfully led and trained the current group of analysts.


Ben Bowman Joins Peoples State Bank

Wausau, Wis. – January 3, 2017 – Peoples State Bank announces the addition of Ben Bowman as IT director. He will oversee the IT and operating systems supporting the bank’s reporting and customer needs.
Bowman previously worked for Peoples as an IT specialist, and returns back to Peoples after working for the past three years as a lead network operations center engineer.

“I am excited to return to the Peoples team, and look forward to supporting and developing our information technology initiatives,” said Bowman. “My main priority is to deliver excellent service to our customers, both internal and external, and provide secure and intuitive technology solutions.”

Bowman holds a bachelor’s degree in information and communication technologies from UW-Stout and multiple certifications related to information security and networking.

He resides in Wausau with his wife and daughter and enjoys physical fitness, running, and spending family time at their cabin. Bowman served on the committee for the Humane Society of Marathon County – Run for Their Lives 5K and also has a special interest in charities that benefit cancer research.



Peoples Launches 12 Days of Christmas Program

Wausau, Wis. – December 12, 2016 – Peoples State Bank is celebrating the holiday season by giving back to its communities with the 12 Days of Christmas from Peoples program.

The bank selected 12 employees throughout its service area ranging from Minocqua to Milwaukee to perform random acts of kindness over the holiday season. Armed with a budget and a lot of passion, the employees are encouraged to perform an act of kindness to a community group or individual that could benefit from a little extra kindness and giving spirit.

“We strive to be the best community bank, and believe very strongly in paying it forward with kindness and helping our local communities succeed,” said Pete Knitt, President and CEO. “We thought this program was a great way to say ‘thank you’ for all the blessings we’ve received over the past year and to give back to others.”

Last year Peoples employees donated equipment to local fire fighters; popped up as elves randomly handing out gift cards to citizens; donated a TV, toys, clothes and baby items to children’s groups and a women’s shelter; brought Christmas to a family in need; treated a police station to lunch; delivered cookies and children’s books to an emergency room on Christmas; helped with a community Christmas meal; and paid for breakfasts at McDonalds on New Year’s Day for customers. Each act was a surprise to the recipients.

In 2016 the ideas to come are just as exciting. Maureen Jorgensen, senior vice president of retail sales and service at Peoples, was chosen for the first day of Christmas with Peoples and visited the Marathon County Child Development Agency/Head Start on December 9. She donated 10 pairs of boots and 12 pairs of snow pants to help children in need stay warm this winter season.

Jorgensen and a few of her coworkers stopped to play with the children in their classrooms and hand out Cheez-It snack bags in addition to the winter gear donation.

“These children tug on my heartstrings,” said Jorgensen. “Peoples State Bank visited Head Start last year, and I heard there was this great need as winter came for boots and snow pants so the children would be able to play outside in the snow. I knew it was the perfect choice for this project.”

When times get tight, some families are faced with the difficult decision of putting food on the table or buying these winter items. “This will mean so much for the parents. They appreciate the generosity and getting something new for their children more than you can know,” said Sandy Stolze, a classroom teacher.

“We are overwhelmed by the generosity of this visit,” said Nicole Guthrie, center director. “We see children coming off the bus and they’re cold. It brings us so much joy to know they will be warm, and to see their smiling faces and pride in wearing these brand new items.”

For a full list of activities as the 12 Days of Christmas from Peoples program unfolds, visit

Make a List and Check It Twice
Creating an effective holiday budget means including everything you plan to spend. Budget for decorating, new outfits you plan to buy, food estimates, and travel costs alongside the gifts on your expense list. Be sure to include any money yo


Holiday Budgeting Tips

Wausau, Wis. – December 9, 2016 – 'Tis the season for holiday shopping. Christmas is just around the corner, including the gifts, family meals and decorations that all put a strain on your wallet. Creating a holiday budget and sticking to it can help keep you on track. Peoples State Bank offers these budgeting tips for the busiest shopping season of the year.

