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MADISON, Wis. - First Business Financial Services, Inc. (NASDAQ:FBIZ), a $413 million market cap financial institution with a strong "GREAT" financial health rating according to InvestingPro, has announced that Corey A. Chambas, its current Chief Executive Officer, plans to retire on May 2, 2026. David R. Seiler, the President and Chief Operating Officer, is set to succeed Chambas as CEO on the same date. Chambas, who has been at the helm since January 2006, will continue to serve on the boards of directors for both the company and First Business Bank following his retirement.
Chairman Jerry Kilcoyne expressed gratitude for Chambas’s leadership, which has significantly contributed to the bank’s growth and culture, as well as its focus on shareholder value. Under Chambas’s tenure, the company has maintained dividend payments for 21 consecutive years and achieved a notable 9.4% revenue growth in the last twelve months. Kilcoyne highlighted Chambas’s role in building a strong leadership team and noted that his influence will persist through the transition period. According to InvestingPro, which offers comprehensive analysis of over 1,400 US stocks, FBIZ maintains strong financial metrics with a P/E ratio of 8.85 and consistent dividend growth.
Chambas joined First Business Financial Services in 1993 and has been pivotal in the company’s growth, leading the company to achieve strong returns over the past five years. He praised Seiler as a trusted partner and a key figure in the bank’s development, citing Seiler’s three decades of industry experience and leadership in revenue-generating and operational roles at the bank.
Seiler, who became President and COO in January 2023, has been with First Business Financial Services since April 2016, bringing experience from previous leadership roles at commercial banking firms, including BMO Harris Bank. He holds a bachelor’s degree and a master’s degree from the University of Wisconsin - Madison.
Seiler expressed his commitment to continuing the strategic vision laid out by Chambas and maintaining the company culture, which he regards as essential to the bank’s success.
This leadership announcement is based on a press release statement from First Business Financial Services, Inc.
In other recent news, First Business Financial Services reported robust financial results for the first quarter of 2025. The company exceeded expectations with earnings per share of $1.32, surpassing the forecasted $1.25, and reported revenue of $40.8 million, which was higher than the anticipated $39.53 million. Despite these positive outcomes, Raymond James analyst Daniel Tamayo adjusted the company’s stock price target from $62.00 to $59.00, maintaining an Outperform rating. Tamayo highlighted stable net interest margins and strong core deposit growth but noted challenges such as higher credit costs in the equipment finance portfolio and underperforming fee revenues. The company’s pre-tax pre-provision adjusted earnings increased by 23% year-over-year, with significant contributions from asset-based lending and SBA lending. First Business Financial Services continues to target a 10% annual revenue growth and aims to maintain a net interest margin between 3.60% and 3.65%. Despite broader market concerns, the company’s growth and profitability forecasts remain above those of its peers, as noted by Tamayo.
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