First Business Financial Services issues $20M of 7.5% Subordinated Debentures due 2034

FIRST BUSINESS FINANCIAL SERVICES, INC.

Sold $20M in aggregate principal of 7.5% fixed-rate subordinated debentures to accredited investors on Sept 13, 2024.
Debentures mature Sept 13, 2034; may be redeemed in whole or part after Sept 13, 2029 at 100% plus accrued interest.
Net proceeds to repay $15M of 2019 Fixed-to-Floating Rate Subordinated Notes redeemed Aug 15, 2024; remainder for loan growth.
Debentures qualify as Tier 2 capital and were sold under Rule 506(b) of Regulation D; no right of holder acceleration except for bankruptcy or receivership.
Issuer: FBIZ (Nasdaq); use of proceeds supports capital position and growth strategy.

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