Madison, WI, April 30, 2024–(BUSINESS WIRE)–First Business Financial Services, Inc. (the “Company” or “First Business Bank”) (Nasdaq: FBIZ), a leader in commercial banking and specialty finance, announced today that its Board of Directors We have announced that we have approved the following: $5 million stock repurchase program. This program authorizes the repurchase of our common stock as part of our ongoing capital management strategy. The stock repurchase program has no expiration date.
Although First Business Bank has experienced strong balance sheet growth and does not currently plan to undertake a share repurchase program, we believe it is prudent to implement such a program. This allows us flexibility in capital management and increased shareholder value by repurchasing our shares as needed.
“The strong growth in our balance sheet is a testament to the hard work and dedication of our team,” said Corey Chambas, President and CEO of First Business Bank. Although we have no immediate plans to utilize a stock repurchase program, we believe that having this option available is sound capital management.”
Under our stock repurchase program, certain of our officers are authorized to direct the repurchase of our stock in quantities, prices and other terms that they, in their sole discretion, determine to be in our best interests. Subject to applicable banking and securities regulations, it will be transferred to stockholders up to a maximum aggregate purchase price of $5 million. The Company intends to enter into a Rule 10b5-1 trading plan at the appropriate time, pursuant to which the Company and its directors and officers may now or during any period deemed to be able to repurchase their own stock under the program. You will be able to do it. provided, however, that the Company and its directors and officers may only enter into a Rule 10b5-1 trading plan if the Company and its directors and officers do not actually possess material nonpublic information.
There can be no assurance as to the exact number or value of shares, if any, that we will repurchase. Share repurchases depend on several factors, including our stock price performance, ongoing capital planning considerations, general market conditions and applicable legal requirements.
About Daiichi Business Bank
First Business Bank specializes in business banking, including commercial banking, specialty finance, private wealth and banking consulting services, offering unparalleled expertise, accessibility and responsiveness through its sophisticated focus. . Specialty finance solutions are offered through First Business Specialty Finance, LLC, a wholly owned subsidiary of First Business Bank. First Business Bank is a wholly owned subsidiary of First Business Financial Services, Inc. (NASDAQ: FBIZ). For more information, please visit firstbusiness.bank.
This press release contains “forward-looking” statements relating to First Business Financial Services, Inc. that can generally be identified as describing our future plans, objectives and goals. Such forward-looking statements are subject to risks and uncertainties that may cause actual results or outcomes to differ materially from those currently anticipated. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Please see our 2023 Annual Report on Form 10-K for more information on factors that may affect our future results. Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission.
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contact address
Brian D. Spielman
CFO
First Business Financial Services Co., Ltd.
608-232-5970
bspielmann@firstbusiness.bank