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Deal Overview

Buyer:
First Business Financial Services, Inc.
Actual Acquirer:
First Business Financial Services, Inc.
Target:
Aslin Group, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
5/22/2014
Announcement Date:
5/23/2014
Announced Deal Value ($ M):
29.00
Status:
Completed
Completion Date:
11/1/2014
Announced Deal Value Per Share ($ )
14,435.59

Consideration Breakout
Cash ($M) 12.8
Common Stock ($M) 15.7
Common Stock Issued 360,081

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 140.5 134.0
Price / Tangible Book (%) 164.8 155.7
Price / Earnings (x) 18.4 17.7
Price / Deposits (%) 15.09 14.10
Price / Assets (%) 13.02 12.17
Tangible Book Premium/ Deposits (%) 12.86 10.49
Deal Terms
Description of Consideration

First Business Financial Services Inc. paid $6,496.02 in cash and $7,939.57 in stock to acquire each outstanding share of Aslin Group Inc. Targets financials are for Alterra Bank. Exchange ratio was subject to adjustment based on First Business Financial Services Inc.’s closing price within a $34.0-51.0 cap/floor.

Accounting Method Acquisition
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 10,700
Estimated Cost Savings (%) 8.50
Estimated Cost Savings ($ 000) 663
Est. Restructuring Charges ($ 000) 3,000
Maximum Termination Fee ($ 000) 1,200
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) NA
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) NA
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Keefe Bruyette & Woods Inc.
Seller Yes Macquarie Capital (USA) Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Godfrey & Kahn SC
Seller Yes Stinson LLP