FORM 10-K/A

                     SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549
                                   __________
      (Mark One)

   [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE
       ACT OF 1934.

                  For the fiscal year ended December 31, 2001

  [  ]  TRANSITION  REPORT  PURSUANT  TO  SECTION 13 OR 15(D) OF THE SECURITIES
        EXCHANGE ACT OF 1934.

      For the transition period from ................. to ....................

                        Commission file number:  0-26480
                               PSB HOLDINGS, INC.
             (Exact name of registrant as specified in its charter)


                             WISCONSIN                   39-1804877
                 (State or other jurisdiction         (I.R.S. Employer
               of incorporation or organization)      Identification No.)

                             1905 W. Stewart Avenue
                            Wausau, Wisconsin 54401
              (Address of principal executive offices)  (Zip Code)
      Registrant's telephone number, including area code:  (715) 842-2191

       Securities registered pursuant to Section 12(b) of the Act:  None
          Securities registered pursuant to Section 12(g) of the Act:

                           Common Stock, no par value
                                (Title of Class)

 Indicate by check whether the registrant (1) has filed all reports required to
 be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
 the preceding 12 months (or for such shorter period that the registrant was
 required to file such report), and (2) has been subject to such filing
 requirements for the past 90 days.

                             Yes   X        No  ___

 Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
 of Regulation S-K (229.405 of this chapter) is not contained herein, and will
 not be contained, to the best of registrant's knowledge, in definitive proxy
 or information statements incorporated by reference in Part III of this Form
 10-K or any amendment to this Form 10-K. [X]

 As of March 22, 2002, 839,416 shares of common stock were outstanding  and the
 total aggregate market value of the common stock held by nonaffiliates of the
 Registrant was approximately $26,159,000.
<PAGE>
                      DOCUMENTS INCORPORATED BY REFERENCE

  Proxy Statement dated March 29, 2002 (to the extent specified herein): Part
                                      III
                                  -1-

     This amendment to the PSB Holdings, Inc. Annual Report on Form 10-K
 for the year ended December 31, 2001 (the "2001 Form 10-K") is filed for
 the purpose of correcting a typographical error in the Consolidated
 Statements of Cash Flows under the caption "Originations of loans held for
 sale" and the subsequent footing error under the caption "Net cash
 provided by operating activities."  The audited financial statements of
 the Company are set forth in Exhibit 99.1 to this Form 10-K/A.

     In all other respects, the 2001 Form 10-K filed March 29, 2002 is
 hereby ratified and confirmed.
                                  -3-
                                 SIGNATURES

  Pursuant to the requirements of Section 13 of the Securities Exchange Act
 of  1934, the Company has duly caused this Form 10-K/A to be signed on its
 behalf by the undersigned, thereunto duly authorized, on April 16, 2002.

 PSB Holdings, Inc.

 By   DAVID K. KOPPERUD
      David K. Kopperud, President
      and Chief Executive Officer

 Pursuant  to  the requirement of the Securities Exchange Act of 1934, this
 report has been  signed  below  by  the following persons on behalf of the
 registrant and in the capacities indicated  on  this  16th  day  of April,
 2002.

 SIGNATURE AND TITLE                        SIGNATURE AND TITLE

 DAVID K. KOPPERUD                       SCOTT M. CATTANACH
 David K. Kopperud, President            Scott M. Cattanach, Treasurer
 Chief Executive Officer and a Director (Principal Financial Officer and
                                         Accounting Officer)

 DIRECTORS:

 GORDON P. CONNOR                        PATRICK L. CROOKS
 Gordon P. Connor                        Patrick L. Crooks

 WILLIAM J. FISH
 William J. Fish                         Charles A. Ghidorzi

 GORDON P. GULLICKSON                    THOMAS R. POLZER
 Gordon P. Gullickson                    Thomas R. Polzer

 THOMAS A. RIISER                        WILLIAM M. REIF
 Thomas A. Riiser                        William M. Reif
                                  -3-
<PAGE>
                               EXHIBIT INDEX
                                     TO
                                FORM 10-K/A
                                     OF
                             PSB HOLDINGS, INC.
                FOR THE FISCAL YEAR ENDED DECEMBER 31, 2001
                Pursuant to Section 102(d) of Regulation S-T
                           (17 C.F.R. 232.102(d)


 Exhibit
 NUMBER             DESCRIPTION


 99.1     Consolidated financial statements for the years ended
          December 31, 2001, 2000, and 1999
                                  -4-