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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As filed with the
Securities and Exchange Commission on September 28, 2006  </FONT></H1>

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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Registration No.
333-__________</B>  </FONT></P>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>UNITED STATES<BR>SECURITIES
AND EXCHANGE COMMISSION<BR>Washington, D.C. 20549 </FONT></H1>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FORM S-8<BR>REGISTRATION
STATEMENT<BR>Under<BR>THE SECURITIES ACT OF 1933  </FONT></P>


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<BR>

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     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=100% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>First Business Financial Services, Inc.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(Exact name of registrant as specified in its charter)</FONT></TD></TR>
</TABLE>
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     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Wisconsin</FONT></TD>
     <TD WIDTH=50% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39-1576570</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(State or other jurisdiction</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(I.R.S. Employer</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>of incorporation or organization)</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Identification No.)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>401 Charmany Drive</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Madison, WI</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>53719</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(Address of principal executive offices)</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(Zip Code)</FONT></TD></TR>
</TABLE>
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     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=100% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>First Business Financial Services, Inc.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>2006 Equity Incentive Plan</U></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(Full title of the plan)</FONT></TD></TR>
</TABLE>
<BR>


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<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Jerome J. Smith</FONT></TD>
     <TD WIDTH=50% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chairman of the Board and</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Copy to:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chief Executive Officer</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>First Business Financial Services, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>John M. Olson</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>401 Charmany Drive</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Foley &amp; Lardner LLP</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Madison, WI 53719</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>777 East Wisconsin Avenue</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(608) 238-8008</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Milwaukee, Wisconsin 53202</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(Name, address and telephone number, including area</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>code, of agent for service)</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
</TABLE>
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<BR>


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     <TD COLSPAN=5 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CALCULATION OF REGISTRATION FEE</FONT></TD></TR>
<TR>
     <TD COLSPAN=5><HR NOSHADE COLOR=#000000 SIZE=2></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Title of<BR>
Securities to be<BR>
Registered</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Amount<BR>
to be<BR>
Registered</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Proposed Maximum<BR>
Offering Price Per<BR>
Share(1)</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Proposed Maximum<BR>
Aggregate Offering<BR>
Price(1)</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Amount of<BR>
Registration<BR>
Fee</FONT></TD></TR>
<TR>
     <TD COLSPAN=5><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=20% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Common Stock,</FONT></TD>
     <TD WIDTH=20% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>200,000 shares</FONT></TD>
     <TD WIDTH=20% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$22.85</FONT></TD>
     <TD WIDTH=20% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$4,570,000.00</FONT></TD>
     <TD WIDTH=20% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$488.99</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;par value $0.01</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR>
     <TD COLSPAN=5><HR NOSHADE COLOR=#000000 SIZE=2></TD></TR>
</TABLE>


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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Estimated pursuant to Rule 457(c) under the Securities Act of 1933 solely for
          the purpose of calculating the registration fee based on the average of the high
          and low prices for First Business Financial Services, Inc. Common Stock as
          reported on The Nasdaq Stock Market on September 26, 2006. </FONT></TD>
          </TR>
          </TABLE>
          <BR>



