<SEC-DOCUMENT>0000892712-21-000222.txt : 20210514
<SEC-HEADER>0000892712-21-000222.hdr.sgml : 20210514
<ACCEPTANCE-DATETIME>20210514160214
ACCESSION NUMBER:		0000892712-21-000222
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20210514
DATE AS OF CHANGE:		20210514
EFFECTIVENESS DATE:		20210514

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST BUSINESS FINANCIAL SERVICES, INC.
		CENTRAL INDEX KEY:			0001521951
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				391576570
		STATE OF INCORPORATION:			WI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-256132
		FILM NUMBER:		21924422

	BUSINESS ADDRESS:	
		STREET 1:		401 CHARMANY DRIVE
		CITY:			MADISON
		STATE:			WI
		ZIP:			53719
		BUSINESS PHONE:		608-238-8008

	MAIL ADDRESS:	
		STREET 1:		401 CHARMANY DRIVE
		STREET 2:		PO BOX 44961
		CITY:			MADISON
		STATE:			WI
		ZIP:			53744

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	First Business Financial Services, Inc.
		DATE OF NAME CHANGE:	20110527
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>fbizs8.htm
<DESCRIPTION>FORM S-8
<TEXT>
<HTML>
<!-- Produced by EDGARsuite software, Advanced Computer Innovations, Inc., Copyright (C) 2008-2021 [PPXS9DHT815PVFDLV1AJ]. www.edgarsuite.com -->
<HEAD>
<TITLE>FORM S-8</TITLE>
</HEAD>
<BODY>
<DIV style=margin-left:72pt;width:468pt><HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:8pt Times New Roman;margin:0'><FONT style=font-family:inherit><B>As filed with the Securities and Exchange Commission on </B><B>May</B><B> 14</B><B>, 2021</B></FONT></P>
<P align=right style='font:8pt Times New Roman;margin:0'><FONT style=font-family:inherit><B>Registration No. 333-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-family:inherit><B>UNITED STATES</B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-family:inherit><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-family:inherit><B>Washington, DC 20549</B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:14pt Times New Roman;margin:0'><FONT style=font-family:inherit><B>FORM S-8</B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-family:inherit><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-family:inherit>__________________</FONT></P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-family:inherit><B>FIRST BUSINESS FINANCIAL SERVICES, INC.</B></FONT></P>
<P align=center style='font:8pt Times New Roman;margin:0'><FONT style=font-family:inherit>(Exact name of registrant as specified in its charter)</FONT></P>
<TABLE align=center style=border-collapse:collapse;width:93.34%><TR><TD colspan=2 valign=middle><P align=center style='font:8pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR><TD valign=middle style=width:50%><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:50%><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom style=padding:1.5pt><P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-family:inherit><B>Wisconsin</B></FONT></P>
<P align=center style='font:8pt Times New Roman;margin:0'><FONT style=font-family:inherit>(State or other jurisdiction of</FONT></P>
<P align=center style='font:8pt Times New Roman;margin:0'><FONT style=font-family:inherit>incorporation or organization)</FONT></P>
</TD><TD valign=bottom style=padding:1.5pt><P align=center style='font:9pt Times New Roman;margin:0'><FONT style=font-family:inherit><B>39-1576570</B></FONT></P>
<P align=center style='font:8pt Times New Roman;margin:0'><FONT style=font-family:inherit>(I.R.S. Employer</FONT></P>
<P align=center style='font:8pt Times New Roman;margin:0'><FONT style=font-family:inherit>Identification No.)</FONT></P>
</TD></TR>
</TABLE>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-family:inherit>__________________</FONT></P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-family:inherit><B>401 </B><B>Charmany</B><B> Drive, Madison, WI 53719</B></FONT></P>
<P align=center style='font:8pt Times New Roman;margin:0'><FONT style=font-family:inherit>(Address of Principal Executive Offices) (Zip Code)</FONT></P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-family:inherit>__________________</FONT></P>
<P align=center style='font:10pt inherit;margin:0'><B>First Business Financial Services, Inc. 2019 Equity Incentive Plan</B></P>
<P align=center style='font:8pt Times New Roman;margin:0'><FONT style=font-family:inherit>(Full title of the plan)</FONT></P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-family:inherit>__________________</FONT></P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-family:inherit><B>Corey A. Chambas</B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-family:inherit><B>Chief Executive Officer</B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-family:inherit><B>First Business Financial Services, Inc.</B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-family:inherit><B>401 </B><B>Charmany</B><B> Drive</B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-family:inherit><B>Madison, Wisconsin 53719</B></FONT></P>