Make a List and Check It Twice
Creating an effective holiday budget means including everything you plan to spend. Budget for decorating, new outfits you plan to buy, food estimates, and travel costs alongside the gifts on your expense list. Be sure to include any money you plan to receive, too. Does grandma give you $50 every year like clockwork? Include that in your calculations. Will you be buying a joint gift and then receiving cash from the others going in on it? Include that, too. The best budgets encompass all of the spending and saving you do throughout the holidays, not just how much you spend on gifts. If you're not sure where to start, look up what you spent last year as a good jumping-off point.

Keep Track
The most important key to remember with your budget is to not forget about it after you create it. Keep track of all the purchases you make, especially ones made with cash, and adjust your budget if need be. It is a good idea to hold a weekly "reckoning" meeting, especially if you're not the only one making the purchases for the year. Sit down and check your real spending against your planned spending (the budget). If you've gone over in one area, these meetings give you the chance to adjust by lowering the amount set aside for another area to make up the difference. That way you'll keep your overall spending on track.

Save your Budget
After the holidays, don't throw away this year's holiday budget. Save it and use it as a model for next year's shopping. Make notes of where you deviated from the original budget, so that next year's is more accurate. You can also use the gift lists from year to year. If you know well in advance what items you want to buy, you can shop for them during the season when they're cheapest, rather than during the holidays.

Setting and sticking with a holiday budget will help you enter the New Year without any added financial stress, making the holidays that much more enjoyable.


Amber Gober Joins Peoples State Bank

Wausau, Wis. – November 17, 2016 – Peoples State Bank announces the addition of Amber Gober as assistant vice president, mortgage lender at Peoples State Bank’s Wausau – Stewart Avenue office.  

Gober joins Peoples with 18 years of banking experience, with the last six years as a mortgage lender. She will be responsible for helping customers secure financing to purchase a home or refinance an existing mortgage. Gober will also assist customers with home equity lines of credit and construction loans.

“During my 18 years in banking, I have learned that communication is key. I will work with my customers to find out what is important to them while giving them my undivided attention and quick follow up. My goal is to make sure they feel comfortable with the process while purchasing, building or refinancing their home loan,” she said.

Gober is a Wausau native and resides in the area with her husband and two children. She is a board member for the Wausau Area Builders Association and a volunteer for the Wausau Region Chamber of Commerce and her church. For more information or to schedule an appointment with Gober, NMLS ID 713120, please call 715.847.4022.

Jessica Perry Earns Accredited ACH Professional Certification

Wausau, Wis. – November 9, 2016 – Peoples State Bank and the National Automated Clearing House Association (NACHA) are pleased to announce Jessica Perry, electronic banking specialist, as a newly-Accredited ACH Professional (AAP).  
Perry successfully passed the 2016 AAP exam and joins the ranks of more than 4,000 AAPs nationally. An Accredited ACH Professional (AAP) is an individual who has a comprehensive knowledge of all areas of ACH, a deep understanding of and experience in one or more specific ACH subjects, and a broad knowledge of concepts that relate to the payments system as a whole. AAP accreditation establishes an individual’s credibility, professional competency, and expertise within the payments industry.

“We congratulate Jessica on her success in obtaining this accreditation,” said Customer Service Support Manager Kathy Rein. “Her knowledge and expertise related to electronic payments systems and regulations will enhance our ability to serve customers well into the future.”

Organizations with AAP-credentialed staff serve as industry leaders and the go-to organizations regarding changes to NACHA operating rules and industry regulations. Organizations with AAP-credentialed staff also experience operational efficiencies, enhanced risk management oversight, improved regulatory compliance, and increased customer service and satisfaction.


Peoples Pumpkin Patch

The fun starts on Saturday, October 15 as we turn our Rib Mountain location into a pumpkin patch. Along with a field of pumpkins we’ll also have cookies, refreshments and pumpkin decorating. We hope to see you and your family there.

Click HERE to download your FREE pumpkin coupon.

