First Business Financial Services (FBIZ) in Madison, Wis., has completed a public offering that netted $23.5 million.
The $1.2 billion-asset company said Monday that it sold 1.1 million shares of common stock at a price of $23 a share. First Business said recently that it would use proceeds from the sale to redeem some of its subordinated debt and to fund growth.
"We are extremely excited to have completed this very successful common equity raise," Corey Chambas, First Business' chief executive, said in a press release. "We believe it positions First Business to fully capitalize on the disruption that has taken place in the Wisconsin banking environment, and to fulfill our growth and expansion strategies."
Stifel Nicolaus, Raymond James & Associates and FIG Partners advised First Business in connection with the offering.
