Wisconsin’s First Business Financial Services will buy Alterra Bank
05/23/2014 3:50 PM
06/03/2014 10:17 AM
A Wisconsin banking company has agreed to buy Alterra Bank of Overland Park in a $30.1 million deal.
The sellers, including banker and businessman Mick Aslin, will receive cash and shares in First Business Financial Services Inc. The stock trades publicly and has climbed 14 percent this year.
Alterra Bank is owned by the Aslin Group, which is being acquired by First Business. Combined, the two banking companies have $1.5 billion in assets. Alterra’s assets total $223 million.
An announcement said Alterra president and chief executive officer Pam Berneking will remain head of the Kansas bank, which will continue to operate as Alterra Bank.
First Business already operates a national equipment financing business in the Kansas City area.
“Alterra’s deep local experience, entrepreneurial approach and impressive track record of growth, including being the No. 1 Small Business Administration lender in Kansas City for the past two years, reflect a franchise that complements and provides synergy to First Business in almost every way,” First Business chief executive Corey Chambas said in the announcement.
Alterra focuses on small and midsize business customers by providing commercial loans and lines of credit, commercial real estate loans and treasury management services. It also offer private banking and private wealth management to individuals.
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