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Overview
First Business Financial Services is a publicly traded financial corporation that provides a range of banking and financial services. The company is headquartered in Madison, Wisconsin and was founded in 1990. The companyβs main subsidiary is First Business Bank, which offers commercial banking services to businesses and their owners, executives, and employees. These services include lending, deposit accounts, remote deposit, treasury management, asset-based lending, and equipment finance. First Business also offers private wealth management and trust services through its subsidiary, First Business Trust & Investments. Outside of banking services, First Business also owns subsidiaries that provide employee benefits consulting, property and casualty insurance, and data center services. First Business Financial Services is listed on the Nasdaq stock exchange under the ticker symbol FBIZ. As of 2021, the company has over $3 billion in assets and serves clients in the Midwest and nationally. History First Business Financial Services was founded in 1990 by Jerry Smith, who believed there was a need for a Midwest-based business bank that focused on serving the unique needs of business owners and executives. The company raised $11 million in initial capital and opened its first office in Madison, Wisconsin. In 1997, First Business Financial Services became a publicly traded company and expanded its banking services to include commercial lending. In 1999, the company opened a trust and investments division, which later became First Business Trust & Investments. Over the next two decades, First Business continued to expand its banking and financial services, opening regional offices in Milwaukee, Appleton, and Green Bay, Wisconsin, and Kansas City and Overland Park, Kansas. The company also acquired several subsidiaries, including First Business Capital Corp. (now First Business Equipment Finance), First Business Growth Funding (now First Business Bank SBA Lending), and Alterra Bank (now First Business Bank). In 2018, Jerry Smith retired as CEO and was succeeded by Corey Chambas, who has been with First Business since 1994. In response to the COVID-19 pandemic in 2020, First Business provided financial assistance to small businesses through the Paycheck Protection Program (PPP) and pledged $100,000 to local nonprofits in the communities it serves. In November 2020, First Business announced plans to acquire Aslin Group, Inc., a commercial insurance brokerage and employee benefits consulting firm. The acquisition was completed in December 2020 and expanded First Businessβ employee benefits consulting capabilities. In 2021, First Business announced plans to open an office in the Twin Cities region of Minnesota, further expanding its presence in the Midwest. Leadership First Business Financial Services is led by a team of executives with decades of experience in banking and finance: * Corey Chambas, President and CEO * Edward Sloane, Chief Risk Officer * David Seiler, Chief Operating Officer and Chief Financial Officer * Michael Losenegger, Regional President and Executive Vice President of First Business Bank * Lee Drumm, President and CEO of First Business Capital Corp. * James Ropella, Executive Vice President and Chief Credit Officer Community involvement First Business Financial Services places a high value on community involvement and philanthropy. The company supports a range of charitable causes through financial contributions and volunteerism, focusing on education, healthcare, and community development. Some of the organizations that First Business supports include United Way, Junior Achievement, and the American Heart Association. In addition, the First Business First Business Volunteer Network (FBVN) provides employees with opportunities to volunteer their time and skills to local nonprofits. Through this program, employees have volunteered at food banks, participated in charity walks and runs, and served on nonprofit boards. References - First Business Financial Services, Inc. (FBIZ) Company Profile & Facts - Yahoo Finance (https://finance.yahoo.com/quote/FBIZ/profile/). - First Business Financial Services, Inc. Announces 2019 Results (https://finance.yahoo.com/news/first-business-financial-services-inc-120010574.html). - First Business Financial Services LinkedIn (https://www.linkedin.com/company/first-business-financial-services-inc). - Our Subsidiaries First Business (https://firstbusiness.com/about/our-subsidiaries/). - FBIZ Profile First Business Financial Services, Inc. Stock - Yahoo Finance (https://finance.yahoo.com/quote/FBIZ/profile?p=FBIZ). - Our History First Business (https://firstbusiness.com/about/our-history/). - Jerry Smith Retires as CEO of First Business Financial Services, Inc. (https://www.globenewswire.com/news-release/2018/12/31/1682110/0/en/Jerry-Smith-Retires-as-CEO-of-First-Business-Financial-Services-Inc.html). 2018-12-31. - First Business Pledges to Donate $100,000 to Local Nonprofits to Help Communities Struggling from COVID-19 Business Wire (https://www.businesswire.com/news/home/20200604005084/en/). 2020-06-04. - First Business Financial Services Completes the Acquisition of Aslin Group, Inc Business Wire (https://www.businesswire.com/news/home/20201201006132/en/). 2020-12-01. - First Business Financial Services to Expand to Twin Cities Market Business Wire (https://www.businesswire.com/news/home/20210908005752/en/). 2021-09-08. - First Business Financial Services, Inc. Elects David Seiler COO, Chief Financial Officer and Treasurer Business Wire (https://www.businesswire.com/news/home/20180815005183/en/). 2018-08-15. - First Business Financial Services adds Michael Losenegger to management team (https://madison.com/business/first-business-financial-services-adds-michael-losenegger-to-management-team/article_8ff723fe-f749-5dd5-a4c2-1a2aa1dbba50.html). 2012-10-31. - First Business Promotes Lee Drumm to President of First Business Capital Corp. Business Wire (https://www.businesswire.com/news/home/20190827005062/en/). 2019-08-27. - First Business Announces Jim Ropella appointment to Executive Vice President and Chief Credit Officer Business Wire (https://www.businesswire.com/news/home/20190716005938/en/). 2019-07-16. - First Business Volunteer Network volunteer network First Business (https://firstbusiness.com/about/community/involvement/volunteer-network/). External links * First Business Financial Services official website (https://firstbusiness.com/) Category:Financial services companies of the United States Category:Companies based in Madison, Wisconsin Category:Companies listed on the Nasdaq Category:Banks established in 1990 Category:1990 establishments in Wisconsin
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