TROY, Mich., Jan. 30, 2007 (PRIME NEWSWIRE) -- Troy Mayor Louise Schilling will join members of the Troy City Council as Peoples State Bank (a subsidiary of PSB Group, Inc. (OTCBB:PSBG)) opens its newest full-service branch in Troy this Wednesday, January 31, 2007 at 10 AM.
The branch, located at 30 E. Long Lake Road in Troy, brings to 13 the total number of branches the company has in Southeast Michigan. The bank has operated continuously under local ownership and management since 1909.
"Peoples State Bank is proud of the nearly 100 years it has spent as a community bank, serving both retail and commercial clients in Southeastern Michigan," said Michael J. Tierney, President and CEO. "It is exciting to now bring that experience to Troy." Mr. Tierney is a Troy resident.
PSB Group, Inc. is the registered holding company for Peoples State Bank, one of Michigan's premier community banks, with more than $500 million in total assets. That milestone was achieved during the month of May, 2006.
Peoples State Bank serves the Southeastern Michigan area with full-service banking offices in Farmington Hills, Fenton, Grosse Pointe Woods, Hamtramck, Madison Heights, St. Clair Shores, Southfield, Sterling Heights and Warren.
Tierney's appointment as President and CEO went into effect on July 5, 2006. He came to Peoples State Bank from J P Morgan Chase, where he served as the managing director for Business Banking for the Midwest Region. In addition, Tierney brought 28 years of experience from Comerica Incorporated, where he held executive positions in retail, corporate and private banking, and product management.
"Over the next few months one of the things we will focus on is our product lineup," Tierney said. "We want to offer owner-operated businesses a complete product set comparable to those at larger banks.
"As we go forward, people will see us as a much stronger bank for commercial services. The first order of business will be to expand banking services for commercial customers."