<P align=center style='font:8pt Times New Roman;margin:0'><FONT style=font-family:inherit>(Name and address of agent for service)</FONT></P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-family:inherit><B>(608) 238-8008</B></FONT></P>
<P align=center style='font:8pt inherit;margin-top:0pt;margin-bottom:6pt'>(Telephone number, including area code, of agent for service)</P>
<P align=center style='font:8pt Times New Roman;margin:0;color:#000000'>With copies to:</P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>C.J. Wauters</B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Godfrey &amp; Kahn, S.C.</B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>833 East Michigan Street, Suite 1800</B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Milwaukee, Wisconsin 53202</B></P>
<P align=center style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:6pt;color:#000000'><B>(414) 273-3500</B></P>
<P align=justify style='font:9pt Times New Roman;margin:0;text-indent:36pt'><FONT style=font-family:inherit>Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company,&#8221; and &#8220;emerging growth company&#8221; in Rule&#160;12b-2 of the Exchange Act.</FONT></P>
<TABLE align=center style=border-collapse:collapse;width:70.3%><TR><TD colspan=2 valign=middle><P align=justify style='font:9pt Times New Roman;margin:0;text-indent:36pt'>&nbsp;</P>
</TD></TR>
<TR><TD valign=middle style=width:46%><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:54%><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom style=padding:1.5pt><P style='font:9pt Times New Roman;margin:0'><FONT style=font-family:inherit>Large accelerated filer [&#160;&#160;]</FONT></P>
</TD><TD valign=bottom style=padding:1.5pt><P style='font:9pt Times New Roman;margin:0'><FONT style=font-family:inherit>Accelerated filer [x]</FONT></P>
</TD></TR>
<TR><TD valign=bottom style=padding:1.5pt><P style='font:9pt Times New Roman;margin:0'><FONT style=font-family:inherit>Non-accelerated filer [&#160;&#160;]</FONT></P>
</TD><TD valign=bottom style=padding:1.5pt><P style='font:9pt Times New Roman;margin:0'><FONT style=font-family:inherit>Smaller reporting company [x]</FONT></P>
</TD></TR>
<TR><TD valign=bottom style=padding:1.5pt><P style='font:10pt Times New Roman;margin:0'><FONT style=font-family:inherit>&#160;</FONT></P>
</TD><TD valign=bottom style=padding:1.5pt><P style='font:9pt Times New Roman;margin:0'><FONT style=font-family:inherit>Emerging growth company [&#160;&#160;]</FONT></P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin-top:6pt;margin-bottom:0pt;text-indent:36pt'><FONT style='font:9pt inherit'>If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act </FONT><FONT style='font:9pt Wingdings'><FONT face=Wingdings>&#111;</FONT></FONT></P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-family:inherit><B>CALCULATION OF REGISTRATION FEE</B></FONT></P>
<TABLE align=center style=border-collapse:collapse;width:93.34%><TR><TD colspan=5 valign=middle><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR><TD valign=middle style=width:27%><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:19%><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:18%><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:18%><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:18%><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom style='padding:1.5pt;border-top:3px double #000000;border-bottom:0.75pt solid #000000;border-right:0.75pt solid #000000'><P align=center style='font:8pt Times New Roman;margin:0'><FONT style=font-family:inherit><B>Title of securities</B></FONT></P>
<P align=center style='font:8pt Times New Roman;margin:0'><FONT style=font-family:inherit><B>to be registered</B></FONT></P>
</TD><TD valign=bottom style='padding:1.5pt;border-top:3px double #000000;border-left:0.75pt solid #000000;border-bottom:0.75pt solid #000000;border-right:0.75pt solid #000000'><P align=center style='font:8pt Times New Roman;margin:0'><FONT style=font-family:inherit><B>Amount to be</B></FONT></P>
<P align=center style='font:8pt Times New Roman;margin:0'><FONT style=font-family:inherit><B>registered(1)</B></FONT></P>
</TD><TD valign=bottom style='padding:1.5pt;border-top:3px double #000000;border-left:0.75pt solid #000000;border-bottom:0.75pt solid #000000;border-right:0.75pt solid #000000'><P align=center style='font:8pt Times New Roman;margin:0'><FONT style=font-family:inherit><B>Proposed maximum</B></FONT></P>
<P align=center style='font:8pt Times New Roman;margin:0'><FONT style=font-family:inherit><B>offering price</B></FONT></P>
<P align=center style='font:8pt Times New Roman;margin:0'><FONT style=font-family:inherit><B>per share(2)</B></FONT></P>
