First Business Financial Services, Inc. today announced plans to consolidate the charters of its three subsidiary banks, First Business Bank, headquartered in Madison, First Business Bank-Milwaukee, headquartered in Brookfield, and Alterra Bank, headquartered in Leawood, Kansas.
The company said its existing products and services will be unchanged and offered under the names of First Business Bank in Wisconsin, Alterra in the Kansas City market, and First Business for trust and investment management and specialty finance.
In addition, the company’s existing management structure is also unchanged, with the current roles and decision making authority retained by First Business’s local banking leaders in Madison, Milwaukee and Kansas City. No personnel changes are anticipated in connection with this charter consolidation plan.
The boards of directors of First Business and its bank subsidiaries have unanimously approved the Company’s charter consolidation plans, which have been shared with federal and state banking regulators and are expected to take effect during the second quarter of 2017, subject to regulatory approval.
“The First Business operating model was built upon efficiency, and simplifying our legal and governance structure is the next natural step in our evolution as a growing commercial bank,” said Corey Chambas, president and chief executive officer. “The way we function internally will be streamlined and efficient, while still allowing us to continue a locally distinguishable presence across our markets. An overriding reason people and businesses choose to bank with First Business is the relationship they have with our local experts. Our ability to capitalize on the efficiencies of a single charter only enhances our ability to deliver on our value proposition.”