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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PART I </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INFORMATION REQUIRED
IN THE SECTION 10(a) PROSPECTUS </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
document or documents containing the information specified in Part I are not required to
be filed with the Securities and Exchange Commission (the &#147;Commission&#148;) as part
of this Form S-8 Registration Statement. </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PART II </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INFORMATION REQUIRED
IN THE REGISTRATION STATEMENT </FONT></H1>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 3.&nbsp;&nbsp;Incorporation of Documents
by Reference </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following  documents  filed with the Commission by First Business  Financial  Services,
 Inc. (the "Company") are hereby incorporated herein by reference: </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;          The
Company&#146;s Annual Report on Form 10-K, dated December 31, 2005.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;          The
Company&#146;s Quarterly Reports on Form 10-Q for the quarters ended March           31,
2006 and June 30, 2006.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;          The
Company&#146;s Current Reports on Form 8-K, dated February 1, 2006, February           6,
2006, May 1, 2006, June 28, 2006 and September 19, 2006.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;          The
description of the Company&#146;s Common Stock contained in Item&nbsp;11 of           the
Company&#146;s Registration Statement on Form 10, dated April 28, 2005, as
          amended on June 24, 2005, July 22, 2005 and December 21, 2005, and any
amendment           or report filed for the purpose of updating such description.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
documents subsequently filed by the Company pursuant to Sections 13(a), 13(c), 14 and
15(d) of the Securities Exchange Act of 1934, as amended, after the date of filing of this
Registration Statement and prior to such time as the Company files a post-effective
amendment to this Registration Statement which indicates that all securities offered
hereby have been sold or which deregisters all securities then remaining unsold shall be
deemed to be incorporated by reference in this Registration Statement and to be a part
hereof from the date of filing of such documents. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 4.&nbsp;&nbsp;Description of
Securities. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable. </FONT></P>


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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 5.&nbsp;&nbsp;Interests of
Named Experts and Counsel. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable. </FONT></P>


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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 6.&nbsp;&nbsp;Indemnification
of Directors and Officers. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;VII
of the Company&#146;s Amended and Restated Bylaws provides that, to the fullest extent
authorized by the Wisconsin Business Corporation Law, the Company shall indemnify all
directors and officers of the Company, and any person who is serving at the Company&#146;s
request as a director, officer, partner, trustee, member of any committee, manager,
employee or agent of another corporation or other entity, against all expense, liability
and loss incurred or suffered in connection with such positions or services. Such
indemnification continues to apply to former directors, officers, etc. and inures to the
benefit of their heirs, executors and administrators. </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-2- </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the Bylaws provide that a director or officer of the Company shall not be
personally liable to the Company or its shareholders, or any person asserting rights on
their behalf, for monetary damages for breach or failure to perform any duty unless the
person asserting liability proves that the breach or failure to perform constitutes
(i)&nbsp;a willful failure to deal fairly with the Company or its shareholders in a matter
in which the director or officer has a material conflict of interest, (ii)&nbsp;a
violation of criminal law, unless the director or officer had reasonable cause to believe
his or her conduct was lawful, (iii)&nbsp;a transaction from which the director or officer
received an improper personal benefit, or (iv)&nbsp;willful misconduct. The Bylaws further
provide that if the Wisconsin Business Corporation Law should be amended to authorize
corporate action further eliminating or limiting the personal liability of directors and
officers, the liability of such persons shall automatically be so eliminated or limited to
the fullest extent permitted. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
repeal or modification of any of the foregoing provisions shall not adversely affect any
right or protection of any director, officer, or other indemnitee existing at the time of
such repeal or modification. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company maintains a director and officer liability insurance policy providing for
insurance on behalf of any person who is or was a director or officer of the Company or a
subsidiary for any claim made during the policy period against the person in any such
capacity or arising out of the person&#146;s status as such. The insurer&#146;s limit of
liability under the policy is $10.0&nbsp;million for each insured loss and
$10.0&nbsp;million in the aggregate for all insured losses for the policy period. The
policy contains various reporting requirements and exclusions. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 7.&nbsp;&nbsp;Exemption from
Registration Claimed. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
Applicable. </FONT></P>


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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 8.&nbsp;&nbsp;Exhibits. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following exhibits have been filed (except where otherwise indicated) as part of this
Registration Statement: </FONT></P>



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<TD ALIGN=CENTER WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Exhibit No</U>.  </FONT></TD>
<TD ALIGN=CENTER WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Exhibit</U></FONT></TD>
</TR>
</TABLE>
<BR>




