Item 8.01. Other Events. On January 28, 2021, the Board of Directors of First Business Financial Services, Inc. (the "Company") has approved a share repurchase program and has authorized management to enter into a Rule 10b5-1 trading plan in connection with the repurchase program at the appropriate time. The program authorizes the repurchase by the Company of up to $5 million of its total outstanding shares of common stock over a period of approximately twelve months, ending January 31, 2022.

The Company suspended its prior share repurchase program in March 2020 due to the uncertainty surrounding the COVID-19 pandemic. Under the previous plan, which was initiated in September 2019 and expired September 30, 2020, the Company had repurchased $3.5 million of the $5 million authorized in the Company's common stock.

Under the share repurchase program, shares may be repurchased from time to time in the open market or through negotiated transactions at prevailing market rates, or by other means in accordance with federal securities laws. At the appropriate time, it is anticipated that the Company will enter into a Rule 10b5-1 trading plan in connection with the share repurchase program. The trading plan allows the Company to repurchase shares of its common stock at times when it otherwise might be prevented from doing so under insider trading laws by requiring that an agent selected by the Company repurchase shares of common stock on the Company's behalf.

A copy of the January 28, 2021 press release announcing the share repurchase program is attached hereto as Exhibit 99.1 and is incorporated herein by reference.




Item 9.01.  Financial Statements and Exhibits.
(a)   Not applicable
(b)   Not applicable
(c)   Not applicable
(d)    Exhibit. The following exhibit is being furnished herewith:
           99.1             Press Release by First Business Financial Services, Inc. dated
                          January 28, 2021

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                                   Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

January 28, 2021           FIRST BUSINESS FINANCIAL SERVICES, INC.

                               By:                                 /s/ Edward G. Sloane, Jr.
                               Name:                               Edward G. Sloane, Jr.
                               Title:                              Chief Financial Officer

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