FIRST BUSINESS FINANCIAL SERVICES Business Summary

First Business Financial Services, Inc. (FBIZ) is a specialized bank holding company that generates revenue primarily through net interest income from commercial lending and a robust fee-based model centered on private wealth management and specialty finance. The company operates through three primary segments: Commercial Banking—encompassing commercial real estate (CRE), C&I lending, and niche lines like asset-based lending and equipment finance; Private Wealth, which provides trust, estate, and investment services; and Bank Consulting. FBIZ maintains a unique market position as a relationship-focused business bank for small-to-mid-sized enterprises (SMEs) and high-net-worth individuals, intentionally avoiding the traditional retail branch model to maximize operational efficiency and net interest margins. It competes directly with regional financial institutions such as CNB Financial (CCNE), First Mid Bancshares (FMBH), First Merchants (FRME), and Mercantile Bank (MBWM), distinguishing itself through superior credit quality and a high-density, expert-led service delivery model. Founded in 1990 by Jerry Smith, the company is currently led by CEO Corey A. Chambas, who has been instrumental in its growth since 1993 and is scheduled to transition to a board role upon his retirement on May 2, 2026. He will be succeeded by David R. Seiler, the current President and COO, who brought extensive commercial banking experience from BMO Harris Bank when he joined the firm in 2016. The leadership team is further supported by CFO Brian D. Spielmann and James Hartlieb, President and CEO of First Business Bank, both of whom emphasize a disciplined, culture-first approach to strategic growth. The firm maintains a strong institutional investor base, with approximately 70% of shares held by entities such as Versant Capital Management and Hollencrest Capital Management. The Board of Directors is chaired by Jerry Kilcoyne, Managing Partner of Pinnacle Enterprises, and includes notable members such as Laurie Benson and Daniel Olszewski, who provide deep expertise in corporate governance and strategic advisory.