First Business Announces Share Repurchase Program
MADISON, Wis.--(BUSINESS WIRE)--Dec 17, 2018--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/
CONTACT: Edward G. Sloane, Jr.
Chief Financial Officer
First Business Financial Services, Inc.
KEYWORD: UNITED STATES NORTH AMERICA WISCONSIN
INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING FINANCE
SOURCE: First Business Financial Services, Inc.
Copyright Business Wire 2018.
PUB: 12/17/2018 04:02 PM/DISC: 12/17/2018 04:02 PM