Busey Bank

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First Busey Corporation
Type Public (NYSE: BUSE)
Founded 1868
Headquarters Flag of the United States Urbana, Illinois, USA
No. of locations 54; and 120 ATM's (as of March 1, 2008)
Area served Illinois: Champaign, Macon, Shelby, McLean, Ford, Livingston, Peoria, Tazewell counties
Florida: Lee, Charlotte, Sarasota counties
Indiana: Indianapolis
Key people Douglas C. Mills, Chairman
Van A. Dukeman, President & CEO
Industry Financial Services
Services Banking, Insurance, Investment, Finance, Mortgage, Wealth Management
Employees Approx. 1000[1] (2007)
Subsidiaries Busey Bank (Illinois)
Busey Bank N.A. (Florida)
Busey Investment Group:
Busey Insurance Services, Inc.;
First Busey Trust & Investment Co.;
First Busey Securities, Inc.
Website http://www.busey.com/

First Busey Corporation (NASDAQ: BUSE) based in Urbana, Illinois and founded in 1868, is a $4.2 billion diversified financial holding company. First Busey Corp has three wholly-owned banking subsidiaries with locations in three states. Busey Bank is headquartered in Urbana, Illinois has 42 offices serving Champaign, Macon, Shelby, McLean, Ford, Livingston, Peoria and Tazewell Counties in Illinois, a banking center in Indianapolis and a loan production office in Fort Myers, Florida. Busey Bank N.A. is a nationally-chartered bank headquartered in Port Charlotte, Florida has nine offices serving Lee, Charlotte and Sarasota Counties in Southwest Florida. Busey Investment Group, based in Champaign, Illinois[1], is the third subsidiary of First Busey Corp and owns three subsidiaries: First Busey Trust & Investment Co., First Busey Securities, Inc., and Busey Insurance Services, Inc. First Busey Corp also owns a retail payment processing subsidiary, FirsTech, Inc., which is headquartered in Decatur, Illinois and operates a sales and service operation in the St. Louis market.

Contents

[edit] Corporate history

On January 13, 1868, three men, Dr. W. R. Earhart and the brothers Simeon Busey and Colonel Samuel T. Busey opened the Busey Brothers and Company Bank in Urbana, Illinois. The following year, Earhart sold his interest in the Bank to the brothers and the Bank became simply 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 in which Matthew assumed the position of Bank President. In 1913, the Bank received its state charter and became known as Busey’s State Bank. When Matthew Busey died in 1932, his son Paul succeeded him as President. A year later, Guy Tawney, Colonel Busey’s son-in-law, was elected Chairman of the Bank’s Board of Directors. In 1945, the Bank received its federal charter and became Busey First National Bank.

In the spring of 1971, Catherine Jane Klassen, granddaughter of Samuel T. Busey and the last descendant of the Busey family who was directly involved with the Bank’s management sold her interest to a young man named Douglas C. Mills and Busey First National Bank became First Busey Corporation. Doug Mills maintained the Banks tradition of community involvement and financial integrity until August 1, 2007 when First Busey Corporation announced its completed merger of equals transaction with Main Street Trust, Inc., and Van A. Dukeman became the President and CEO of First Busey Corp.

[edit] Corporate profile

[edit] Business combination

On September 20, 2006, First Busey Corp entered into a Merger Agreement with Main Street Trust, Inc with First Busey and its subsidiary Busey Bank surviving the Merger. Since the announcement of a merge, both companies worked with the U.S. Department of Justice to reach an accord and on June 12, 2007, First Busey Corporation and Main Street Trust, Inc. announced that they have reached a joint agreement with the U.S. Department of Justice to sell five Main Street branches in Champaign County. The U.S. Department of Justice required Main Street to divest the branches to receive the required regulatory approval for the proposed merger from the Board of Governors of the Federal Reserve and reduced the number of over-lapping branches. These five branches had a combined deposits of approximately $110 million as of June 30, 2006[2]. On July 20, 2007, Main Street Trust, Inc. announced that it has reached an agreement to sell five of its branches to Freestar Bank, N.A., a national bank with its home office in Pontiac, Illinois[3]. As a result, on August 1, 2007, First Busey Corp. announced a complete merger of equal with Main Street Trust, Inc. and on November 13, 2007 the two primary subsidiary banks, Main Street Bank & Trust and Busey Bank merged into a single, re-branded Busey Bank.

One of the dozen billboard signs marketed by Busey Bank during its merger with Main Street Bank on November 13, 2007
One of the dozen billboard signs marketed by Busey Bank during its merger with Main Street Bank on November 13, 2007

During the weekend of November 10, 2007, Busey Bank released its new brand and logo. The timing of the unveiling of the new brand coincided with the completion of the merger between Main Street Bank & Trust and Busey Bank.

[edit] Stock

First Busey Corporation’s common stock is traded on the Nasdaq Stock Exchange under the symbol “BUSE” as of February 6, 2007. First Busey Corporation has a repurchase program in effect under which it is authorized to purchase up to 750,000 shares of stock.

[edit] Services

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]

[edit] Acquisitions

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: announced ; completed 1 August 2007

[edit] Subsidiaries

Busey Bank
Busey Bank, N.A.
Busey Investment Group
First Busey Trust & Investment Co.
First Busey Securities, Inc.
Busey Insurance Services, Inc.

[edit] References

  1. ^ First Busey Corporation (2007). Facts on the New Busey. Retrieved March 4, 2008, http://busey.com/news/Fact_Sheet.pdf
  2. ^ First Busey Corporation (2007). First Busey, Main Street to Divest Five Locations. Retrieved March 4, 2008, http://busey.com/news/DOJ.Press.Release.Final.pdf
  3. ^ First Busey Corporation (2007). Main Street Enters Agreement to Sell Five Locations to Freestar Bank. Retrieved March 4, 2008, http://busey.com/news/PR.agreement.sell.pdf
  4. ^ United States Securities & Exchange Commission (2007). First Busey Corporation Form 10-K Annual Report. Retrieved March 5, 2008, http://secfilings.nasdaq.com/edgar_conv_html%2f2007%2f03%2f16%2f0000950137-07-003925.html#FIS_BUSINESS

[edit] External links

Busey Bank: http://www.busey.com/
Busey Bank Mortgage Center: http://busey.mortgagewebcenter.com/
Busey Wealth Management: http://www.snl.com/irweblinkx/corporateprofile.aspx?iid=100703