MADISON HEIGHTS, Mich., Jan. 20, 2006 (PRIMEZONE) -- The Board of Directors of PSB Group, Inc. (OTCBB:PSBG), the bank holding company for Peoples State Bank, a Michigan state-chartered bank with offices in Wayne, Oakland, Macomb and Genesee Counties, declared the payment of a quarterly cash dividend of $0.18 per share to Shareholders of Common Stock.
PSB Group, Inc. will pay the first-quarter cash dividend to shareholders of record at the end of business on March 1, 2006. Shareholders will receive their dividend on March 14, 2006. As of December 31, 2005 there were 2,979,152 common shares outstanding.
PSB Group, Inc. is a registered holding company with over $495,000,000 in total assets. Its subsidiary, Peoples State Bank, currently serves the southeastern Michigan area with 12 full-service banking offices in Farmington Hills, Fenton, Grosse Pointe Woods, Hamtramck, Madison Heights, St. Clair Shores, Southfield, Sterling Heights and Warren, with a new office scheduled to open in the city of Troy (summer of 2006). The bank has operated continuously under local ownership and management since it first opened for business in 1909.
Peoples State Bank was recently honored to be named one of "Metropolitan Detroit's 101 Best & Brightest Companies to Work For" by the Michigan Business & Professional Association (MBPA). Included in the criteria for selection to the list are two-way employee communication, compensation & benefits, diversity & multi-culturalism, employee engagement & commitment, recognition & retention, and work-life balance. At the award luncheon, winning companies -- those that focus on people as their number one resource -- were recognized for their efforts to empower their employees.
Universal Mortgage Corporation, a wholly-owned subsidiary of Peoples State Bank, originates residential mortgage loans in the southeastern Michigan area from offices in Ann Arbor, Clinton Township, Fenton, Howell, Macomb Township, Southfield, Troy and Warren.