First Business Bank plans to grow in Milwaukee area

First Business Financial Services Inc. plans to file with the U.S. Securities and Exchange Commission to become a publicly held company, and the firm intends to grow its presence in the Milwaukee market, according to Jerome "Jerry" Smith, president and chief executive officer.
Preliminary plans call for the company to launch an initial public offering on the Nasdaq Exchange in April, Smith told Small Business Times.
"None of the plans are firm right now, but we have been talking to several investment firms. It would appear at this time the most logical exchange would be the Nasdaq. There are a number of bank stocks on the Nasdaq," Smith said.
The Madison-based firm operates First Business Bank, First Business Bank-Milwaukee, First Business Capital Corp., First Business Trust & Investment Services and m2 Lease Funds LLC.
First Business Bank-Milwaukee has one location at 18500 W. Corporate Drive in Brookfield.
"Our focus in the near term is to increase our presence significantly in Milwaukee. We do believe that over time, we will need to serve Milwaukee with more than one location," Smith said.
When asked about what is attracting the bank to focus on the southeastern Wisconsin market, Smith said, "The number of businesses that operate in that market that are consistent with the businesses we’re accustomed to serving. The smaller to medium-sized, closely held businesses in that demographic bodes well for a business bank like ours. Because of our not having the retail focus, we can provide a closer working relationship with our clients."
The bank provides deposit and loan products for businesses, their owners, their managers and professionals. The services include cash management, Internet banking, retirement plans, investment management services, trustee services, asset-based lending and leasing.
The president and CEO of First Business Bank-Milwaukee is Mark Meloy.
First Business Financial Services Inc. currently is a closely traded firm with about 600 private shareholders. The company reported net income of $1.9 million for the first half of 2004, up $67,000 from the same period last year. The company has total assets of $541.3 million.
August 20, 2004, Small Business Times, Milwaukee, WI