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<TD ALIGN=CENTER WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4.1)  </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Provisions
of the Amended and Restated Articles of Incorporation of the Company
               defining the rights of holders of capital stock (incorporated by reference
to                Exhibit 3.1 to the Company&#146;s Registration Statement on Form 10
filed on                April 28, 2005) </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD ALIGN=CENTER WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4.2)  </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Provisions
of the Bylaws of the Company, as amended, defining the rights of                holders
of capital stock (incorporated by reference to Exhibit 3.2 to the                Company&#146;s
Registration Statement on Form 10 filed on April 28, 2005) </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=CENTER WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4.3)  </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Company&#146;s 2006 Equity Incentive Plan (incorporated by reference to
               Appendix B to the Company&#146;s Proxy Statement for the 2006 Annual
Meeting of                Shareholders filed on March 31, 2006) </FONT></TD>
</TR>
</TABLE>
<BR><BR>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-3- </FONT></P>


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<TR VALIGN=TOP>
<TD ALIGN=CENTER WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4.4)  </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Form
of Restricted Stock Agreement for 2006 Equity Incentive Plan </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD ALIGN=CENTER WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(5) </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Opinion
of Foley &amp; Lardner LLP </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD ALIGN=CENTER WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(23.1) </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consent
of KPMG LLP </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD ALIGN=CENTER WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(23.2) </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consent
of Foley &amp; Lardner LLP (contained in Exhibit 5 hereto) </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=CENTER WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(24)  </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Power
of Attorney relating to subsequent amendments (included on the signature
               page to this Registration Statement) </FONT></TD>
</TR>
</TABLE>
<BR>


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<HR SIZE=1 COLOR=BLACK NOSHADE WIDTH=15% ALIGN=LEFT>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All documents incorporated by
reference are to Commission File No. 0-51028. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 9.&nbsp;&nbsp;Undertakings. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned Registrant hereby undertakes:  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(1) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
file, during any period in which offers or sales are being made, a
               post-effective amendment to this Registration Statement:  </FONT></P>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
include any prospectus required by Section 10(a)(3) of the Securities Act of
               1933;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
reflect in the prospectus any facts or events arising after the effective
               date of the Registration Statement (or the most recent post-effective
amendment                thereof) which, individually or in the aggregate, represent a
fundamental change                in the information set forth in the Registration
Statement; and  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
include any material information with respect to the plan of distribution not
               previously disclosed in the Registration Statement or any material change
to                such information in the Registration Statement;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>provided</U>, <U>however</U>, that
paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be
included in a post-effective amendment by those paragraphs is contained in periodic
reports filed with or furnished to the Commission by the Registrant pursuant to Section 13
or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference
in the Registration Statement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining any liability under the Securities Act of
               1933, each such post-effective amendment shall be deemed to be a new
               registration statement relating to the securities offered herein, and the
               offering of such securities at that time shall be deemed to be the initial
bona                fide offering thereof.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(3) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
remove from registration by means of a post-effective amendment any of the
               securities being registered which remain unsold at the termination of the
               offering.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(4) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining liability of the registrant under the
               Securities Act of 1933 to any purchaser in the initial distribution of the
               securities, in a primary offering of securities of the Registrant pursuant
to                this Registration Statement, regardless of the underwriting method used
to sell                the securities to the purchaser, if the securities are offered or
sold to such                purchaser by means of any of the following communications,
the Registrant will                be a seller to the purchaser and will be considered to
offer or sell such                securities to such purchaser:  </FONT></P>