</TD><TD valign=bottom style='padding:1.5pt;border-top:3px double #000000;border-left:0.75pt solid #000000;border-bottom:0.75pt solid #000000;border-right:0.75pt solid #000000'><P align=center style='font:8pt Times New Roman;margin:0'><FONT style=font-family:inherit><B>Proposed maximum</B></FONT></P>
<P align=center style='font:8pt Times New Roman;margin:0'><FONT style=font-family:inherit><B>aggregate</B></FONT></P>
<P align=center style='font:8pt Times New Roman;margin:0'><FONT style=font-family:inherit><B>offering price(2)</B></FONT></P>
</TD><TD valign=bottom style='padding:1.5pt;border-top:3px double #000000;border-left:0.75pt solid #000000;border-bottom:0.75pt solid #000000'><P align=center style='font:8pt Times New Roman;margin:0'><FONT style=font-family:inherit><B>Amount of registration fee</B></FONT></P>
</TD></TR>
<TR><TD valign=bottom style='padding:1.5pt;border-top:3px double #000000;border-bottom:0.75pt solid #000000;border-right:0.75pt solid #000000'><P style='font:8pt Times New Roman;margin:0'><FONT style=font-family:inherit>Common Stock, $0.01 par value per share</FONT></P>
</TD><TD valign=bottom style='padding:1.5pt;border-top:3px double #000000;border-left:0.75pt solid #000000;border-bottom:0.75pt solid #000000;border-right:0.75pt solid #000000'><P align=center style='font:8pt Times New Roman;margin:0'><FONT style=font-family:inherit>180,000</FONT></P>
</TD><TD valign=bottom style='padding:1.5pt;border-top:3px double #000000;border-left:0.75pt solid #000000;border-bottom:0.75pt solid #000000;border-right:0.75pt solid #000000'><P align=center style='font:8pt Times New Roman;margin:0'><FONT style=font-family:inherit>$26.215</FONT></P>
</TD><TD valign=bottom style='padding:1.5pt;border-top:3px double #000000;border-left:0.75pt solid #000000;border-bottom:0.75pt solid #000000;border-right:0.75pt solid #000000'><P align=center style='font:8pt Times New Roman;margin:0'><FONT style=font-family:inherit>$4,718,700.00</FONT></P>
</TD><TD valign=bottom style='padding:1.5pt;border-top:3px double #000000;border-left:0.75pt solid #000000;border-bottom:0.75pt solid #000000'><P align=center style='font:8pt Times New Roman;margin:0'><FONT style=font-family:inherit>$514.81</FONT></P>
</TD></TR>
</TABLE>
<TABLE style=border-collapse:collapse><TR><TD valign=middle style=width:27pt><P align=center style='font:8pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR><TD valign=top><P style='font:8pt inherit;margin:0'>&nbsp;</P>
<P style='font:8pt Times New Roman;margin:0'><FONT style=font-family:inherit>(1)</FONT></P>
</TD><TD valign=top><P align=justify style='font:8pt inherit;margin:0'>&nbsp;</P>
<P align=justify style='font:8pt Times New Roman;margin:0'><FONT style=font-family:inherit>Reflects 180,000 shares of common stock, par value $0.01 per share (the &#8220;Common Stock&#8221;), of First Business Financial Services, Inc. (the&#160;&#8220;Registrant&#8221;) issuable pursuant to the First Business Financial Services, Inc. 2019 Equity Incentive Plan (the &#8220;Plan&#8221;). &nbsp;In addition, pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the&#160;&#8220;Securities Act&#8221;), this Registration Statement on Form S-8 also registers any additional securities that may become issuable in connection with terms of the Plan that provide for a change in the amount of securities being offered or issued to prevent dilution resulting from stock splits, stock dividends or similar transactions. </FONT></P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0'></P>
<TABLE style=border-collapse:collapse><TR><TD valign=middle style=width:27pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR><TD valign=top><P style='font:8pt Times New Roman;margin:0'><FONT style=font-family:inherit>(2)</FONT></P>
</TD><TD valign=top><P align=justify style='font:8pt Times New Roman;margin:0'><FONT style=font-family:inherit>Estimated solely for the purpose of calculating the registration fee in accordance with Rules 457(c) and 457(h) under the Securities Act, based upon the average of the high and low prices of the Common Stock as reported on the Nasdaq Global Select Market on May<B> </B>12, 2021.</FONT></P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><A name=s00fae9ed0ed44f54abb7435840e9f40f />&nbsp;</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt;color:#000000'><FONT style=font-family:inherit><B>INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</B></FONT></P>