Peoples State Bank Holds 10th Annual Pumpkin Patch

Wausau, Wis. – October 14, 2016 – Peoples State Bank is transforming its Rib Mountain location into a pumpkin patch and invites the public to attend this Saturday, October 15 from 9 a.m. to noon at 2904 Rib Mountain Drive, Wausau.

“This is the 10th year we have been doing the pumpkin patch,” said Jan Mueller, branch manager at Peoples State Bank-Rib Mountain. “We love giving back to the community and seeing all the smiles on the little ones’ faces when they find their perfect pumpkin.”

The event is open to the public, and participants are encouraged to bring a nonperishable food item with them in exchange for a free pumpkin while supplies last on October 15. There will also be cookies courtesy of Quality Foods IGA, refreshments and pumpkin decorating for the children.

All nonperishable food items collected are donated to the Marathon County Hunger Coalition, in connection with the Make a Difference Day food drive the coalition conducts on October 22. “We send these donations to the Hunger Coalition each year because we see the need to combat hunger in our communities, and it’s one small way we can all make a difference in others’ lives,” said Janel Thoune, marketing manager at Peoples.



Local Lender Receives USDA Rural Development Award
Peoples State Bank Named Million Dollar Lender

Wausau, Wis. – September 21, 2016 – USDA Rural Development State Director, Stan Gruszynski, named Peoples State Bank as a recipient of the 2015 Million Dollar Lender Award. 

The Award is presented each year to lenders who have partnered with and made a significant contribution to supporting Wisconsin rural residents looking to become homeowners through the USDA Guaranteed Rural Housing (GRH) Program.

In 2015, Peoples State Bank utilized more than $1 million of GRH program funds by financing home purchases to help moderate income families in Wisconsin. Nearly 2,900 families across Wisconsin were able to purchase a home last year through the GRH loan program, totaling nearly $372.4 million; and locally Peoples helped 25 families purchase a home, many in the Northwoods, through this program.

“This shows we have a lot to offer our communities, especially in the Northwoods, and we are committed to helping people achieve the dream of homeownership right in our own backyard,” said Jeff Saxton, VP Mortgage Lending for Peoples State Bank.

“The GRH program is great for newer families who want to own a home in a rural area but might not have a lot saved for a down payment,” said Saxton. “Peoples is recognized as a leader for this program and we see the value in offering this in our communities. We often get referrals from other banks because of the level of service we provide.”

“Working with our lending partners across the state, we’ve made a difference to those rural families prepared to realize the responsibility and benefits of owning a home,” said Gruszynski.

“The last several years have been challenging for homebuyers in rural communities. By partnering with local lenders we are able to leverage our resources and overcome financial barriers in order to help rural communities move forward.”

“We value our partnership with Peoples State Bank,” he added, “and commend their achievement and contributions to meeting rural housing goals for Wisconsin.”

The Million Dollar Lender Award is given at four levels Million, Silver, Gold, and Platinum, based on the total amount of funding utilized by the lender; Million and Silver levels disbursed more than $1 million, Gold level disbursed more than $2 million, and Platinum level disbursed more than $5 million during the past year.   


About the Guaranteed Housing Program
The GRH program assists homebuyers in obtaining a 30-year fixed rate mortgage without the down payment typically required by conventional lenders and programs. GRH loans are financed through participating lenders, such as banks and credit unions, and are guaranteed by USDA Rural Development. The amount of the mortgage is limited by the applicant’s repayment ability and can be made for up to 100 percent of the appraised value. There are no restrictions on the size or design of the home. Loan closing costs and repairs can often be financed with the home purchase. Eligible areas include rural regions and communities under 20,000 in population, and not part of a larger urban area. 

