First Business Financial Services Elects Not to Participate in US Treasury Capital Purchase Program
MADISON, Wis., March 25, 2009 (GLOBE NEWSWIRE) -- First Business Financial Services, Inc. (Nasdaq:FBIZ) announced today that its Board of Directors has elected not to participate in the U.S. Treasury Troubled Asset Relief Program Capital Purchase Program ("CPP") after fully evaluating the related costs and benefits, as well as the potential impact on the long-term value of its shares. The company received preliminary approval from the U.S. Treasury on March 12, 2009 to issue up to $27 million of preferred stock under the CPP.
"We are very pleased to have been approved for participation in the Treasury’s CPP but even more pleased that we are able to decline participation due to the strength of our company," stated company CEO, Corey Chambas.
As announced last week, First Business surpassed $1 billion in assets and strengthened its capital position through another year of profitability. CEO Chambas stated, "Based on the company’s strong capital position and sound asset quality, the Board of Directors determined that we can better serve the long-term interests of our shareholders, clients and community by not participating in this program."