<P style='font:10pt Times New Roman;margin:0;text-indent:36pt;color:#000000'><FONT style=font-family:inherit>This Registration Statement is being filed by First Business Financial Services, Inc. (the &#8220;Registrant&#8221;) pursuant to General Instruction&#160;E to Form&#160;S-8 under the Securities Act. &#160;The information included and incorporated by reference in the registration statement on Form&#160;S-8 filed by the Registrant (Registration No.&#160;333-231418) pursuant to the Securities Act on May 13, 2019, is incorporated by reference into this Registration Statement.</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'><B>Exhibits</B></FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0;margin-left:36pt'><FONT style='color:#0000FF;border-bottom:1px solid #0000FF'><A href='http://www.sec.gov/Archives/edgar/data/1521951/000152195121000031/def14aproxystmt2020.htm' style=text-decoration:none><KBD style='position:absolute;font:10pt Times New Roman;margin-left:-36pt'>4.1</KBD></A></FONT>First Business Financial Services, Inc. 2019 Equity Incentive Plan, as amended April 30, 2021 (incorporated by reference to Appendix A to the Company&#8217;s Definitive Proxy Statement filed with the Securities and Exchange Commission on Schedule 14A on March 9, 2021 (File No. 001-34095)).&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><a href="exhibit51.htm" style="-sec-extract:exhibit">5.1</a></KBD><KBD style=margin-left:36pt></KBD>Opinion of Godfrey &amp; Kahn, S.C.&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'>23.1</KBD><KBD style=margin-left:36pt></KBD>Consent of Godfrey &amp; Kahn, S.C. (included in Exhibit 5.1)&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><a href="exhibit232.htm" style="-sec-extract:exhibit">23.2</a></KBD><KBD style=margin-left:36pt></KBD>Consent of Crowe LLP&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0;color:#000000'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'>24.1 </KBD><KBD style=margin-left:36pt></KBD>Power of Attorney (included in the signature page to this Registration Statement)&nbsp;</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin:0'><B>SIGNATURES</B></P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;text-indent:36pt'>Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Madison, State of Wisconsin, on May 14, 2021.</P>
<P align=justify style='font:10pt Times New Roman;margin:0;text-indent:36pt'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;text-indent:216pt'>FIRST BUSINESS FINANCIAL SERVICES, INC.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0;margin-left:216pt'>By:&#160;&#160;&#160;&#160; <FONT style='border-bottom:1px solid #000000'>/s/ Corey A. Chambas&#160;&#160;&#160;&#160;&#160;</FONT></P>
<P style='font:10pt Times New Roman;margin:0;text-indent:27pt;margin-left:216pt'>Corey A. Chambas</P>
<P style='font:10pt Times New Roman;margin:0;text-indent:27pt;margin-left:216pt'>President and Chief Executive Officer</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin:0'><B>POWERS OF ATTORNEY</B></P>
<P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;text-indent:36pt'>Each of the undersigned officers and directors of First Business Financial Services, Inc. hereby constitutes and appoints each of Corey A. Chambas, Edward J. Sloane, Jr. and Barbara M. Conley his or her true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution in each of them for him or her and in his or her name, place and stead, and in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement on Form S-8 and to file the same, with all exhibits thereto and any other documents in connection therewith, with the Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite or necessary to be done in and about the premises, as fully and to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or their or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.</P>
<P align=justify style='font:10pt Times New Roman;margin:0;text-indent:36pt'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;text-indent:36pt'>Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.</P>
<P align=justify style='font:10pt Times New Roman;margin:0;text-indent:36pt'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:91.98%><TR><TD valign=middle style=width:30%><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:51%><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:19%><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom style=padding:1.5pt><P style='font:10pt Times New Roman;margin:0'><B>Signature</B></P>
<P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=padding:1.5pt><P style='font:10pt Times New Roman;margin:0'><B>Title</B></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=padding:1.5pt><P align=center style='font:10pt Times New Roman;margin:0'><B>Date</B></P>
<P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom style=padding:1.5pt><P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>/s/ Corey A. Chambas</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>Corey A. Chambas</P>
</TD><TD valign=bottom style=padding:1.5pt><P style='font:10pt Times New Roman;margin:0'>Chief Executive Officer</P>
<P style='font:10pt Times New Roman;margin:0'>(principal executive officer)</P>
</TD><TD valign=middle style=padding:1.5pt><P align=center style='font:10pt Times New Roman;margin:0'>May 14, 2021</P>
</TD></TR>