Further information on programs available through USDA Rural Development is available by contacting any Rural Development office, 715-345-7611, or visiting the agency's web site at

USDA Rural Development’s mission is to deliver programs in a way that will support increasing economic opportunity and improve the quality of life of rural residents. As the lead federal agency for rural development needs, USDA Rural Development invests in jobs, infrastructure, community development, health, education, homeownership and affordable rental housing to improve the lives of people in rural areas and the economic health of rural communities. During the last year, the agency has assisted nearly 9,000 families and businesses in more than 100 communities, investing more than $571 million into rural Wisconsin through affordable loans, loan guarantees and grants.  Further information on USDA Rural Development programs is available at a local USDA Rural Development office or by visiting the web site at



Janel Thoune Graduates from the American Bankers Association School of Bank Marketing and Management

Wausau, Wis. – August 18, 2016 – Janel Thoune, assistant vice president and marketing manager at Peoples State Bank recently graduated from the American Bankers Association School of Bank Marketing and Management held at the Emory Conference Center Hotel in Atlanta, GA.

“The ABA School of Banking Marketing and Management gave me the opportunity to learn from the best in the field and to exchange information and ideas with my peers,” said Thoune.
The only national school of its kind, the program provides marketers, managers, and specialists with an intensive education under the guidance and direction of faculty advisors comprised of distinguished marketing and banking professionals. Students developed strategies to promote new products and received a solid foundation in marketing principles and bank management practices.

“Janel is a key member of Peoples State Bank and her bank marketing training will help us better serve our community,” said President & CEO Peter Knitt of Peoples State Bank.

Thoune has been with Peoples State Bank for the past two years. She is a board member for Wausau Child Care, Inc. and on the executive committee and board of directors for the United Way of Marathon County. She leads the bank’s marketing efforts to support strategic goals and to ensure delivery of the bank’s customer experience promise.


Terri Vrolijk named Vice President of Loan Operations

Wausau, Wis. – August 8, 2016 – Peoples State Bank announces that Terri Vrolijk has accepted the position of Vice President of Loan Operations. She will oversee operations of the mortgage processing, consumer loan processing, commercial loan booking and loan servicing functions.

Vrolijk’s strong focus on continuous improvement and customer delivery will be key in her new role. “I am excited to be part of this strong team at Peoples. We are focusing on an effective loan process and doing all we can to create the best experience possible for our customers,” she said.

Vrolijk has over 25 years of banking experience at multiple financial institutions in loan and audit functions. Most recently she worked as a loan project manager at Peoples.

Vrolijk is a member of the United Way of Marathon County’s Women in Action and Emerging Leaders groups. She is also active in women’s groups at Highland Community Church. Outside of work Vrolijk enjoys boating, fishing, gardening, taking motorcycle trips with her husband and spending time with her family.


Janel Thoune Earns National Certification

Wausau, Wis. – August 3, 2016 – Janel Thoune, assistant vice president and marketing manager at Peoples State Bank was recently awarded the Certified Financial Marketing Professional (CFMP) designation from the Institute of Certified Bankers, a subsidiary of the American Bankers Association.

“Earning the CFMP designation validates Janel Thoune’s experience and depth of education in the bank marketing arena,” said President & CEO Peter Knitt of Peoples State Bank.

The CFMP designation is awarded to individuals who demonstrate excellence in the field of financial services marketing. To qualify for the CFMP certification, individuals must have certain levels of experience and education in the financial services profession, pass a comprehensive exam and agree to abide by a code of ethics. The CFMP exam covers many areas including financial principles, laws and regulations, market research, characteristics of marketing plans, and marketing components.

Thoune has been with Peoples State Bank for the past two years and holds a MBA from the University of Wisconsin-Oshkosh. She leads the bank’s marketing efforts to support strategic goals and to ensure delivery of the bank’s customer experience promise.



Dave Kopperud Retires from PSB Holdings, Inc. Board

Wausau, Wis. – Dave K. Kopperud, long-time figure of Peoples and PSB Holdings, Inc. board member, announced his retirement from the board following the recent annual shareholder’s meeting. He retired after a quarter-century of service.  

Kopperud began with Peoples State Bank in 1991 as vice president of lending. At the time, he brought with him 23 years of finance and banking experience in Wisconsin. Shortly thereafter he became executive vice president and assumed the role of “head lender and strategic thinker,” he said.

