Busey Bank

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First Busey Corporation
Public (NASDAQBUSE)
Industry Financial Services
Founded 1868
Headquarters Champaign, Illinois, USA
Number of locations
46; and more than 25,000 ATMs
Area served
Florida: Charlotte, Lee, Sarasota counties
Indiana: Indianapolis
Illinois: Champaign, Ford, McLean, Peoria, Tazewell counties
Key people
Van A. Dukeman, President & CEO
Services Banking, Insurance, Investment, Finances, Mortgages, Wealth Management
Number of employees
approx. 1400
Subsidiaries Busey Bank
Busey Wealth Management
FirsTech, Inc.
Trevett Capital Partners
Website http://www.busey.com/

First Busey Corporation (Nasdaq: BUSE) is a $5.4 billion financial holding company headquartered in Champaign, Illinois. Busey Bank, a wholly owned bank subsidiary, is headquartered in Champaign, Illinois and has twenty-eight banking centers serving Illinois, thirteen banking centers in the St. Louis, Missouri metropolitan area, five banking centers serving southwest Florida and a banking center in Indianapolis, Indiana. Busey Bank also offers mortgage loan products through seventeen loan production offices in the St. Louis, Kansas City, Chicago, Omaha-Council Bluffs metropolitan areas and across the Midwest. Trevett Capital Partners, a wealth management division of Busey Bank, provides asset management, investment and fiduciary services to high net worth clients in southwest Florida. The wealth management professionals of Trevett Capital Partners can be reached through trevettcapitalpartners.com. Busey Bank had total assets of $5.4 billion as of December 31, 2016.

In addition, Busey Bank owns a retail payment processing subsidiary, FirsTech, Inc., which processes over 27 million transactions per year using online bill payment, lockbox processing and walk-in payments at its 3,000 agent locations in 36 states. More information about FirsTech, Inc. can be found at firstechpayments.com.

Busey Wealth Management is a wholly owned subsidiary of First Busey Corporation. Through Busey Trust Company, Busey Wealth Management provides asset management, investment and fiduciary services to individuals, businesses and foundations. As of December 31, 2016, Busey Wealth Management’s assets under care were approximately $5.4 billion.

For more information about Busey, visit www.busey.com.

Corporate History[edit]

On January 13, 1868, three men opened the Busey Brothers and Company Bank.[1] One of the three was Dr. W. R. Earhart; the other two were brothers, Simeon Busey and the Bank's first president, Colonel Samuel T. Busey. The Bank was Samuel Busey's brainchild and it is his name that is remembered when the origins of Busey Bank are mentioned.

Samuel Busey was one of Champaign-Urbana, Illinois' leading citizens. He is characterized in Champaign County history as a "soldier, banker, patriot, and public-spirited citizen." Samuel Busey served as mayor of Urbana, Illinois, president of the Urbana Board of Education and congressman from the 15th District of Illinois.

The Bank opened in 1868 under the name of Busey Brothers and Company. Earhart, Simeon and Samuel Busey invested $11,000 to open Busey Brothers and Company. The Bank's ledger shows the pioneer financiers took in $9,555.60 in deposits on their first day of business.

Earhart sold his interest in the bank to his partners the next year and it became the Busey Brothers Bank. In 1877, Matthew W. Busey, the Colonel's nephew and a bookkeeper at the bank, purchased Earhart's share.

Samuel was president of the bank from its inception until 1888 when he sold his interest to Matthew and Matthew's brother, George. Matthew assumed the position of president after the sale.

In 1904, the Bank moved from its original location to Main and Race streets. The Bank received its state charter in 1913 and became Busey's State Bank. When Matthew Busey died in 1932, his son Paul succeeded him as President. A year later, Guy Tawney, a son-in-law of Colonel Busey, was elected Chairman of the bank's Board of Directors. In 1945, the bank received its federal charter and became Busey First National Bank.

The 1970s would represent the first time in history a Busey did not hold a controlling interest in the Bank. In the spring of 1971, Catherine Jane Klassen, granddaughter of Samuel T. Busey and the last descendant directly involved with the bank's management, sold her interest to a young man named Douglas C. Mills.

Doug Mills was committed to maintaining the traditions of community involvement and financial integrity. Through this commitment, Busey has maintained its reputation for strength and stability throughout its entire history.

In September 2006 First Busey Corporation and Main Street Trust, Inc. announced a merger of equals transaction to combine the operations of the two community banks. The merger of the holding companies was completed on July 31, 2007. The new Busey opened for business on November 13, 2007.[1]

Main Street Bank & Trust traces its roots back to the time of the Civil War, when a law firm in Champaign County evolved into the Trevett-Mattis Banking Company in 1861.[2] The banking presence emerged in 1873 with capital stock of $100,000.

Today, First Busey Corporation is a financial holding company headquartered in Champaign, Illinois, providing a full range of financial services to more than 85,000 households. Van A. Dukeman currently serves as President & CEO of First Busey Corporation. Under his leadership, nearly 900 Busey associates, with an average tenure of nine years, remain dedicated to ensuring the Busey Promise is fulfilled to each of their 4 Busey Pillars - today and in the future.[3]

Acquisitions[edit]

Since 1992, First Busey Corp has bought several other financial services, including:

Empire Capital Corporation: announced October 2, 1992; completed February 28, 1993

Eagle BancGroup, Inc., parents of Eagle Bank of Champaign County, N.A., and First Federal Savings & Loan Association ("First Federal") based in Bloomington, Illinois: announced June 30, 1999; completed October 29, 1999

First Capital Bankshares, Inc., parents of First Capital Bank based in Peoria, Illinois: announced January 5, 2004; completed June 1, 2004

Tarpon Coast Bancorp, Inc., parents of Tarpon Coast National Bank and its subsidiary Tarpon Coast Financial Services based in Port Charlotte, Florida: announced July 29, 2005; completed February 17, 2006

Main Street Trust, Inc., parents of Main Street Bank and Trust based in Decatur, Illinois: completed July 31, 2007

Herget Financial Corp. , the holding company for Herget Bank, National Association based in Pekin, Illinois: announced September 26, 2014; completed March 16, 2015.[3]

Pulaski Financial Corp., the holding company for Pulaski Bank based in St. Louis, Missouri. Announced December 4, 2015; completed April 29, 2016.

Corporate profile[edit]

Stock[edit]

First Busey Corporation’s common stock is traded on the Nasdaq Stock Exchange under the symbol “BUSE” as of February 6, 2007.

Services[edit]

Busey Bank offers a full range of banking services, including commercial, financial, agricultural and real estate loans, and retail banking services, including accepting customary types of demand and savings deposits, making individual, consumer, installment, first mortgage and second mortgage loans, offering money transfers, safe deposit services, IRA, Keogh and other fiduciary services, automated banking and automated fund transfers.[4]

Bailout[edit]

In March 2009, the U.S. Treasury gave Busey $100 million in exchange for Busey stock as part of the Troubled Asset Relief Program. Busey paid $12.4 million in dividends on the stock.[5] In August 2011, Busey returned $27.4 million to the Treasury and moved the remaining $72.6 million from the TARP program to the Treasury's Small Business Lending Fund, which has fewer restrictions and may require smaller dividends.[6]

This practice of exchanging TARP funds for SBLF funds has been criticized by the TARP Inspector General and members of Congress, as banks can use it to lift the restrictions imposed by TARP even while reducing their small business lending.[7]

Subsidiaries[edit]

Busey Bank
Busey Wealth Management
FirsTech, Inc.
Trevett Capital Partners

External links[edit]

References[edit]