First Business Financial Services, Inc.

Rating Overview

First Business Financial Services, Inc. is Medium Risk.

First Business Financial Services, Inc. is Lower Risk. The company does not yield to political activism in shaping corporate governance, preventing initiatives that potentially alienate consumers, divide employees, and harm shareholders. First Business Financial Services Inc. implements race and identity-based policies that replace merit, excellence, and integrity with preferential treatment and outcomes. Overall, the company does not embrace corporate initiatives that redirect its central focus from business goals to partisan policies and divisive issues. This approach protects free exercise, free speech, and free enterprise.

Rating Criteria

Corporate Weaponization Risk Levels
Criteria	Risk Level
Cancellations	Medium Risk
Discriminatory Philanthropy	Lower Risk
Employment Protection	High Risk

Corporate Weaponization ⓘ

Corporate Governance and Public Policy Risk Levels
Criteria	Risk Level
Advocacy Bias	Medium Risk
Funding	Lower Risk
Political Actions	No Data

Corporate Governance and Public Policy ⓘ

Rating Criteria Detail

Criteria Risk Level Rationale

Corporate Weaponization

Criteria:

Has canceled customers, suppliers, or vendors due to their political views or religious beliefs OR corporately boycotts, divests, or sanctions regions, people groups, or industries.

Risk Level:

Medium

Rationale:

First Business Financial Services, Inc. integrates ESG into its business practices. From its 2024 Q2 Investor Presentation: “Environmental, social, and governance practices are integrated into our core business strategy” (1). The company has a history of divisive corporate policies and practices. However, in Q3 of 2025, the company removed ESG language from its quarterly Investor Presentations. To date, the company has not publicly addressed this change, leaving shareholders without clarity regarding the company’s reasoning or future direction (2)(3)(4). However, First Business Financial Services, Inc. has not publicly canceled customers, suppliers, or vendors based on political views or religious beliefs (5).

Criteria:

Charitable giving (including employee matching programs) policies or practices discriminate against charitable organizations based on views or religious beliefs.

Risk Level:

Lower

Rationale:

First Business Financial Services, Inc. does not appear to discriminate against charitable organizations based on views or beliefs (1).

Criteria:

Employment policies fail to protect against viewpoint or other discrimination and/or are ideological in nature.

Risk Level:

High

Rationale:

First Business Financial Services, Inc. appears to prioritize diversity over merit in its business structure through the establishment of gender and racial targets for its board diversity. The company is seeking “33% female and 10% ethnic or racial directors and 75% of standing committees chaired by female directors” (1). The company has a history of divisive corporate policies and practices. However, in Q3 2025, the company removed diversity targets from its quarterly Investor Presentations. To date, the company has not publicly addressed this change, leaving shareholders without clarity regarding the company’s reasoning or future direction (2)(3)(4). First Business Financial Services, Inc. does not provide viewpoint protections for its employees (5).

Corporate Governance and Public Policy

Criteria:

Uses corporate reputation to support causes, organizations, or policies hostile to freedom of expression.

Risk Level:

Medium

Rationale:

First Business Financial Services, Inc. supports DEI within its business practices. From its Careers page: “It’s important for us to be even more inclusive, fully embracing the diversity in our workforce and communities” (1). Otherwise, First Business Financial Services, Inc. has not supported ideological causes or policies (2).

Criteria:

Uses corporate funds to advance ideological causes, organizations, or policies hostile to freedom of expression.

Risk Level:

Lower

Rationale:

First Business Financial Services, Inc. has not used corporate funds to advance ideological causes, organizations, or policies (1).

Criteria:

Uses corporate political actions and/or financial contributions for ideological, non-business purposes.

Risk Level:

N/A

Rationale:

First Business Financial Services, Inc. does not operate a PAC or engage in lobbying at this time (1)(2)(3).