In 1999, he was appointed president and chief executive officer of Peoples State Bank and PSB Holdings, Inc. During his tenure in this role, Kopperud led the bank through a successful era of growth, including:

  • Listing of PSB Holdings, Inc. common stock on the over-the-counter market with the ticker PSBQ (2000)
  • Establishment of the Eagle River branch in Trig’s grocery store (2001), and new freestanding branch locations in Rhinelander (Anderson Street) (2002), Minocqua (2004), and Weston (2005)
  • Construction of a new home office on Stewart Avenue, Wausau (2004), replacing the original Peoples home of 42 years
  • Growth in total bank assets from $243 million in 1999 to $504 million in 2006, passing the $500 million assets milestone during 2005

After retiring from the bank in 2007, Kopperud remained an active leader on the board of directors since then.

“As I look back I just have to ‘pinch myself’ to realize how blessed and fortunate my family and I have been to be associated with the best community bank in Wisconsin!” said Kopperud. “What a ride with such incredible customers and employees. It’s impossible to express in words how grateful I am to them all.”

According to Board Chairman Bill Fish, “Dave took the bank to another level. He was an integral part of the Peoples story, and we will always be thankful for his important contributions.”
Kopperud’s position has not been replaced at this time, and the board continues to operate with nine members.

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


PSB Holdings, Inc. Receives Top 200 Community Bank Recognition

Wausau, Wis. – June 1, 2016 – PSB Holdings, Inc., parent company of Peoples State Bank, announced today that it has ranked for the seventh consecutive year in the American Banker Magazine’s “Top 200 Community Banks” list. Performance data and rankings were released in the American Banker Magazine’s May 2016 publication.

A total of 684 publicly traded banks with less than $2 billion in assets were considered for the nationwide ranking. Ranking was based on three-year average return on equity for 2013 through 2015 as reported by SNL Financial LC.

PSB Holdings, Inc., continues to be the only bank headquartered in Central Wisconsin, and one of only seven banks based in Wisconsin, to be included on the list.

President and CEO of Peoples State Bank, Peter Knitt stated, “We exist to help businesses and consumers succeed financially, and focus on relationships based on honesty and integrity. This continued ranking affirms our approach that doing the right things for our customers increases our profitability and reputation as a leading community bank.”

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



Cory Erickson Grduates from the Introduction to Commercial Lending School

Minocqua, Wis. – May 5, 2016 – Cory Erickson, branch manager and business banker at Peoples State Bank received his successful completion from the Introduction to Commercial Lending School held in March at Wintergreen Resort and Conference Center, Wisconsin Dells, Wisconsin.

Sponsored by the Wisconsin Bankers Association, the curriculum is designed to provide bankers with a basic understanding of the principles and concepts of commercial lending. The faculty is comprised of bankers who are considered authorities in their respective fields.

Erickson has been with Peoples State Bank for the past two years and is a volunteer for Chamber of Commerce activities, a coach for the Peoples State Bank Little League team in Minocqua, and has volunteered on highway pickup for Adopt-A-Highway. He provides commercial lending solutions to businesses at the Peoples State Bank Minocqua office.

For more information or to request an appointment, please call Erickson at 715.358.7070.


Andrea Sasman Joins Peoples State Bank

Wausau, Wis. – March 28, 2016 – Peoples State Bank announces the addition of Andrea Sasman as mortgage loan specialist at Peoples State Bank Wausau-Stewart Avenue office.

Sasman joins Peoples with 17 years of mortgage processing and loan support experience. She will assist customers in securing financing to purchase a home or refinance an existing mortgage. Sasman will also assist customers with home equity lines of credit and construction loans.

“I am excited to be part of the Peoples team. My goal is to do all I can to make the process for my customers as smooth as possible,” she said.

Sasman graduated from the University of Wisconsin-Eau Claire with a bachelor’s degree in business administration/marketing. Outside of work Sasman enjoys spending time outdoors with her family camping, hunting, 4-wheeling and gardening. For more information or to schedule an appointment with Sasman, NMLS ID 1134266, please call 715.847.4024.


