First Business Announces Share Repurchase Program
18 December 2018 - 8:02AM
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20181217005794/en/
Edward G. Sloane, Jr.Chief Financial OfficerFirst Business
Financial Services, Inc.608-232-5970esloane@firstbusiness.com
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