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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

     Date of Report (Date of earliest event reported): May 02, 2025

    

First Business Financial Services, Inc.

(Exact name of Registrant as Specified in Its Charter)


Wisconsin	001-34095	39-1576570
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

401 Charmany Drive
Madison, Wisconsin		53719
(Address of Principal Executive Offices)		(Zip Code)

     Registrant’s Telephone Number, Including Area Code: 608 238-8008

    

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	FBIZ	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02. Departure of Directors or Certain Officers, Election of Directors, Appointment of Certain Officers, Compensatory Arrangements of Certain Officers.

On May 2, 2025, Corey Chambas, Chief Executive Officer of First Business Financial Services, Inc. (the “Company”), notified the Company of his intention to retire from his role effective May 2, 2026. Mr. Chambas has been Chief Executive Officer of the Company since January 2006 and served as its President from February 2005 to January 2023. Mr. Chambas held a number of progressive leadership roles after joining First Business Bank in 1993.

Item 8.01. Other Events.

On May 5, 2025, the Company issued a press release announcing the events described under Item 5.02 of this Current Report on Form 8-K. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(a) Not applicable

(b) Not applicable

(d) Exhibits. The following exhibit is being furnished herewith:


99.1		Press Release of the Company Dated May 5, 2025.
104		Cover Page Interactive Data File (embedded within the Inline XBRL Document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



May 5, 2025	FIRST BUSINESS FINANCIAL SERVICES, INC.

	By:	/s/ Brian D. Spielmann
	Name:	Brian D. Spielmann
	Title:	Chief Financial Officer

EX-99.1 2 fbiz-ex99_1.htm EX-99.1 EX-99.1

First Business Bank Announces 2026 CEO Succession Plan

May 5, 2025

Chief Executive Officer Corey Chambas to Retire in May 2026, President and Chief Operating Officer Dave Seiler named successor

MADISON, Wis. – (Business Wire) – First Business Financial Services, Inc. (the “Company”, the “Bank”, or “First Business Bank”) (Nasdaq:FBIZ) announced that Corey A. Chambas intends to retire from his role as Chief Executive Officer on May 2, 2026. The Company will name President and Chief Operating Officer David R. Seiler to succeed him as CEO effective the same date. Mr. Chambas will remain on the boards of directors of the Company and First Business Bank.

“On behalf of our Board and entire organization, I extend our deep appreciation to Corey for his visionary leadership, which has been instrumental in driving our growth, shaping our culture, preserving our mission, and building shareholder value over the past three decades,” said Jerry Kilcoyne, Chairman of the Board of Directors of the Company. “Corey’s commitment to First Business Bank’s founding mission – to be the experts our business clients deserve – helped establish a culture that differentiates the Bank for our employees, clients, communities, and shareholders alike. Nowhere is Corey’s impact on our organization more evident than in the outstanding leadership team of industry veterans and visionary contributors he has built. I am very pleased that we can continue to rely on his expertise over the next year as he and Dave work closely to support the ongoing execution of the Bank’s strategic plan.”

Mr. Chambas joined the Company in 1993 and has been Chief Executive Officer of First Business Financial Services, Inc. since January 2006 and served as its President from February 2005 to January 2023.

Chambas stated, “I am honored to have contributed to First Business Bank’s exceptional growth and success, and I am humbled to lead the Company alongside my colleague and friend, Dave Seiler. Dave embodies First Business Bank’s commitment to best-in-class client service, and he has been a trusted partner to me and the entire management team for nearly a decade. Dave’s thirty plus years in the banking industry prior to joining First Business Bank equipped him with expertise that has been vital to our growth in size and sophistication. He has led all the Bank’s revenue-generating business lines and most internal operations, and just as importantly lives out our culture, making him ideally suited to serve as our next CEO. I am confident his strategic vision for future success will create continued growth and value for all our stakeholders.”

Mr. Seiler has been President and Chief Operating Officer of First Business Financial Services, Inc. since January 2023 following seven years of service as Chief Operating Officer. Prior to joining the Bank in April 2016, Seiler served in various leadership roles with leading commercial banking firms in the Midwest. Most recently, he served as Managing Director of the Correspondent Banking Division of BMO Harris Bank. Seiler earned a bachelor’s degree in marketing and business administration and a master’s degree in real estate appraisal and investment analysis from the University of Wisconsin - Madison.

“I will be honored to step into Corey’s role as CEO and look forward to working together over the next year to ensure a smooth transition,” Seiler commented. “I am excited to carry on Corey’s forward-thinking vision, ensuring we position First Business Bank to thrive in the future. Most importantly, I will strive to protect and strengthen our culture, which is foundational to our success.”