2016 Readers' Choice Best Local Bank

Thank you to everyone who voted Peoples as Best Local Bank in the Wausau Daily Herald Readers’ Choice Awards!

We’re extremely proud of winning this award for the 5th consecutive year. If our experience has shown us anything, it’s that together we’re capable of amazing things.

Visit the Peoples location nearest you and let’s turn the potential of your unique dreams, challenges and aspirations into solutions.



Anne Buchmann Joins Peoples State Bank - Rhinelander

Wausau, Wis. – October 21, 2015 – Peoples State Bank announces the addition of Anne Buchmann as Commercial Portfolio Specialist at the Peoples Rhinelander location on 8 East Anderson Street.

Buchmann holds a dual bachelor’s degree in accounting and business administration and a master’s in business administration. She provides support to the Bank’s underwriting and closing of commercial loans, focusing on providing the highest level of customer service and developing relationships with area businesses. 

Buchmann was raised in Sheboygan, WI and has lived with her family in Rhinelander for the past nine years. She is a member of the Rhinelander Ice Arena and on the board for the Rhinelander Figure Skating Club, coach for the Rhinelander Junior Varsity High School volleyball team, and team manager for the Northwoods Gems softball team. She also works with community outreach programs for people in need and coordinates the auction and all major events for Nativity of Our Lord Catholic School.


Eagle River Grand Opening October 26 - 30, 2015

Join us for the Grand Opening Celebration of our New Eagle River Location, 1011 East Wall Street, Suite B.

Stop by anytime October 26-30 for great product specials, giveaways, refreshments, and register for your chance to win a prize.

Grand Prize Drawing for an iPad!*

  • Daily drawings for gift certificates to local businesses.*
  • Grand prize drawing on Friday, Oct. 30, for an iPad.*
  • Meet with Peoples State Bank staff for banking needs
    and financial advice.

Join us on Friday, Oct. 30 for:

  • Eagle River Ambassadors Ribbon Cutting, 12 pm
  • Grab a bowl of seafood chowder catered by Leif’s Cafe

Check out our official Invite to take advantage of our Special Offers.

For more information go to our Event on Facebook.

* No purchase necessary to enter or win. Need not be present to win. Limit one entry per person. Drawing ends 10/30/15.

Peoples Pumpkin Patch

The fun starts on Saturday, October 24 as we turn our Rib Mountain location into a pumpkin patch. Along with a field of pumpkins we’ll also have cookies, refreshments and pumpkin painting. We hope to see you and your family there.

Click HERE to download your FREE pumpkin coupon.


Peoples State Bank Announces New Location

Peoples State Bank announces the opening of its new location in Eagle River—across the parking lot in the former Trig’s Video store at 1011 East Wall Street, Suite B. The new bank opens for business on Monday, August 24, 2015.

Peoples State Bank Press Release



Never Forgotten Honor Flight Facebook Campaign

Thank you to everyone who liked our page in the Month of July. We were able to donate $1725 to the Never Forgotten Honor Flight, Inc.​ of Central Wisconsin. We are proud to be supports of this great cause. (Pictured R to L: Donna Staples, Mike Thompson, Jim Campbell, Christine Schlichte.



SBA and WHEDA Loan Guarantees

Peoples considers options such as the SBA’s Low Doc, 504, and 7A programs as well as WHEDA guarantees in order to construct the optimal loan package for your company or business. Peoples is also recognized as a Preferred Lender with the SBA, allowing us to reduce timing to closing and provide faster service on loans.

Peoples State Bank Press Release

Peoples State Bank Announces New Location

Wausau, Wis. – June 4, 2015 – Peoples State Bank announced plans to move into a new location in Eagle River, across from the Trigs grocery store into the building previously occupied by Trigs Video on East Wall Street.

Peoples will completely renovate the 2,700 square-foot space to create a stand-alone, full-service branch.