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-4- </FONT></P>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
preliminary prospectus or prospectus of the Registrant relating to the
               offering required to be filed pursuant to Rule 424 under the Securities
Act of                1933;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
free writing prospectus relating to the offering prepared by or on behalf of
               the Registrant or used or referred to by the Registrant;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
portion of any other free writing prospectus relating to the offering
               containing material information about the Registrant or its securities
provided                by or on behalf of the Registrant; and  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iv) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
other communication that is an offer in the offering made by the Registrant
               to the purchaser.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned Registrant hereby undertakes that, for purposes of determining
               any liability under the Securities Act of 1933, each filing of the
               Registrant&#146;s annual report pursuant to Section 13(a) or Section 15(d)
of                the Securities Exchange Act of 1934 that is incorporated by reference
in the                Registration Statement shall be deemed to be a new registration
statement                relating to the securities offered herein, and the offering of
such securities                at that time shall be deemed to be the initial bona fide
offering thereof.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Securities Act of
               1933 may be permitted to directors, officers and controlling persons of
the                Registrant pursuant to the foregoing provisions, or otherwise, the
Registrant                has been advised that in the opinion of the Securities and
Exchange Commission                such indemnification is against public policy as
expressed in the Act and is,                therefore, unenforceable. In the event that a
claim for indemnification against                such liabilities (other than the payment
by the Registrant of expenses incurred                or paid by a director, officer or
controlling person of the Registrant in the                successful defense of any
action, suit or proceeding) is asserted by such                director, officer or
controlling person in connection with the securities being                registered, the
Registrant will, unless in the opinion of its counsel the matter                has been
settled by controlling precedent, submit to a court of appropriate
               jurisdiction the question whether such indemnification by it is against
public                policy as expressed in the Act and will be governed by the final
adjudication of                such issue.  </FONT></P>


<BR><BR><BR><BR>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-5- </FONT></P>



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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURES </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&nbsp;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 September 27, 2006. </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FIRST BUSINESS FINANCIAL SERVICES, INC.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR>By: <U>/s/ Jerome J. Smith</U></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jerome J. Smith</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chairman of the Board and</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer</FONT></TD></TR>
</TABLE>
<BR>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, this Registration Statement has been
signed below by the following persons in the capacities and on the dates indicated. Each
person whose signature appears below constitutes and appoints Jerome J. Smith, Corey A.
Chambas and James F. Ropella, and each of them, his true and lawful attorney-in-fact and
agent, with full power of substitution and resubstitution, for him and in his name, place
and stead, in any and all capacities, to sign any and all amendments (including
post-effective amendments) to this Registration Statement and to file the same, with all
exhibits thereto, and other documents in connection therewith, with the Securities and
Exchange Commission, granting unto each said attorney-in-fact and agent, full power and
authority to do and perform each and every act and thing requisite and necessary to be
done, as fully as he might or could do in person, hereby ratifying and confirming all that
each said attorney-in-fact and agent may lawfully do or cause to be done by virtue hereof. </FONT></P>





<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Signature</U></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Title</U></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Date</U></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=33% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><U>/s/ Jerome J. Smith</U></FONT></TD>
     <TD WIDTH=33% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chairman of the Board, Chief</FONT></TD>
     <TD WIDTH=34% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>September 27, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Jerome J. Smith</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Executive Officer and Director</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Principal Executive Officer)</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><U>/s/ Corey A. Chambas</U></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>President and Director</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>September 27, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Corey A. Chambas</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><U>/s/ James F. Ropella</U></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Senior Vice President and Chief</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>September 27, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>James F. Ropella</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Financial Officer (Principal</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Financial and Accounting</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Officer)</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
</TABLE>
<BR><BR>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-6- </FONT></P>





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<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=33% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH=33% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH=34% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR><U>/s/ Leland C. Bruce</U></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>September 27, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Leland C. Bruce</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><U>/s/ Mark D. Bugher</U></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>September 27, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mark D. Bugher</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><U>/s/ Jan A. Eddy</U></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>September 27, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Jan A. Eddy</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><U>/s/ Loren D. Mortenson</U></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>September 27, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Loren D. Mortenson</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><U>/s/ Dean W. Voeks</U></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>September 27, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dean W. Voeks</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><U>/s/ Gary E. Zimmerman</U></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>September 27, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Gary E. Zimmerman</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
</TABLE>
<BR><BR><BR><BR>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-7- </FONT></P>




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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXHIBIT INDEX </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FIRST BUSINESS
FINANCIAL SERVICES, INC.<BR>2006 EQUITY INCENTIVE PLAN </FONT></H1>

