First Business Announces Board Chair Succession Plan
18 August 2018 - 6:05AM
First Business Financial Services, Inc. (the “Company” or “First
Business”) (Nasdaq: FBIZ) announced today Jerry Smith will retire
from its board of directors (the “Board”) on October 26, 2018. The
Board has elected Gerald (Jerry) Kilcoyne as Chair effective
October 26, 2018. To facilitate this Board Chair transition, Mr.
Smith will be entering into a consulting arrangement with the
Company following his retirement.
Mr. Smith was Founding CEO of both First Business Bank and its
parent holding company and started First Business in Madison in
1990. As the first business-focused bank in the Midwest, First
Business has expanded since then to employ more than 250 experts
who provide highly refined financial solutions to drive growth for
businesses and high net worth individuals.
Mr. Smith has served as a director of the Company since 1990,
and Chair of the Board since July 2006. He served as Chief
Executive Officer from 1990 to December 2006, and served as
President of the Company from 1990 to February 2005. He also served
as President and Chief Executive Officer of First Business Bank
from 1990 to July 1999, and as Chair of the First Business Bank
Board of Directors from April 2001 to December 2003.
Jerry Smith stated, “I am very grateful to have had the
opportunity to build and grow First Business into a public company
which supports a great team of employees and clients.”
“I have had the pleasure of working with Jerry Smith for over 25
years,” stated Corey Chambas, CEO of First Business Financial
Services, Inc. “I will obviously miss working with him, but am
happy that he will be able to pursue a well-earned retirement after
an amazing 50 years in banking. Having said that, I am very excited
to work with Jerry Kilcoyne as Chair after having worked with him
previously as a director of the company and as the bank board
chair.”
Mr. Kilcoyne has served as a director of the holding company
since November 2011. He is a member of the Audit Committee and the
Compensation Committee and previously served as a director and
Chair of the First Business Bank Board, as a director of First
Business Equipment Finance, LLC, and as a director of Alterra Bank
from May 2016 until June 1, 2017 at which time Alterra Bank was
consolidated into First Business Bank. He also served as a director
of First Business Capital Corp., a wholly-owned subsidiary of First
Business Bank, from January 2006 to December 2013. Mr. Kilcoyne has
been involved in mergers and acquisitions as an investor, owner and
operator of businesses for over 30 years and has been Managing
Partner of Pinnacle Enterprises, LLC, a private investment holding
company, since February 1997.
Mr. Kilcoyne stated, “I am proud to accept this expanded role
with First Business. I’ve had the honor of working closely with
founder Jerry Smith and CEO Corey Chambas for the past 12 years. I
strongly believe in the potential of the First Business model and
look forward to helping the company take advantage of future growth
opportunities.”
About First Business Financial Services,
Inc.First Business Financial Services, Inc. is a
Wisconsin-based bank holding company, focused on the unique needs
of businesses, business executives and high net worth individuals.
First Business offers 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.
Contact: Barbara ConleyGeneral CounselFirst Business Financial
Services, Inc.608-232-5902bconley@firstbusiness.com
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