Peoples State Bank Press Release

Check out our story on Channel 12



Wausau, Wis. – May 1, 2015 – PSB Holdings, Inc., parent company of Peoples State Bank, announced today that it has ranked for the sixth consecutive year in the American Banker Magazine’s “Top 200 Community Banks” list. Performance data and rankings were released in the American Banker Magazine’s May 2015 publication.

Peoples State Bank Press Release



The votes are in AND for the 4th straight year Peoples was voted the "Best Local Bank" and Peoples Wealth Management was voted "Best Financial Planner" in the Wausau Daily Herald's 2015 Readers' Choice Awards. The Reader's Choice Awards featured various categories including best food, entertainment, activities, retail and professional services. Thanks to everyone that voted for us, and our customers for this great honor.

Peoples State Bank Press Release
Peoples Wealth Management Press Release



Peoples State Bank is proud to support Wausau Events, Inc. and the Community!


The employees at Peoples voted on the best organization to receive a Christmas donation over the holidays for helping those in need. The winner from Vilas County was Vilas County Food Pantry receiving $500. Pictured (L to R) Donna Martens Food Pantry Volunteer, Peggy Swanson, Peoples State Bank, Andy Jensen, Peoples State Bank. and Val Dreger, Peoples State Bank, VP Mortgage.


The employees at Peoples donated their holiday gift to our local Humane Society of Marathon County to help those in need. Pictured (L to R) is Mary Kirlin, Humane Society of Marathon County, Executive Director, Peoples State Bank Employees (Tina Lis, Donna Staples, Dawn Lynch, Kristine Peterson, Lynn Klein, Heather Schulz, Lenore Breit)


Peoples is a proud Sponsor of the Marathon School District Foundation - Steve Buchberger scholarship. Pictured (L to R) is Steve Buchberger, Member of the Marathon School District Foundation Board, Kaci Sessions Peoples State Bank Marathon Branch Manager and Tony Braun, Peoples State Bank VP Commercial Banking/Market Leader.


The employees at Peoples voted on the best organization to receive a Christmas donation over the holidays for helping those in need. The winner from Oneida County was Oneida County Humane Society receiving $785. Pictured (L to R) is Cindy Wright, Peoples State Bank Rhinelander Branch Manager and Bria Swartout, Oneida County Humane Society Director.


The employees at Peoples voted on the best organization to receive a Christmas donation over the holidays for helping those in need. The winner from Vilas County was Lakeland Food Pantry receiving $500. Pictured (L to R) is Lisa Tadych, Lakeland Food Pantry Board Member and Cory Erickson, Peoples State Bank Minocqua Branch Manager/Business Banker.


The employees at Peoples voted on the best organization to receive a Christmas donation over the holidays for helping those in need. The winner from Marathon County was the The Womens Community, Inc. receiving $1000. Pictured (L to R) is Janel Thoune, Peoples State Bank, Assistant Vice President, Marketing Manager, and Jane Graham Jennings, Executive Director from the Womens Community, Inc.


At Peoples, we understand that every business is different. We take an advisory approach and offer flexibility in our financing to help small businesses succeed.

As one of the state’s top SBA lenders, Peoples has the knowledge, flexibility and financial strength to support your goals.

Call us today for more information on our SBA programs. With local decision-making and quick turnaround, we’ll get back to you fast.

*Ranked by number of loans October 2013 - September 2014
as reported in the Milwaukee Business Journal. Member FDIC.



Peoples 25th Anniversary Celebration,
October 20-25

Visit our newly remodeled Rib Mountain location for a special Open House week Monday, October 20 – Friday, October 24 as we celebrate 25 years serving the community. Among prizes to win and events to attend, please help yourself to cookies and refreshments.

Register to win in our Rib Mountain Branch
October 20-24:*

  • iPad mini
  • $250 Visa® Gift Card
  • Daily prize drawings from local businesses


  • Meet Karl Spaay with Peoples Wealth Management
    Monday, October 20 & Friday, October 24 8:30am–4:30pm
  • Ribbon Cutting Ceremony, October 22, 10am
  • Mobile Banking demonstrations

Drawing will be held end of day on Friday, October 24th.

