First Business Closes Acquisition Of Aslin Group Inc. Parent Company To Alterra Bank And Entering Attractive Kansas City Market
MADISON, WI, – Nov. 3, 2014 (GLOBE NEWSWIRE) – Effective November 1, 2014, First Business Financial Services, Inc. (the “Company” or “First Business”) (NASDAQ: FBIZ) closed its previously announced acquisition of Leawood, Kansas-based Aslin Group, Inc. (“Aslin Group”), including Alterra Bank (“Alterra”), Aslin Group’s wholly-owned subsidiary.
With combined assets exceeding $1.6 billion, loans of $1.2 billion and deposits totaling $1.5 billion, First Business now offers sophisticated services to businesses and high net worth individuals across an expanded Midwest market.
The cash-and-stock transaction is valued at approximately $30.1 million, with 55% of the consideration paid through the issuance of 360,081 shares of First Business common stock, based on First Business’ 10-day volume-weighted average stock price of $45.9825 as of the market close on October 29, 2014, the third trading day prior to the effective date of the transaction. Cash consideration of approximately $13.5 million for the transaction was funded by $15.0 million in subordinated debt, issued as previously announced on August 26, 2014.
“Today we are excited to welcome the Alterra team to First Business, growing our profitable franchise, expanding offerings for our clients and adding value for our shareholders,” said Corey Chambas, President and Chief Executive Officer of First Business. “Alterra’s impressive track record of growth reflects the strength of its highly capable and sophisticated team. In Alterra we’ve found a perfect match to our unique and entrepreneurial banking model, in a major metropolitan Midwest market that mirrors our existing Wisconsin market in many ways.”
“The entire Alterra team is thrilled to join First Business and eager to combine our resources to achieve even greater outcomes for our clients in Kansas City,” said Pam Berneking, President and CEO of First Business’ new Alterra subsidiary. “We continue to deliver superior solutions for our business clients, and we look forward to sharing synergies and expertise with our new First Business colleagues.”
View full press release at: https://www.snl.com/irweblinkx/news.aspx?iid=1021886
About First Business
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 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.