First Business Financial Services Inc., the parent company for First Business Bank in Madison and First Business Bank-Milwaukee, announced the closing of its previously announced public offering of 1.1 million shares of common stock at $23.00 per share.
The offering generated aggregate gross proceeds of $25.3 million for the firm.
Stifel, Nicolaus & Company Incorporated served as sole book-running manager and Raymond James & Associates, Inc. and FIG Partners, LLC served as co-managers for the offering.
“We are extremely excited to have completed this very successful common equity raise,” said Corey Chambas, president and chief executive officer of First Business. “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.”