First Business acquires KC bank

Madison-based First Business Financial Services, Inc., parent of First Business Bank, will acquire Kansas City-based Aslin Group, Inc., including its subsidiary Alterra Bank, in a cash-and-stock transaction valued at about $30.1 million. Together, the entities have about $1.5 billion in assets. First Business already had a presence in the Kansas City market, where it operates a national equipment finance business.

Pending regulatory approvals, the deal is expected to close by late 2014. At that time, Alterra will maintain its brand, offices, and Kansas state banking charter. Its president and CEO, Pam Berneking, will join First Business as president and CEO of Alterra Bank.