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<TR VALIGN=TOP>
<TD ALIGN=CENTER WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Exhibit No</U>.  </FONT></TD>
<TD ALIGN=CENTER WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Exhibit</U></FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=CENTER WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4.1)  </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Provisions
of the Amended and Restated Articles of Incorporation of the Company
               defining the rights of holders of capital stock (incorporated by reference
to                Exhibit 3.1 to the Company&#146;s Registration Statement on Form 10
filed on                April 28, 2005) </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=CENTER WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4.2)  </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Provisions
of the Bylaws of the Company, as amended, defining the rights of                holders
of capital stock (incorporated by reference to Exhibit 3.2 to the                Company&#146;s
Registration Statement on Form 10 filed on April 28, 2005) </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD ALIGN=CENTER WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4.3)  </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Company&#146;s 2006 Equity Incentive Plan (incorporated by reference to
               Appendix B to the Company&#146;s Proxy Statement for the 2006 Annual
Meeting of                Shareholders filed on March 31, 2006) </FONT></TD>
</TR>
</TABLE>
<BR>


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<TR VALIGN=TOP>
<TD ALIGN=CENTER WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4.4)  </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Form
of Restricted Stock Agreement for 2006 Equity Incentive Plan </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD ALIGN=CENTER WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(5) </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Opinion
of Foley &amp; Lardner LLP </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=CENTER WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(23.1) </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consent
of KPMG LLP </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=CENTER WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(23.2) </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consent
of Foley &amp; Lardner LLP (contained in Exhibit 5 hereto) </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=CENTER WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(24)  </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Power
of Attorney relating to subsequent amendments (included on the signature
               page to this Registration Statement) </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All documents incorporated by
reference are to Commission File No. 0-51028. </FONT></P>

<BR><BR><BR><BR>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-8- </FONT></P>



