First Business Bank Announces 10% Increase in Quarterly Common Stock Dividend
January 29 2024 - 4:15PM
Business Wire
First Business Financial Services, Inc. (the “Company” or “First
Business Bank”) (Nasdaq: FBIZ) announced its board of directors has
declared a quarterly cash dividend on its common stock of $0.25 per
share which is equivalent to a dividend yield of 2.53% based on
Friday's market close price of $39.56. The quarterly dividend
represents a 10% increase over the quarterly dividend declared in
October 2023, and, based on fourth quarter 2023 earnings per share,
represents a dividend payout ratio of 22%. This regular cash
dividend is payable on February 21, 2024, to shareholders of record
at the close of business on February 8, 2024.
“First Business Bank is committed to delivering value to our
shareholders through consistent and profitable growth," said Chief
Executive Officer Corey Chambas. “The 10% increase in our common
dividend reflects our confidence in our business strategy and our
strong financial performance. We are proud to share our success
with our shareholders while we continue to invest in our future
growth opportunities."
The board of directors also declared a dividend on the Company’s
7% Series A Preferred Stock of $17.50 per share, payable on March
15, 2024, to shareholders of record on February 29, 2024.
About First Business Bank
First Business Bank specializes in Business Banking, including
Commercial Banking and Specialty Finance, Private Wealth, and Bank
Consulting Services, and through its refined focus delivers
unmatched expertise, accessibility, and responsiveness. Specialty
Finance solutions are delivered through First Business Bank’s
wholly owned subsidiary First Business Specialty Finance, LLC.
First Business Bank is a wholly owned subsidiary of First Business
Financial Services, Inc. (Nasdaq: FBIZ). For additional
information, visit firstbusiness.bank.
This press release includes “forward-looking” statements related
to First Business Financial Services, Inc. that can generally be
identified as describing the Company’s future plans, objectives or
goals. Such forward-looking statements are subject to risks and
uncertainties that could cause actual results or outcomes to differ
materially from those currently anticipated. These forward-looking
statements are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. For further
information about the factors that could affect the Company’s
future results, please see the Company’s 2022 annual report on Form
10-K, quarterly reports on Form 10-Q and other filings with the
Securities and Exchange Commission.
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version on businesswire.com: https://www.businesswire.com/news/home/20240129249918/en/
Brian D. Spielmann Chief Financial Officer First Business
Financial Services, Inc. 608-232-5970
bspielmann@firstbusiness.bank
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