Exhibit 99.1

PRESS RELEASE

      For Release:            August 12, 2004
      Symbol:                 FBGC
      Contact:                Brantly Chappell
                              President & CEO
                              262-763-3581
      Website:                www.firstbankingcenter.com


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                   BOARD ANNOUNCES PLAN TO END SEC REPORTING

(Burlington,  Wisconsin) - First Banking Center,  Inc. (FBGC.PK) announced today
that its board of directors  has approved a plan to put an end to the  company's
obligation to file reports with the  Securities  and Exchange  Commission.  This
"going private"  transaction would be accomplished through a reverse 1-for-2,000
split of First Banking  Center's  common stock to be followed  immediately  by a
forward 2,000-for-1 split. If the split transaction is completed,  First Banking
Center expects to have fewer than 300 shareholders of record. As a result, First
Banking  Center would no longer be required to file  periodic  reports and other
information with the Securities and Exchange Commission.

"In addition to anticipated cost savings resulting from the elimination of these
reporting  requirements,  we expect that the reduced  burden on management  will
allow our officers to focus more attention on our customers and the  communities
where  we  operate,"  stated  CEO  Brant  Chappell.  "Remaining  an  independent
community  bank is important to us because of what we bring to our customers and
shareholders," Mr. Chappell added. "We believe that this will help us to achieve
our institution's long-held goals."

In the split  transaction,  shareholders  with less than  2,000  shares of First
Banking Center common stock held of record in their name immediately  before the
split  transaction  will  receive a cash payment  equal to $60.00 per  pre-split
share.  Shareholders holding 2,000 or more shares of First Banking Center common
stock  immediately  before the split transaction will not receive a cash payment
and will  continue to hold the same  number of shares  after  completion  of the
split transaction.

The Board of  Directors  has  received a  fairness  opinion  from its  financial
advisor, Ryan Beck & Co., that the cash consideration to be paid in the proposed
split  transaction  is fair,  from a financial  point of view,  to First Banking
Center's shareholders.  The proposed split transaction is subject to approval by
the holders of a majority of the issued and outstanding  shares of First Banking
Center common stock. Shareholders will be asked to approve the split transaction
at a special meeting of shareholders,  currently  expected to be held in October
of this year.

First Banking Center intends to file a preliminary  proxy statement and Schedule
13E-3 with the SEC outlining the  transaction.  All  shareholders are advised to
read the  definitive  proxy  statement  and Schedule  13E-3  carefully  when the
documents  are  available.  Shareholders  may  obtain a free  copy of the  proxy
statement and Schedule 13E-3 at the SEC's web site at www.sec.gov. First Banking
Center  will also mail a copy of the  definitive  proxy  statement  prior to the
special meeting to its shareholders entitled to vote at the annual meeting.

About First Banking Center, Inc.
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First Banking Center,  Inc. is a one-bank holding company.  First Banking Center
Inc.'s primary  business  activity is the ownership and control of First Banking
Center,  its  wholly-owned  subsidiary  bank.  First Banking  Center,  Inc. also
provides  administrative  and operational  services for its subsidiary bank. The
subsidiary bank was organized in 1920 and is a full service commercial bank with
numerous locations in the state of Wisconsin.  The subsidiary bank offers a wide
range of services,  which include loans, personal banking,  trust and investment
services, and insurance and annuity products.

Cautionary Statement Regarding Forward-Looking Statements
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Statements made in this press release,  other than those  containing  historical
information,  are  forward-looking  statements  made pursuant to the safe harbor
provisions of the Private  Securities  Litigation Act of 1995.  Such  statements
involve risks and uncertainties that may cause results to differ materially from
those set forth in these statements.  First Banking Center cautions readers that
results and events subject to forward-looking statements could differ materially
from those in the forward-looking statements.