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</HTML>
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{"company-data": {"conformed-name": "First Business Financial Services, Inc.", "cik": "0001305399", "assigned-sic": "6022", "irs-number": "391576570"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-137635", "film-number": "061113734"}, "business-address": {"phone": "608 232-5977"}, "mail-address": {"street1": "401 CHARMANY DRIVE P.O. BOX 44961", "city": "MADISON", "state": "WI", "zip": "53744-4961"}}
As filed with the
Securities and Exchange Commission on September 28, 2006
Registration No.
333-__________
UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION
STATEMENT
Under
THE SECURITIES ACT OF 1933
First Business Financial Services, Inc.
(Exact name of registrant as specified in its charter)
Wisconsin
39-1576570
(State or other jurisdiction
(I.R.S. Employer
of incorporation or organization)
Identification No.)
401 Charmany Drive
Madison, WI
53719
(Address of principal executive offices)
(Zip Code)
First Business Financial Services, Inc.
2006 Equity Incentive Plan
(Full title of the plan)
Jerome J. Smith
Chairman of the Board and
Copy to:
Chief Executive Officer
First Business Financial Services, Inc.
John M. Olson
401 Charmany Drive
Foley & Lardner LLP
Madison, WI 53719
777 East Wisconsin Avenue
(608) 238-8008
Milwaukee, Wisconsin 53202
(Name, address and telephone number, including area
code, of agent for service)
CALCULATION OF REGISTRATION FEE
Title of
Securities to be
Registered
Amount
to be
Registered
Proposed Maximum
Offering Price Per
Share(1)
Proposed Maximum
Aggregate Offering
Price(1)
Amount of
Registration
Fee
Common Stock,
200,000 shares
$22.85
$4,570,000.00
$488.99
par value $0.01
(1)
Estimated pursuant to Rule 457(c) under the Securities Act of 1933 solely for
          the purpose of calculating the registration fee based on the average of the high
          and low prices for First Business Financial Services, Inc. Common Stock as
          reported on The Nasdaq Stock Market on September 26, 2006.
PART I
INFORMATION REQUIRED
IN THE SECTION 10(a) PROSPECTUS
The
document or documents containing the information specified in Part I are not required to
be filed with the Securities and Exchange Commission (the "Commission") as part
of this Form S-8 Registration Statement.
PART II
INFORMATION REQUIRED
IN THE REGISTRATION STATEMENT
Item 3.  Incorporation of Documents
by Reference
The
following  documents  filed with the Commission by First Business  Financial  Services,
 Inc. (the "Company") are hereby incorporated herein by reference:
1.              The
Company's Annual Report on Form 10-K, dated December 31, 2005.
2.              The
Company's Quarterly Reports on Form 10-Q for the quarters ended March           31,
2006 and June 30, 2006.
3.              The
Company's Current Reports on Form 8-K, dated February 1, 2006, February           6,
2006, May 1, 2006, June 28, 2006 and September 19, 2006.
4.              The
description of the Company's Common Stock contained in Item 11 of           the
Company's Registration Statement on Form 10, dated April 28, 2005, as
          amended on June 24, 2005, July 22, 2005 and December 21, 2005, and any
amendment           or report filed for the purpose of updating such description.
All
documents subsequently filed by the Company pursuant to Sections 13(a), 13(c), 14 and
15(d) of the Securities Exchange Act of 1934, as amended, after the date of filing of this
Registration Statement and prior to such time as the Company files a post-effective
amendment to this Registration Statement which indicates that all securities offered
hereby have been sold or which deregisters all securities then remaining unsold shall be
deemed to be incorporated by reference in this Registration Statement and to be a part
hereof from the date of filing of such documents.
Item 4.  Description of
Securities.
Not
applicable.
Item 5.  Interests of
Named Experts and Counsel.
Not
applicable.
Item 6.  Indemnification
of Directors and Officers.
Article VII
of the Company's Amended and Restated Bylaws provides that, to the fullest extent
authorized by the Wisconsin Business Corporation Law, the Company shall indemnify all
directors and officers of the Company, and any person who is serving at the Company's
request as a director, officer, partner, trustee, member of any committee, manager,
employee or agent of another corporation or other entity, against all expense, liability
and loss incurred or suffered in connection with such positions or services. Such
indemnification continues to apply to former directors, officers, etc. and inures to the
benefit of their heirs, executors and administrators.
-2-
In
addition, the Bylaws provide that a director or officer of the Company shall not be
personally liable to the Company or its shareholders, or any person asserting rights on
their behalf, for monetary damages for breach or failure to perform any duty unless the
person asserting liability proves that the breach or failure to perform constitutes
(i) a willful failure to deal fairly with the Company or its shareholders in a matter
in which the director or officer has a material conflict of interest, (ii) a
violation of criminal law, unless the director or officer had reasonable cause to believe
his or her conduct was lawful, (iii) a transaction from which the director or officer
received an improper personal benefit, or (iv) willful misconduct. The Bylaws further
