| About PSB Group, Inc. |
 PSB Group, Inc. (PSBG) is a bank holding company that was formed on May 31, 2003, when then-present shareholders of Peoples State Bank exchanged their shares of stock in the Bank for shares of stock in the newly-formed holding company, of which the Bank then became a wholly-owned subsidiary.The holding company structure permits greater flexibility in responding to the changing financial environment. A bank holding company allows greater flexibility in obtaining financing through various techniques without diluting ownership interests. A holding company's ability to acquire its own stock also provides a means of making a market for the stock, thereby increasing its liquidity and marketability. Company Overview Peoples State Bank, the primary subsidiary of PSB Group, Inc., was chartered as the Hamtramck State Bank on February 11, 1909. At that time Hamtramck was a peaceful, German-American farming community. With the establishment of the Dodge Brothers automotive plant in 1914, large numbers of Polish laborers were attracted, and the village flourished - so much, that between 1910 and 1920 the population grew from 3,589 to 46,615; the greatest growth for any community in the United States. During this time period the bank was located in a number of different locations, growing with the community. During the 1920's the bank settled into a location on the southwest corner of Joseph Campau and Holbrook, and conducted business there until the early 1930's. In June of 1930 four other banks were consolidated with the bank, which also resulted in a new name - the Peoples Wayne County Bank of Hamtramck. The bank, even during the time of the depression, had a reputation for conservative management and strong customer support. The depression was devastating to the local population, with many losing their life savings due to bank closings, and their homes to foreclosure. Peoples Wayne County Bank of Hamtramck, in an effort to stem off a closing, suspended interest payments on accounts, but also suspended payments due on mortgages - an unusual tactic, but one that allowed the bank to continue operating. Another tactic allowed customers to retain their homes if they maintained them, a practice that would be remembered by those involved, building an intense customer loyalty. In 1933 a bank holiday was declared, a receiver appointed to oversee the bank closed it in February of that year. In 1934 the bank was licensed to reopen, and did so under the name of Peoples State Bank. The office was moved into a new building at 9252 Joseph Campau, which became its permanent location where the main office remains today. The bank was most noted during the late 1930's for being the only surviving bank in Hamtramck to pay off the depositors that were unpaid at the time of closing - in a combination of cash and bank stock. Thus the stage was set for future growth and expansion. With the end of the Great Depression, the bank enjoyed steady growth and reflected the times during the 40's and 50's. Peoples State Bank was known as a local leader in providing deposit and mortgage servicing, as well as basic business services. While the population in the city diminished from a high of 56,000 in the 1930's to 28,000 in the 50's, the bank was fortunate that the customers who had left the area still retained their relationship, due to personal service and attention. The bank continued to provide for the customer needs through the 70's and early 1980's. Consistent and conservative management resulted in the bank being named as #1 in safety and soundness by Money Magazine in 1986. However, due to a changing marketplace, consumer needs, and the changing demographics, in the late 1980's the board took a bold move to re-define Peoples State Bank and move it forward. The direction and management was reorganized, allowing for expansion into other markets. These actions were to maintain the bank's independent status. Peoples State bank opened its first branch office in 1992. The next five years would see construction and acquisition of four more offices, resulting in a total of six by 1997. In 1998, a merger with Madison National Bank doubled the size of the institution, to one with 12 offices that provided services across three counties. A renewed commitment to technology, as well as new products and services, resulted in an organization that few from 1909 would recognize, although they would still appreciate our customer service and commitment to the communities we serve. Community Involvement |
