MADISON, Wis., Nov. 3, 2014 (GLOBE NEWSWIRE) — Effective November 1,
2014, First Business Financial Services, Inc. (the “Company” or “First
Business”) (Nasdaq:FBIZ) closed its previously announced acquisition of
Leawood, Kansas-based Aslin Group, Inc. (“Aslin Group”), including
Alterra Bank (“Alterra”), Aslin Group’s wholly-owned subsidiary. With
combined assets exceeding $1.6 billion, loans of $1.2 billion and
deposits totaling $1.5 billion, First Business now offers sophisticated
services to businesses and high net worth individuals across an
expanded Midwest market.
The cash-and-stock transaction is valued at approximately $30.1
million, with 55% of the consideration paid through the issuance of
360,081 shares of First Business common stock, based on First Business’
10-day volume-weighted average stock price of $45.9825 as of the market
close on October 29, 2014, the third trading day prior to the effective
date of the transaction. Cash consideration of approximately $13.5
million for the transaction was funded by $15.0 million in subordinated
debt, issued as previously announced on August 26, 2014.
“Today we are excited to welcome the Alterra team to First Business,
growing our profitable franchise, expanding offerings for our clients
and adding value for our shareholders,” said Corey Chambas, President
and Chief Executive Officer of First Business. “Alterra’s impressive
track record of growth reflects the strength of its highly capable and
sophisticated team. In Alterra we’ve found a perfect match to our
unique and entrepreneurial banking model, in a major metropolitan
Midwest market that mirrors our existing Wisconsin market in many
ways.”
“The entire Alterra team is thrilled to join First Business and eager
to combine our resources to achieve even greater outcomes for our
clients in Kansas City,” said Pam Berneking, President and CEO of First
Business’ new Alterra subsidiary. “We continue to deliver superior
solutions for our business clients, and we look forward to sharing
synergies and expertise with our new First Business colleagues.”
First Business was advised by the investment banking firm of Keefe,
Bruyette & Woods, Inc. as well as the law firm of Godfrey & Kahn, S.C.
Aslin Group was advised by the investment banking firm of Macquarie
Capital and the law firm of Stinson Leonard Street LLP.