provide that if the Wisconsin Business Corporation Law should be amended to authorize
corporate action further eliminating or limiting the personal liability of directors and
officers, the liability of such persons shall automatically be so eliminated or limited to
the fullest extent permitted.
Any
repeal or modification of any of the foregoing provisions shall not adversely affect any
right or protection of any director, officer, or other indemnitee existing at the time of
such repeal or modification.
The
Company maintains a director and officer liability insurance policy providing for
insurance on behalf of any person who is or was a director or officer of the Company or a
subsidiary for any claim made during the policy period against the person in any such
capacity or arising out of the person's status as such. The insurer's limit of
liability under the policy is $10.0 million for each insured loss and
$10.0 million in the aggregate for all insured losses for the policy period. The
policy contains various reporting requirements and exclusions.
Item 7.  Exemption from
Registration Claimed.
Not
Applicable.
Item 8.  Exhibits.
The
following exhibits have been filed (except where otherwise indicated) as part of this
Registration Statement:
Exhibit No
.
Exhibit
(4.1)
Provisions
of the Amended and Restated Articles of Incorporation of the Company
               defining the rights of holders of capital stock (incorporated by reference
to                Exhibit 3.1 to the Company's Registration Statement on Form 10
filed on                April 28, 2005)
(4.2)
Provisions
of the Bylaws of the Company, as amended, defining the rights of                holders
of capital stock (incorporated by reference to Exhibit 3.2 to the                Company's
Registration Statement on Form 10 filed on April 28, 2005)
(4.3)
The
Company's 2006 Equity Incentive Plan (incorporated by reference to
               Appendix B to the Company's Proxy Statement for the 2006 Annual
Meeting of                Shareholders filed on March 31, 2006)
-3-
(4.4)
Form
of Restricted Stock Agreement for 2006 Equity Incentive Plan
(5)
Opinion
of Foley & Lardner LLP
(23.1)
Consent
of KPMG LLP
(23.2)
Consent
of Foley & Lardner LLP (contained in Exhibit 5 hereto)
(24)
Power
of Attorney relating to subsequent amendments (included on the signature
               page to this Registration Statement)
All documents incorporated by
reference are to Commission File No. 0-51028.
Item 9.  Undertakings.
(a)        The
undersigned Registrant hereby undertakes:
(1)        To
file, during any period in which offers or sales are being made, a
               post-effective amendment to this Registration Statement:
(i)         To
include any prospectus required by Section 10(a)(3) of the Securities Act of
               1933;
(ii)        To
reflect in the prospectus any facts or events arising after the effective
               date of the Registration Statement (or the most recent post-effective
amendment                thereof) which, individually or in the aggregate, represent a
fundamental change                in the information set forth in the Registration
Statement; and
(iii)        To
include any material information with respect to the plan of distribution not
               previously disclosed in the Registration Statement or any material change
to                such information in the Registration Statement;
provided
,
however
, that
paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be
included in a post-effective amendment by those paragraphs is contained in periodic
reports filed with or furnished to the Commission by the Registrant pursuant to Section 13
or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference
in the Registration Statement.
(2)        That,
for the purpose of determining any liability under the Securities Act of
               1933, each such post-effective amendment shall be deemed to be a new
               registration statement relating to the securities offered herein, and the
               offering of such securities at that time shall be deemed to be the initial
bona                fide offering thereof.
(3)        To
remove from registration by means of a post-effective amendment any of the
               securities being registered which remain unsold at the termination of the
               offering.
(4)        That,
for the purpose of determining liability of the registrant under the
               Securities Act of 1933 to any purchaser in the initial distribution of the
               securities, in a primary offering of securities of the Registrant pursuant
to                this Registration Statement, regardless of the underwriting method used
to sell                the securities to the purchaser, if the securities are offered or
sold to such                purchaser by means of any of the following communications,
the Registrant will                be a seller to the purchaser and will be considered to
offer or sell such                securities to such purchaser:
-4-
(i)        Any
preliminary prospectus or prospectus of the Registrant relating to the
               offering required to be filed pursuant to Rule 424 under the Securities
Act of                1933;
(ii)        Any
free writing prospectus relating to the offering prepared by or on behalf of
               the Registrant or used or referred to by the Registrant;
(iii)        The
portion of any other free writing prospectus relating to the offering
               containing material information about the Registrant or its securities
