On September 20, 2019, the Board of Directors of First Business Financial Services, Inc. (the “Company”) adopted a new share repurchase program that authorizes the Company to repurchase up to $5 million of the Company’s common stock over a period of approximately twelve months, ending on September 30, 2020. In August 2019, the Company completed its prior $5 million share repurchase program which was initiated in December 2018 and had a termination date of December 31, 2019.

Under the new share repurchase program, shares may be repurchased from time to time in the open market or negotiated transactions at prevailing market rates, or by other means in accordance with federal securities laws. In connection with the share repurchase program, the Company implemented a 10b5-1 trading plan. The trading plan allows the Company to repurchase shares of its common stock at times when it otherwise might be prevented from doing so under insider trading laws by requiring that an agent selected by the Company repurchase shares of common stock on the Company’s behalf.

A copy of the September 20, 2019 press release announcing the share repurchase program is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

FIRST BUSINESS FINANCIAL SERVICES, INC. Exhibit
EX-99.1 2 fbiz3q19sharerepurchaseexh.htm EXHIBIT 99.1 Exhibit Exhibit 99.1Press ReleaseContact:Edward G. Sloane,…
To view the full exhibit click here

About First Business Financial Services, Inc. (NASDAQ:FBIZ)

First Business Financial Services, Inc. (FBFS) is a bank holding company. The Company engages in the commercial banking business through its bank subsidiaries, which include First Business Bank (FBB), First Business Bank-Milwaukee (FBB-Milwaukee) and Alterra Bank (Alterra) (FBB and FBB-Milwaukee and, together with FBB, the Banks). The operations of FBFS are conducted through the Banks and certain subsidiaries of FBB. The Banks operate as business banks focusing on delivering a line of commercial banking products, including commercial loans and commercial real estate loans, and services to meet the needs of small- and medium-sized businesses, business owners, executives, professionals and high net worth individuals. Its business lines include commercial lending, asset-based financing, equipment financing, small business administration (SBA) lending, treasury management services, and trust and investment services. Its investments include short-term investments and securities.