On August 1, 2012, the boards of directors of PSB Holdings Inc. appointed Chairman of the Board and Chief Executive Officer Thomas A. Borner as president and chief executive officer of the company. In connection with this appointment, the boards of directors appointed director Charles H. Puffer as Chairman of the board, and Mr. Borner will serve as Vice Chairman of the Board. In addition, President and Chief Financial Officer Robert J. Halloran, Jr. will serve as Executive Vice President, Treasurer and Chief Financial Officer.