<TR><TD valign=bottom style=padding:1.5pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=padding:1.5pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=top style=padding:1.5pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom style=padding:1.5pt><P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>/s/ Edward G. Sloane, Jr</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>Edward G. Sloane, Jr.</P>
</TD><TD valign=bottom style=padding:1.5pt><P style='font:10pt Times New Roman;margin:0'>Chief Financial Officer</P>
<P style='font:10pt Times New Roman;margin:0'>(principal financial officer)</P>
</TD><TD valign=top style=padding:1.5pt><P align=center style='font:12pt Times New Roman;margin:0'><FONT style=font-size:10pt>May 14, 2021</FONT></P>
</TD></TR>
<TR><TD valign=bottom style=padding:1.5pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=padding:1.5pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=top style=padding:1.5pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom style=padding:1.5pt><P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>/s/ Brian D. Spielmann</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>Brian D. Spielmann</P>
</TD><TD valign=bottom style=padding:1.5pt><P style='font:10pt Times New Roman;margin:0'>Chief Accounting Officer</P>
<P style='font:10pt Times New Roman;margin:0'>(principal accounting officer)</P>
</TD><TD valign=top style=padding:1.5pt><P align=center style='font:12pt Times New Roman;margin:0'><FONT style=font-size:10pt>May 14, 2021</FONT></P>
</TD></TR>
<TR><TD valign=bottom style=padding:1.5pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=padding:1.5pt><P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=top style=padding:1.5pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom style=padding:1.5pt><P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>/s/ Gerald L. Kilcoyne</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>Gerald L. Kilcoyne</P>
</TD><TD valign=middle style=padding:1.5pt><P align=justify style='font:10pt Times New Roman;margin:0'>Chair of the Board of Directors</P>
</TD><TD valign=top style=padding:1.5pt><P align=center style='font:12pt Times New Roman;margin:0'><FONT style=font-size:10pt>May 14, 2021</FONT></P>
</TD></TR>
<TR><TD valign=bottom style=padding:1.5pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=padding:1.5pt><P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=top style=padding:1.5pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom style=padding:1.5pt><P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>/s/ Laurie S. Benson</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>Laurie S. Benson</P>
</TD><TD valign=middle style=padding:1.5pt><P align=justify style='font:10pt Times New Roman;margin:0'>Director</P>
</TD><TD valign=top style=padding:1.5pt><P align=center style='font:12pt Times New Roman;margin:0'><FONT style=font-size:10pt>May 14, 2021</FONT></P>
</TD></TR>
<TR><TD valign=bottom style=padding:1.5pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=padding:1.5pt><P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=top style=padding:1.5pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom style=padding:1.5pt><P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>/s/ Mark D. Bugher</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>Mark D. Bugher</P>
</TD><TD valign=middle style=padding:1.5pt><P align=justify style='font:10pt Times New Roman;margin:0'>Director</P>
</TD><TD valign=top style=padding:1.5pt><P align=center style='font:12pt Times New Roman;margin:0'><FONT style=font-size:10pt>May 14, 2021</FONT></P>
</TD></TR>
<TR><TD valign=bottom style=padding:1.5pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=padding:1.5pt><P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=padding:1.5pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom style=padding:1.5pt><P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>/s/ Carla C. Chavarria</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>Carla C. Chavarria</P>
</TD><TD valign=middle style=padding:1.5pt><P align=justify style='font:10pt Times New Roman;margin:0'>Director</P>
</TD><TD valign=middle style=padding:1.5pt><P align=center style='font:10pt Times New Roman;margin:0'>May 14, 2021</P>
</TD></TR>
</TABLE>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><TABLE align=center style=border-collapse:collapse;width:90.64%><TR><TD valign=bottom style=width:40.32%;padding:1.5pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:4pt'><B>Signature</B></P>
</TD><TD valign=bottom style=width:33.96%;padding:1.5pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:4pt'><B>Title</B></P>
</TD><TD valign=bottom style=padding:1.5pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:4pt'><B>Date</B></P>
</TD></TR>
</TABLE>
