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First Busey Corporation (Nasdaq: BUSE) is a diversified financial holding company headquartered in Champaign, Illinois. With a legacy spanning over 145 years, First Busey Corporation is a premier provider of financial services through its subsidiaries, including Busey Bank, Busey Wealth Management, and FirsTech, Inc. The company operates in Illinois, Missouri, Florida, and Indiana, serving the personal, business, and wealth management needs of various communities.
Busey Bank is a wholly-owned subsidiary of First Busey Corporation, boasting total assets of $12.28 billion as of December 31, 2023. The bank has 58 banking centers, including 21 in Central Illinois, 13 in suburban Chicago, 20 in the St. Louis metropolitan area, one in Indianapolis, and three in Southwest Florida. Busey Bank is recognized for its robust financial performance and superior service quality, consistently rated as a 5-star “superior” bank by BauerFinancial.
The Wealth Management division of Busey provides comprehensive asset management, investment, brokerage, fiduciary, and philanthropic advisory services. As of December 31, 2023, assets under care totaled $12.14 billion, serving individuals, businesses, and foundations.
FirsTech, Inc., a wholly-owned subsidiary, specializes in financial technology solutions for small and medium-sized businesses, highly regulated industries, and financial institutions. Services include innovative payment technology solutions such as online, mobile, and voice-recognition bill payments, direct debit services, lockbox remittance processing, and treasury services. More information on FirsTech can be found at firstechpayments.com.
In addition to financial services, First Busey Corporation is committed to community development and has received numerous awards, including the Illinois Bankers’ Association Community Service Award and recognition among the Best Places to Work in Illinois since 2016.
Recent achievements include the acquisition of Merchants and Manufacturers Bank Corporation (M&M Bank), enhancing Busey's market presence in the Chicago-Naperville-Elgin Metropolitan Statistical Area (MSA). This partnership is expected to close in the second quarter of 2024, significantly expanding Busey's deposit, commercial banking, and wealth management services.
First Busey Corporation's commitment to service excellence is underscored by its ranking among American Banker’s Best Banks to Work For and Forbes’ America's Best Banks. The company continuously strives to provide superior financial solutions while fostering a culture of integrity and community support.
First Busey (BUSE) and CrossFirst Bankshares, Inc. (CFB) have announced a merger agreement valued at approximately $916.8 million. The all-stock transaction will create a combined entity with $20 billion in assets, operating under the Busey brand. The merger extends Busey's market presence to Arizona, Colorado, Kansas, New Mexico, Oklahoma, and Texas.
Key highlights:
- Combined company will have $17 billion in deposits and $13 billion in wealth management assets
- Expected to provide 20% EPS accretion for Busey in 2026
- Minimal tangible book value dilution of -0.6% with a 6-month earnback period
- CrossFirst shareholders will receive 0.6675 Busey shares for each CFB share
- Transaction expected to close in Q1 or Q2 2025, subject to approvals
First Busey (Nasdaq: BUSE) reported net income of $27.4 million and diluted EPS of $0.47 for Q2 2024, marking an increase from Q1 2024 but a decrease from Q2 2023. Adjusted net income was $29.0 million, or $0.50 per diluted share. The company's net interest margin rose by 24 basis points to 3.03%. Noninterest income stood at $33.8 million, with a record high in revenue for Wealth Management and FirsTech segments. The acquisition of Merchants & Manufacturers Bank was completed on April 1, 2024, and integrated by June 21, 2024.
Busey's tangible book value per common share rose to $16.97, an 11.3% year-over-year increase. Total assets were $11.97 billion, with portfolio loans reaching $8.00 billion. Noninterest expense rose to $75.5 million, and the allowance for credit losses was $85.2 million. Despite a $2.3 million provision for credit losses, asset quality remains strong, with non-performing assets at 0.08% of total assets.
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