Peoples State Bank names new President and CEO
PSB Holdings, Inc. (OTCPK: PSBQ), parent company of Peoples State Bank (“Peoples”), announced that Scott M. Cattanach has been selected as the new President and Chief Executive Officer of PSB Holdings, Inc. and Peoples State Bank. Mr. Cattanach will succeed Peter W. Knitt, whose upcoming retirement was announced on Jan. 12, 2017. Knitt has agreed to continue as a director of PSB Holdings, Inc. and Peoples.
Cattanach, age 48, will immediately assume the role of President, and following Mr. Knitt’s retirement on Dec. 31, 2017, will take on the additional role of CEO.
Mr. Cattanach has served Peoples for 15 years as Chief Financial Officer and as a key leader in the development and implementation of strategies resulting in consistent delivery of exceptional shareholder returns.
“We are very fortunate that, following an extensive search and selection process lead by executive recruitment consultants at Korn Ferry, we determined the best candidate to lead Peoples forward was in our midst. The Bank is executing on a long-term strategic plan for profitable growth and Scott’s leadership will continue to move us forward,” said William Fish, PSB Chairman of the Board.
A 1991 graduate of University of Wisconsin – Eau Claire, Cattanach graduated summa cum laude with a Bachelor of Business Administration and received the Elijah Watt Sells Award for exceptional performance on the November 1991 CPA exam. Prior to joining Peoples, Cattanach was an audit manager with Wipfli LLP managing and performing audit, income tax, consulting and regulatory compliance engagements for banks, thrifts and credit unions throughout Wisconsin. He also served Wipfli as a key technical expert for SEC reporting banks and represented the firm in the formation of multiple client de novo banks.
In Cattanach’s role as Peoples’ Chief Financial Officer, he was responsible for the negotiation, due diligence and integration of two bank acquisitions, created the stock buyback program to provide shareholders with greater market value and liquidity, and led a team of advisors to victory in United States Tax Court, 129 T. C., No. 15 (2007), with the conclusion now used as a basis for tax reporting within the banking industry.
“I am truly excited to know Scott will carry on the tradition of strong executive leadership at Peoples. He has served as a great business partner during my tenure and I am confident he will serve effectively as our new President and CEO; working closely with his senior leadership team and Board to deliver value to our shareholders, customers and employees,” said Mr. Knitt, current President and CEO.
Mr. Cattanach added, “I thank the Peoples’ Board of Directors for their confidence in my leadership. Using my career experience as an advisor and manager of banks, I plan to build on the firm foundation established by past leaders of Peoples. As a community bank, we are successful only when our community is successful, and I have a passion for the growth and influence of Peoples for the benefit of all stakeholders. Our customers will continue to experience outstanding customer service and value through this transition and as we work to expand the Peoples footprint into new markets.”
Scott and his wife, Amy, and their two children, have called Wausau, Wisconsin home for nearly 25 years. Cattanach currently serves as Treasurer and Director of Christian Life Communications, Inc., broadcaster of WCLQ Radio, 89Q FM, and as President of Marathon County United Soccer Club, a youth soccer club with over 350 players affiliated with the Wisconsin Youth Soccer Association. Cattanach is also past Director and Treasurer of the Community Foundation of North Central Wisconsin.