provided                by or on behalf of the Registrant; and
(iv)        Any
other communication that is an offer in the offering made by the Registrant
               to the purchaser.
(b)        The
undersigned Registrant hereby undertakes that, for purposes of determining
               any liability under the Securities Act of 1933, each filing of the
               Registrant's annual report pursuant to Section 13(a) or Section 15(d)
of                the Securities Exchange Act of 1934 that is incorporated by reference
in the                Registration Statement shall be deemed to be a new registration
statement                relating to the securities offered herein, and the offering of
such securities                at that time shall be deemed to be the initial bona fide
offering thereof.
(c)        Insofar
as indemnification for liabilities arising under the Securities Act of
               1933 may be permitted to directors, officers and controlling persons of
the                Registrant pursuant to the foregoing provisions, or otherwise, the
Registrant                has been advised that in the opinion of the Securities and
Exchange Commission                such indemnification is against public policy as
expressed in the Act and is,                therefore, unenforceable. In the event that a
claim for indemnification against                such liabilities (other than the payment
by the Registrant of expenses incurred                or paid by a director, officer or
controlling person of the Registrant in the                successful defense of any
action, suit or proceeding) is asserted by such                director, officer or
controlling person in connection with the securities being                registered, the
Registrant will, unless in the opinion of its counsel the matter                has been
settled by controlling precedent, submit to a court of appropriate
               jurisdiction the question whether such indemnification by it is against
public                policy as expressed in the Act and will be governed by the final
adjudication of                such issue.
-5-
SIGNATURES
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 September 27, 2006.
FIRST BUSINESS FINANCIAL SERVICES, INC.
By:
/s/ Jerome J. Smith
Jerome J. Smith
Chairman of the Board and
Chief Executive Officer
Pursuant
to the requirements of the Securities Act of 1933, this Registration Statement has been
signed below by the following persons in the capacities and on the dates indicated. Each
person whose signature appears below constitutes and appoints Jerome J. Smith, Corey A.
Chambas and James F. Ropella, and each of them, his true and lawful attorney-in-fact and
agent, with full power of substitution and resubstitution, for him and in his name, place
and stead, in any and all capacities, to sign any and all amendments (including
post-effective amendments) to this Registration Statement and to file the same, with all
exhibits thereto, and other documents in connection therewith, with the Securities and
Exchange Commission, granting unto each said attorney-in-fact and agent, full power and
authority to do and perform each and every act and thing requisite and necessary to be
done, as fully as he might or could do in person, hereby ratifying and confirming all that
each said attorney-in-fact and agent may lawfully do or cause to be done by virtue hereof.
Signature
Title
Date
/s/ Jerome J. Smith
Chairman of the Board, Chief
September 27, 2006
Jerome J. Smith
Executive Officer and Director
(Principal Executive Officer)
/s/ Corey A. Chambas
President and Director
September 27, 2006
Corey A. Chambas
/s/ James F. Ropella
Senior Vice President and Chief
September 27, 2006
James F. Ropella
Financial Officer (Principal
Financial and Accounting
Officer)
-6-
/s/ Leland C. Bruce
Director
September 27, 2006
Leland C. Bruce
/s/ Mark D. Bugher
Director
September 27, 2006
Mark D. Bugher
/s/ Jan A. Eddy
Director
September 27, 2006
Jan A. Eddy
/s/ Loren D. Mortenson
Director
September 27, 2006
Loren D. Mortenson
/s/ Dean W. Voeks
Director
September 27, 2006
Dean W. Voeks
/s/ Gary E. Zimmerman
Director
September 27, 2006
Gary E. Zimmerman
-7-
EXHIBIT INDEX
FIRST BUSINESS
FINANCIAL SERVICES, INC.
2006 EQUITY INCENTIVE PLAN
Exhibit No
.
Exhibit
(4.1)
Provisions
of the Amended and Restated Articles of Incorporation of the Company
               defining the rights of holders of capital stock (incorporated by reference
to                Exhibit 3.1 to the Company's Registration Statement on Form 10
filed on                April 28, 2005)
(4.2)
Provisions
of the Bylaws of the Company, as amended, defining the rights of                holders
of capital stock (incorporated by reference to Exhibit 3.2 to the                Company's
Registration Statement on Form 10 filed on April 28, 2005)
(4.3)
The
Company's 2006 Equity Incentive Plan (incorporated by reference to
               Appendix B to the Company's Proxy Statement for the 2006 Annual
Meeting of                Shareholders filed on March 31, 2006)
(4.4)
Form
of Restricted Stock Agreement for 2006 Equity Incentive Plan
(5)
Opinion
of Foley & Lardner LLP
(23.1)
Consent
of KPMG LLP
(23.2)
Consent
of Foley & Lardner LLP (contained in Exhibit 5 hereto)
(24)
Power
of Attorney relating to subsequent amendments (included on the signature
               page to this Registration Statement)
All documents incorporated by
reference are to Commission File No. 0-51028.
-8-