First Business Bank Announces $5.0 Million Share Repurchase Program
30 Abril 2024 - 3:30PM
Business Wire
First Business Financial Services, Inc. (the “Company” or “First
Business Bank”) (Nasdaq: FBIZ) a leader in commercial banking and
specialty finance, today announced its board of directors has
approved a $5.0 million share repurchase program. This program
authorizes the repurchase of shares of the Company’s common stock
as part of its ongoing capital management strategy. The share
repurchase program has no expiration date.
While First Business Bank has experienced robust balance sheet
growth and does not currently intend to execute on the share
repurchase program, the Company believes it is prudent to have such
a program in place. This allows for flexibility in capital
management and the ability to enhance shareholder value, by
repurchasing Company shares if and when appropriate.
Corey Chambas, President and CEO of First Business Bank,
commented on the announcement, “Our strong balance sheet growth is
a testament to the hard work and dedication of our team. While we
have no immediate plans to utilize the new share repurchase
program, we believe it is sound capital management to have this
option available.”
Under the new share repurchase program, certain officers of the
Company are authorized to direct the repurchase of Company shares
in such quantities, at such prices and on such other terms as they
determine in their discretion to be in the best interests of the
Company and its shareholders, up to a maximum aggregate purchase
price of $5 million, in accordance with applicable banking and
securities regulations. The Company anticipates that it will, at
the appropriate time, enter into a Rule 10b5-1 trading plan, which
will allow the Company to effectuate repurchases under the program
during periods in which the Company and its directors and officers
are or may be deemed to be in possession of material nonpublic
information, provided that such officers may enter into a Rule
10b5-1 trading plan only at such time as the Company and its
directors and officers are not actually in possession of material,
non-public information.
There is no guarantee as to the exact number or value of shares,
if any, that will be repurchased by the Company. Any share
repurchases will depend on several factors, including, in part, the
Company’s stock price performance, ongoing capital planning
considerations, general market conditions and applicable legal
requirements.
About First Business Bank
First Business Bank specializes in Business Banking, including
Commercial Banking and Specialty Finance, Private Wealth, and Bank
Consulting Services, and through its refined focus delivers
unmatched expertise, accessibility, and responsiveness. Specialty
Finance solutions are delivered through First Business Bank’s
wholly owned subsidiary First Business Specialty Finance, LLC.
First Business Bank is a wholly owned subsidiary of First Business
Financial Services, Inc. (Nasdaq: FBIZ). For additional
information, visit firstbusiness.bank.
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 2023 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/20240430832131/en/
Brian D. Spielmann Chief Financial Officer First Business
Financial Services, Inc. 608-232-5970
bspielmann@firstbusiness.bank
First Business Financial... (NASDAQ:FBIZ)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
First Business Financial... (NASDAQ:FBIZ)
Gráfica de Acción Histórica
De May 2023 a May 2024