FORM 10-K/A

                                AMENDMENT NO. 1

               UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549
                                  __________

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

                  For the fiscal year ended December 31, 2003

      [   ] 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.
                                 WWW.PSBWI.COM

                  WISCONSIN                        39-1804877

                            1905 W. Stewart Avenue
                                 P.O. Box 1686
                         Wausau, Wisconsin 54402-1686
      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

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. [   ]

Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Act).

                          Yes   ___       No     X
<PAGE>
The aggregate market value of the voting stock held by non-affiliates as of
June 30, 2003, was approximately $51,522,000.  For purposes of this
calculation, the registrant has assumed its directors and executive officers
are affiliates.  As of March 1, 2004, 1,733,630 shares of common stock were
outstanding.

                      DOCUMENTS INCORPORATED BY REFERENCE
Proxy Statement dated March 12, 2004 (to the extent specified herein): Part III

                                    PART IV

ITEM 15.    EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K

PSB hereby amends Item 15(a)(3) of its Annual Report on Form 10-K for the
fiscal year ended December 31, 2003 (the "Original Form 10-K") to include
Exhibit 23.1 which was inadvertently omitted from the Original Form 10-K.  The
exhibits listed in this Item 15 are filed as part of this Form 10-K/A or are
incorporated by reference herein as indicated.

No revisions have been made to PSB's financial statements for the fiscal year
ended December 31, 2003 or to any disclosures contained in the Original Form
10-K, including disclosures under Item 9A.  The filing of this Form 10-K/A
shall not be deemed an admission that the Original Form 10-K, when filed,
knowingly included any untrue statement of a material fact or omitted to state
a material fact necessary to make a statement not misleading.

(a)   Documents filed as part of this report.

(3)   The following exhibits required by Item 601 of Regulation S-K are filed
      as part of this report.

      Exhibit
      Number      Description

      3.1   Restated Articles of Incorporation (incorporated by reference to
            Exhibit 3.1 to PSB's Annual Report on Form 10-K for the fiscal year
            ended December 31, 2002)

      3.2   Bylaws (incorporated by reference to Exhibit 3.2 to PSB's Annual
            Report on Form 10-K for the fiscal year ended December 31, 2000)

      4.1   Articles of Incorporation and Bylaws (see Exhibits 3.1 and 3.2)

      10.1  Bonus Plan of Directors of the Bank (incorporated by reference to
            Exhibit 10.1 to PSB's Annual Report on Form 10-K for the fiscal
            year ended December 31, 2002)*

      10.2  Non-Qualified Retirement Plan for Directors of the Bank
            (incorporated by reference to Exhibit 10.2 to PSB's Annual Report
            on Form 10-K for the fiscal year ended December 31, 2001)*

      10.3  Senior Management Incentive Compensation Plan (incorporated by
            reference to Exhibit 10.4 to PSB's Quarterly Report on Form 10-Q
            for the period ended June 30, 2000)*
<PAGE>
      10.4  2001 Stock Option Plan (incorporated by reference to Exhibit 10.5
            to PSB's Quarterly Report on Form 10-Q for the period ended June
            30, 2001)*
                                       -1-
      10.5  Employment and Change of Control Agreement with David K. Kopperud
            (incorporated by reference to Exhibit 10.5 to PSB's Annual Report
            on Form 10-K for the fiscal year ended December 31, 2002)*

      10.6  Employment and Change of Control Agreement with David A. Svacina
            (incorporated by reference to Exhibit 10.6 to PSB's Annual Report
            on Form 10-K for the fiscal year ended December 31, 2002)*

      10.7  Employment and Change of Control Agreement with Scott M. Cattanach
            (incorporated by reference to Exhibit 10.2 to PSB's Quarterly
            Report on Form 10-Q for the period ended March 31, 2003)*

      10.8  Directors Deferred Compensation Plan (incorporated by reference to
            Exhibit 10.1 to PSB's Quarterly Report on Form 10-Q for the period
            ended March 31, 2003)*

      10.9  Employment and Change of Control Agreement with Todd R. Toppen
            (incorporated by reference to Exhibit 10.9 to PSB's Annual Report
            on Form 10-K for the fiscal year ended December 31, 2003)*

      21.1  Subsidiaries of PSB (incorporated by reference to Exhibit 21.1 to
            PSB's Annual Report on Form 10-K for the fiscal year ended December
            31, 2000)

      23.1  Consent of Wipfli LLP

      31.1  Certification of CEO pursuant to Section 302 of Sarbanes-Oxley Act
            of 2002 (incorporated by reference to Exhibit 31.1 to PSB's Annual
            Report on Form 10-K for the fiscal year ended December 31, 2003)

      31.2  Certification of CFO pursuant to Section 302 of Sarbanes-Oxley Act
            of 2002 (incorporated by reference to Exhibit 31.2 to PSB's Annual
            Report on Form 10-K for the fiscal year ended December 31, 2003)

      32.1  Certifications under Section 906 of Sarbanes-Oxley Act of 2002
            (incorporated by reference to Exhibit 32.1 to PSB's Annual Report
            on Form 10-K for the fiscal year ended December 31, 2003)

      *Denotes Executive Compensation Plans and Arrangements.
                                       -2-

                                  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, Amendment No. 1, to be
signed on its behalf by the undersigned, thereunto duly authorized.

      PSB Holdings, Inc.

      By     DAVID K. KOPPERUD                         February 28, 2005
             David K. Kopperud, President
             and Chief Executive Officer
<PAGE>
Pursuant to the requirement of the Securities Exchange Act of 1934, this Form
10-K/A, Amendment No. 1, has been signed below by the following persons on
behalf of the registrant and in the capacities indicated on this 28th day of
February, 2005.

      Signature and Title                        Signature and Title

DAVID K. KOPPERUD                        SCOTT M. CATTANACH
David K. Kopperud, President             Scott M. Cattanach, Treasurer and CFO
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                            CHARLES A. GHIDORZI
William J. Fish                            Charles A. Ghidorzi

GORDON P. GULLICKSON                       JOHN H. SONNENTAG
Gordon P. Gullickson                       John H. Sonnentag

THOMAS R. POLZER                           THOMAS A. RIISER
Thomas R. Polzer                           Thomas A. Riiser

WILLIAM M. REIF
William M. Reif
                                       -3-


                                 EXHIBIT INDEX
                                      TO
                                  FORM 10-K/A
                                AMENDMENT NO. 1
                                      OF
                              PSB HOLDINGS, INC.
                  FOR THE FISCAL YEAR ENDED DECEMBER 31, 2003
                 PURSUANT TO SECTION 102(D) OF REGULATION S-T
                        (17 C.F.R. Section 232.102(D))

      The following exhibits are filed as part of this Form 10-K/A:

      23.1  Consent of Wipfli LLP
                                       -4-