PSB Holdings, Inc. - Page 3




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                                     Background                                       
               All facts were stipulated or contained in the exhibits                 
          submitted with the stipulations.  The stipulated facts and                  
          exhibits are incorporated herein by this reference.  When the               
          petition was filed, petitioner’s mailing address and principal              
          place of business were in Wausau, Wisconsin.                                
               Petitioner is a holding company and the common parent of an            
          affiliated group of corporations that file consolidated Federal             
          income tax returns.  Petitioner’s common stock is held by                   
          approximately 1,000 shareholders.  The other members of the                 
          affiliated group are petitioner’s wholly owned subsidiary                   
          (Peoples) and Peoples’ wholly owned subsidiary (Investments).               
          For financial and regulatory accounting purposes, Investments and           
          Peoples consolidate their assets, liabilities, income, and                  
          expenses.                                                                   
               Peoples was organized in 1962 as a State bank under                    
          Wisconsin law.  Peoples’ main office is located in Wausau,                  
          Wisconsin, and it has several branch offices in Wisconsin                   
          communities near Wausau.  Peoples is petitioner’s sole                      
          subsidiary.  Peoples’ sole subsidiary is Investments.                       
               On or about April 23, 1992, Peoples organized Investments in           
          Nevada.  Investments does business exclusively in Nevada, with              
          offices in Las Vegas, Nevada, and offsite record storage at a               
          third-party facility in Las Vegas.  Investments has no depository           







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Last modified: March 27, 2008