First Business Financial Services (FBIZ) of Madison, Wis., said Friday that it is acquiring the parent company of Alterra Bank in Leawood, Kan., for roughly $30.1 million in cash and stock.

The deal for the $211 million-asset Aslin Group would be the first-ever acquisition for First Business, a two-bank holding company with offices in Madison, Milwaukee and other Wisconsin cities. It would give the $1.3 billion-asset First Business two branches in the Kansas City market, where it already operates a national equipment finance business.

First Business’ lead bank was founded in 1909 as Kingston-Dalton State Bank, according to the Federal Deposit Insurance Corp. It changed its name to First Business in 1990.

In a press release announcing the deal, Corey Chambas, First Business' president and chief executive offer, praised Alterra for being a top lender of Small Business Administration loans in the region.  

"We are thrilled to welcome the Alterra team, whose expertise in niche lending and underwriting, coupled with a limited branch funding model are a perfect match for First Business," he said.

Alterra would keep its name and operate as a unit of First Business, with its own board of directors. Pam Berneking would remain the bank's president and CEO.

The sale is expected to close in late 2014.

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