First Business Financial Services, Inc. announced that it has received $15 million in funding
September 28, 2023
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First Business Financial Services, Inc. announced a private placement and issued 8% subordinated debentures for gross proceeds of $15 million on September 29, 2023. The transaction included participation from certain accredited investors. The debentures are issued in a private placement exempt from registration under Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D. The debentures matures on September 29, 2033, and will bear interest at a fixed rate of 8% per annum for their entire term. The company is entitled to redeem the Notes, in whole or in part, at any time after September 29, 2028, and to redeem the debenture at any time in whole upon certain other events, at a redemption price equal to 100% of the outstanding principal amount of the debenture to be redeemed plus any accrued and unpaid interest up to, but excluding, the redemption date.
The company has received $15,000,000 from 25 investors pursuant to Regulation D.
First Business Financial Services, Inc. is a bank holding company. The Company is engaged in the commercial banking business through its bank subsidiary, First Business Bank (the Bank). The Bank operates as a business bank, delivering a full line of commercial banking products and services tailored to meet the specific needs of small and medium-sized businesses, business owners, executives, professionals, and high net worth individuals. Its products and services are focused on business banking, private wealth, and bank consulting. It offers commercial real estate lending, commercial and industrial lending, asset-based lending, accounts receivable financing, equipment financing, floorplan financing, vendor financing, small business administration (SBA) lending and servicing, treasury management solutions, and company retirement services. Its private wealth management services include trust and estate administration, financial planning, investment management, and private banking.