-
First Business Financial Services (FBIZ) of Madison, Wis., said Friday that it is acquiring the parent company of Alterra Bank in Leawood, Kan., for roughly $30.1 million in cash and stock.
May 23 -
First Business Financial Services (FBIZ) in Madison, Wis., is looking for a new chief financial officer.
February 20 -
The $1.2 billion-asset First Business 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.
December 10
First Business Financial Services in Madison, Wis., is relying on a subordinated debt sale to foot the cash portion of its pending acquisition.
The $1.3 billion-asset First Business has issued $15 million in subordinated notes to three unnamed investors, according to a regulatory filing on Tuesday.
The company said it intends to use up to $13.5 million of the net proceeds as the cash payment for its previously announced $30.1 million
The fixed-to-floating rate notes are due on Sept. 1, 2024. The notes feature an annual fixed rate interest of 6.5% for the first five years after which the interest rate will reset on a quarterly basis, according to the filing.
Starting on Sept. 1, 2019 the company may "redeem the notes, in whole or in part" at the principal amount of the notes, plus accrued interest.
Sandler O'Neill acted as placement agent in the debt raise.