* Do not need to be a customer to enter. Need not be
  present to win. Limit one entry per person.

Pumpkin Patch, October 25

The fun continues on Saturday, October 25 as we turn our Rib Mountain location into a pumpkin patch. Along with a field of pumpkins we’ll also have cookies and refreshments. We hope to see you and your family there.

Also this year we will have pumpkin painting and a FREE photo booth.

Click HERE to download your FREE pumpkin coupon.

April - May

Rhinelander Grand Opening Celebration

Join us for the grand opening celebration of our new branch at 1255 Lincoln Street in Rhinelander. Stop by for giveaways, refreshments, and activities for the whole family including weekly drawings for fabulous prizes. Don’t miss the fun!

When: April 28 – May 16
Where: 1225 Lincoln Street, Rhinelander, WI

Now – May 16: Coloring Contest for kids. Pick up a coloring page at either Rhinelander location and return once finished. Prizes drawn throughout our celebration.

May 2 Drawing: Win a “Birchfield Nurseries” Garden Package, $200 Value
May 9 Drawing: Win a “Sears, Bessey’s Meat Market & Trig’s Grilling Package, $250 Value
May 16 Drawing: Win a “Northwood Golf Club” Golfing Package, $200 Value

And be sure to join us Friday, May 9,
for a cookout from 11 am – 1 pm


The votes are in AND for the 3rd straight year Peoples was voted the "Best Bank" in the Wausau Daily Herald's 2014 Readers' Choice Awards. The Reader's Choice Awards featured various categories including best food, entertainment, activities, retail and professional services. Thanks to everyone that voted for us, and our customers for this great honor.


Peoples State Bank Peoples State Bank Announces Agreement to Acquire Northwoods National Bank of Rhinelander, a Branch of The Baraboo National Bank.


A big THANK YOU to the United Way of Marathon County for selecting Peoples State Bank as United Way’s “2013 LIVE UNITED Award” recipient AND to our employees!

We are proud of our employees and their commitment to give back to the community and of their support of United Way.


Mike Faehling & Al Antolik, - Wausau Fire Department; Jane Grahm Jennings – The Women’s Community;
Jennifer Mulder – Peoples State Bank; JoAnn Janikowski, Marathon County United Way / Hunger Coalition;
Andy Adrian & Quinn Ambrosiu, Wausau Fire Department

Peoples State Bank (Peoples) again offered a community challenge this holiday season. Through the generosity of the community the match was met and in total $12,443 was donated along with more than 1500 pounds of non-perishable food donations.

Taking part in a check presentation were representatives from the Wausau Fire Department, The Women’s Community, Marathon County Hunger Coalition and Peoples. The Wausau Fire Department generously donated $2,000 to The Women’s Community as part of the Bank’s match.

This is the fifth year the Bank has offered a holiday matching funds challenge. To date the program has donated over $56,400 to area food pantries. All goods and monies collected locally stayed local. Food pantry recipients included: Rhinelander Area Food Pantry, Vilas Food Pantry in Eagle River, Lakeland Food Pantry in Arbor Vitae, Marathon/Edgar Circle of Joy and donations collected in the Wausau area will go to the Marathon County Hunger Coalition.



PSB Holdings, Inc. Ranked 65th of top 200 Community
Banks Nationally



Peoples has been voted the best bank in the Wausau Daily Herald's Readers Choice Awards for the second straight year.

best bank in wausau



Maureen Jorgensen Joins Peoples State Bank



During 2012, employees of Peoples proudly volunteered more than 6,850 hours and Peoples donated over $100,000 to community organizations and programs throughout Central and Northern Wisconsin.



Peoples Ranked in the Top 10% of Community Banks Nationally



Marathon State Bank to merge with Peoples State Bank



Peoples Announces 50th Anniversary


Peoples Ranked in the Top 3%


Give campaign raises over $13,000 for local food pantries


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Always See the Potential