First Business to Acquire Aslin Group, Inc. & its Alterra Bank Subsidiary
First Business to Acquire the Parent Company of Alterra Bank, Expanding its Entrepreneurial Business Banking Model into the Attractive Kansas City Market
First Business to Acquire the Parent Company of Alterra Bank
MADISON, Wisconsin and LEAWOOD, Kansas, May 23, 2014 (GLOBE NEWSWIRE) - First Business Financial Services, Inc. (NASDAQ:FBIZ) and Aslin Group, Inc. announced the signing of a definitive agreement for First Business to acquire Aslin Group, including Alterra Bank, Aslin Group's wholly owned subsidiary. The cash-and-stock transaction is valued at an estimated $30.1 million.
Together, First Business and Alterra have approximately $1.5 billion in assets. Alterra's competitive position, talented team, focus on commercial clients and complementary limited branch business model will expand the Wisconsin-based First Business' growth into the attractive Kansas City metropolitan market, where First Business already operates its national equipment finance business.
Executives from First Business will host a conference call with investors and the financial community at 11 a.m. Eastern Time today to discuss this transaction. Those wishing to participate in the call may dial toll-free 1-888-455-2263 (1-719-785-1753 if outside United States and Canada) using the conference ID code 9531529. Investors may also listen live via the Internet at: http://www.videonewswire.com/event.asp?id=99514. An archived webcast of the conference call will be available on this site for one full year.