<TABLE align=center style=border-collapse:collapse;width:91.98%><TR><TD valign=bottom style=width:30.3%;padding:1.5pt><P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>/s/ Jan A. Eddy</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>Jan A. Eddy</P>
</TD><TD valign=middle style=width:51.28%;padding:1.5pt><P align=justify style='font:10pt Times New Roman;margin:0'>Director</P>
</TD><TD valign=top style=width:18.42%;padding:1.5pt><P align=center style='font:10pt Times New Roman;margin:0'>May 14, 2021</P>
</TD></TR>
<TR><TD valign=bottom style=width:30.3%;padding:1.5pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:51.28%;padding:1.5pt><P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=top style=width:18.42%;padding:1.5pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom style=width:30.3%;padding:1.5pt><P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>/s/ John J. Harris</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>John J. Harris</P>
</TD><TD valign=middle style=width:51.28%;padding:1.5pt><P align=justify style='font:10pt Times New Roman;margin:0'>Director</P>
</TD><TD valign=top style=width:18.42%;padding:1.5pt><P align=center style='font:10pt Times New Roman;margin:0'>May 14, 2021</P>
</TD></TR>
<TR><TD valign=bottom style=width:30.3%;padding:1.5pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:51.28%;padding:1.5pt><P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=top style=width:18.42%;padding:1.5pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom style=width:30.3%;padding:1.5pt><P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>/s/ Ralph R. Kauten</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>Ralph R. Kauten</P>
</TD><TD valign=middle style=width:51.28%;padding:1.5pt><P align=justify style='font:10pt Times New Roman;margin:0'>Director</P>
</TD><TD valign=top style=width:18.42%;padding:1.5pt><P align=center style='font:10pt Times New Roman;margin:0'>May 14, 2021</P>
</TD></TR>
<TR><TD valign=bottom style=width:30.3%;padding:1.5pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:51.28%;padding:1.5pt><P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=top style=width:18.42%;padding:1.5pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom style=width:30.3%;padding:1.5pt><P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>/s/ Timothy J. Keane</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>Timothy J. Keane</P>
</TD><TD valign=middle style=width:51.28%;padding:1.5pt><P align=justify style='font:10pt Times New Roman;margin:0'>Director</P>
</TD><TD valign=top style=width:18.42%;padding:1.5pt><P align=center style='font:10pt Times New Roman;margin:0'>May 14, 2021</P>
</TD></TR>
<TR><TD valign=bottom style=width:30.3%;padding:1.5pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:51.28%;padding:1.5pt><P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=top style=width:18.42%;padding:1.5pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom style=width:30.3%;padding:1.5pt><P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>/s/ W. Kent Lorenz</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>W. Kent Lorenz</P>
</TD><TD valign=middle style=width:51.28%;padding:1.5pt><P align=justify style='font:10pt Times New Roman;margin:0'>Director</P>
</TD><TD valign=top style=width:18.42%;padding:1.5pt><P align=center style='font:10pt Times New Roman;margin:0'>May 14, 2021</P>
</TD></TR>
<TR><TD valign=bottom style=width:30.3%;padding:1.5pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:51.28%;padding:1.5pt><P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=top style=width:18.42%;padding:1.5pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom style=width:30.3%;padding:1.5pt><P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>/s/ Daniel P. Olszewski</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>Daniel P. Olszewski</P>
</TD><TD valign=middle style=width:51.28%;padding:1.5pt><P align=justify style='font:10pt Times New Roman;margin:0'>Director</P>
</TD><TD valign=top style=width:18.42%;padding:1.5pt><P align=center style='font:10pt Times New Roman;margin:0'>May 14, 2021</P>
</TD></TR>
<TR><TD valign=bottom style=width:30.3%;padding:1.5pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:51.28%;padding:1.5pt><P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=top style=width:18.42%;padding:1.5pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom style=width:30.3%;padding:1.5pt><P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>/s/ Carol P. Sanders</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>Carol P. Sanders</P>
</TD><TD valign=middle style=width:51.28%;padding:1.5pt><P align=justify style='font:10pt Times New Roman;margin:0'>Director</P>
</TD><TD valign=top style=width:18.42%;padding:1.5pt><P align=center style='font:10pt Times New Roman;margin:0'>May 14, 2021</P>
</TD></TR>
</TABLE>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>exhibit51.htm
<DESCRIPTION>OPINION OF GODFREY & KAHN, S.C.
