MADISON, Wis.--(BUSINESS WIRE)--
First Business Financial Services, Inc. (the “Company”) (NASDAQ: FBIZ)
today announced that the Board of Directors has approved a stock
repurchase program for the Company. The program authorizes the
repurchase by the Company of up to $5 million of its total outstanding
shares of common stock over a period of approximately twelve months,
ending on December 31, 2019.
Under the share repurchase program, shares may be repurchased from time
to time in the open market or through 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 will implement 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.
Corey Chambas, President and CEO of First Business Financial Services,
Inc., commented, “We believe a share repurchase plan represents a good
use of capital and is in the best interest of our shareholders given
current market dynamics and the underlying value of our common stock at
this time.”
There is no guarantee as to the exact number or value of shares that
will be repurchased by the Company, and the Company may discontinue
repurchases at any time that management determines additional
repurchases are not warranted. The timing and amount of share
repurchases under the stock repurchase program will depend on a number
of factors, including the Company’s stock price performance, ongoing
capital planning considerations, general market conditions, and
applicable legal requirements.
About First Business Financial Services, Inc.
First Business Financial Services is a Wisconsin-based bank holding
company, focused on the unique needs of businesses, business executives
and high net worth individuals. First Business offers company retirement
plans, commercial banking, specialty finance, and private wealth
management solutions, and because of its niche focus, is able to provide
its clients with unmatched expertise, accessibility and responsiveness.
For additional information, visit www.firstbusiness.com
or call 608-238-8008.
This press release includes “forward-looking” statements related to
First Business Financial Services, Inc. that can generally be identified
as describing the Company’s future plans, objectives or goals. Such
forward-looking statements are subject to risks and uncertainties that
could 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. For further information about the factors
that could affect the Company’s future results, please see the Company’s
2017 annual report on Form 10-K, quarterly reports on Form 10-Q and
other filings with the Securities and Exchange Commission.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181217005794/en/
Edward G. Sloane, Jr.
Chief Financial Officer
First Business
Financial Services, Inc.
608-232-5970
esloane@firstbusiness.com
Source: First Business Financial Services, Inc.