<TEXT>
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<TITLE>EXHIBIT 5.1</TITLE>
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<BODY>
<DIV style=margin-left:72pt;width:468pt><HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=right style='font:12pt Times New Roman;margin-top:0pt;margin-bottom:6pt'><B>EXHIBIT 5.1</B></P>
<P style='font:12pt Times New Roman;margin-top:0pt;margin-bottom:12pt;text-indent:36pt'>&nbsp;</P>
<TABLE style=border-collapse:collapse><TR><TD valign=top style=width:234.7pt><P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:12pt Times New Roman;margin:0'><IMG src=exhibit51_1.jpg width=175 height=16 alt='Picture 1' title='Picture 1'>&nbsp;</P>
</TD><TD valign=top style=width:233.3pt><P align=right style='font:9pt Arial;margin:0;margin-right:6pt'>&nbsp;</P>
<P align=right style='font:8pt Arial;margin:0;margin-right:6pt'>833 EAST MICHIGAN STREET &#9679; &nbsp;SUITE 1800</P>
<P align=right style='font:8pt Arial;margin:0;text-indent:0.6pt;margin-right:6pt'>MILWAUKEE, WISCONSIN 53202</P>
<P align=right style='font:11pt Arial;margin:0;text-indent:36pt;margin-right:6pt'>&nbsp;</P>
<P align=right style='font:7pt Arial;margin:0;text-indent:36pt;margin-right:6pt'>Tel 414-273-3500 &#160;&#160;&#160;Fax 414-273-5198</P>
<P align=right style='font:11pt Arial;margin:0;text-indent:36pt;margin-right:6pt'>&nbsp;</P>
<P align=right style='font:8pt Arial;margin:0;text-indent:36pt;margin-right:6pt'>www.GKLAW.COM</P>
<P align=right style='font:8pt Book Antiqua;margin:0;text-indent:36pt;margin-right:6pt'>&nbsp;</P>
</TD></TR>
</TABLE>
<P align=center style='font:11pt Times New Roman;margin-top:0pt;margin-bottom:24pt'>May 14, 2021</P>
<P style='font:11pt Times New Roman;margin:0'>First Business Financial Services, Inc. </P>
<P style='font:11pt Times New Roman;margin:0'>401 Charmany Drive </P>
<P style='font:11pt Times New Roman;margin:0'>Madison, Wisconsin 53719</P>
<P style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0'>Ladies and Gentlemen:</P>
<P style='font:11pt Times New Roman;margin:0;text-indent:36pt'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0;text-indent:36pt'>We have acted as your counsel in connection with the issuance by First Business Financial Services, Inc., a Wisconsin corporation (the &#8220;Company&#8221;), of up to 180,000 shares of common stock, $0.01 par value (the &#8220;Shares&#8221;), pursuant to the First Business Financial Services, Inc. 2019 Equity Incentive Plan, as amended April 30, 2021 (the &#8220;Plan&#8221;), as described in the Company&#8217;s prospectus dated May 14, 2021 (the &#8220;Prospectus&#8221;) relating to the Company&#8217;s Registration Statement on Form S-8, to be filed with the Securities and Exchange Commission on May 14, 2021 (the &#8220;Registration Statement&#8221;).</P>
<P style='font:11pt Times New Roman;margin:0;text-indent:36pt'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0;text-indent:36pt'>We have examined: &nbsp;(a)&#160;the Plan, the Prospectus and the Registration Statement, (b)&#160;the Company&#8217;s Amended and Restated Articles of Incorporation and Amended and Restated By-laws, each as amended to date, (c)&#160;certain resolutions of the Company&#8217;s Board of Directors, and (d)&#160;such other proceedings, documents and records as we have deemed necessary to enable us to render this opinion.</P>
<P style='font:11pt Times New Roman;margin:0;text-indent:36pt'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0;text-indent:36pt'>Based on the foregoing, we are of the opinion that the Shares have been duly authorized and, upon issuance in accordance with the terms of the Plan, will be validly issued, fully paid and nonassessable.</P>
<P style='font:11pt Times New Roman;margin:0;text-indent:36pt'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0;text-indent:36pt'>The foregoing opinions are limited to the laws of the State of Wisconsin as currently in effect, and no opinion is expressed with respect to such laws as subsequently amended, or any other laws, or any effect that such amended or other laws may have on the opinions expressed herein. &nbsp;The foregoing opinions are limited to matters stated herein, and no opinion is implied or may be inferred beyond the matters expressly stated herein. &nbsp;The foregoing opinions are given as of the date hereof and based solely on our understanding of facts in existence as of such date after the aforementioned examination, and we undertake no obligation to advise you of any changes in applicable laws after the date hereof or of any facts that might change the opinions expressed herein that we may become aware of after the date hereof.</P>
<P style='font:11pt Times New Roman;margin:0;text-indent:36pt'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0;text-indent:36pt'>We consent to the use of this opinion as an exhibit to the Registration Statement.</P>
<P style='font:11pt Times New Roman;margin:0;margin-left:234pt'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0;margin-left:234pt'>Very truly yours,</P>
<P style='font:11pt Times New Roman;margin:0;margin-left:234pt'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0;margin-left:234pt'><I>/s/ Godfrey &amp; Kahn, S.C.</I></P>
<P style='font:11pt Times New Roman;margin:0;margin-left:234pt'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0;margin-left:234pt'>GODFREY &amp; KAHN, S.C.</P>
<P style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:7pt Arial;margin:0;text-indent:-36pt;margin-left:36pt'><FONT style=font-size:5.25pt>OFFICES</FONT> <FONT style=font-size:5.25pt>IN</FONT> <FONT style=font-size:5.25pt>MILWAUKEE</FONT>, <FONT style=font-size:5.25pt>MADISON</FONT>, <FONT style=font-size:5.25pt>WAUKESHA</FONT>, <FONT style=font-size:5.25pt>GREEN</FONT> <FONT style=font-size:5.25pt>BAY</FONT> <FONT style=font-size:5.25pt>AND</FONT> <FONT style=font-size:5.25pt>APPLETON</FONT>, <FONT style=font-size:5.25pt>WISCONSIN</FONT> <FONT style=font-size:5.25pt>AND</FONT> <FONT style=font-size:5.25pt>WASHINGTON</FONT>, <FONT style=font-size:5.25pt>D</FONT>.<FONT style=font-size:5.25pt>C</FONT>.</P>
<P align=center style='font:7pt Arial;margin:0;text-indent:-36pt;margin-left:36pt'><FONT style=font-size:5.25pt>GODFREY</FONT> &amp; <FONT style=font-size:5.25pt>KAHN</FONT> <FONT style=font-size:5.25pt>IS</FONT> <FONT style=font-size:5.25pt>A</FONT> <FONT style=font-size:5.25pt>MEMBER</FONT> <FONT style=font-size:5.25pt>OF</FONT> <FONT style=font-size:5.25pt>TERRALEX</FONT>&#174;, <FONT style=font-size:5.25pt>A</FONT> <FONT style=font-size:5.25pt>WORLDWIDE</FONT> <FONT style=font-size:5.25pt>NETWORK</FONT> <FONT style=font-size:5.25pt>OF</FONT> <FONT style=font-size:5.25pt>INDEPENDENT</FONT> <FONT style=font-size:5.25pt>LAW</FONT> <FONT style=font-size:5.25pt>FIRMS</FONT>.</P>
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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>exhibit232.htm
<DESCRIPTION>CONSENT OF CROWE LLP
<TEXT>
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<TITLE>EXHIBIT 23.2</TITLE>
<DIV style=margin-left:72pt;width:468pt><P align=right style='font:12pt Arial;margin:0;color:#000000'><FONT style='font-family:Times New Roman'><B>EXHIBIT 23.2</B></FONT></P>
<P align=right style='font:12pt Arial;margin:0;color:#000000'>&nbsp;</P>
<P style='font:12pt Arial;margin:0;color:#000000'>&nbsp;</P>
<P style='font:12pt Arial;margin:0;color:#000000'>&nbsp;</P>
<P align=center style='font:11pt Arial;margin:0;color:#000000'><FONT style='font-family:Times New Roman'><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></FONT></P>
<P align=center style='font:11pt Arial;margin:0;color:#000000'>&nbsp;</P>
<P align=center style='font:11pt Arial;margin:0;color:#000000'>&nbsp;</P>
<P style='font:11pt Arial;margin:0;color:#000000'><FONT style='font-family:Times New Roman'>We consent to the incorporation by reference in this Registration Statement on Form S-8 of First Business Financial Services, Inc. of our report dated February 24, 2021 relating to the financial statements and effectiveness of internal control over financial reporting, appearing in the Annual Report on Form 10-K of First Business Financial Services, Inc. for the year ended December 31, 2020. </FONT></P>
<P style='font:11pt Arial;margin:0;color:#000000'>&nbsp;</P>
<P style='font:11pt Arial;margin:0;margin-left:252pt;color:#000000'><FONT style='font-family:Times New Roman'><I>/s/ Crowe LLP</I></FONT></P>
<P style='font:11pt Arial;margin:0;margin-left:252pt;color:#000000'>&nbsp;</P>
<P style='font:11pt Arial;margin:0;margin-left:252pt;color:#000000'><FONT style='font-family:Times New Roman'>Crowe LLP </FONT></P>
<P style='font:11pt Arial;margin:0;color:#000000'>&nbsp;</P>
<P style='font:11pt Arial;margin:0;color:#000000'>&nbsp;</P>
<P style='font:11pt Arial;margin:0;color:#000000'><FONT style='font-family:Times New Roman'>Oak Brook, Illinois </FONT></P>
<P style='font:12pt Arial;margin-top:0pt;margin-bottom:12pt'><FONT style=font-size:11pt>May 14, 2021</FONT></P>
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