Profile: First Busey Corp (BUSE.OQ)
7 Dec 2016
First Busey Corporation (First Busey), incorporated on June 14, 1993, is a financial holding company. The Company offers a range of financial services through its banking and non-banking subsidiaries at multiple locations in Illinois, Florida, Indiana and Missouri. First Busey has a bank subsidiary, Busey Bank (the Bank), which is an Illinois state-chartered bank, with operations in approximately 30 locations in Illinois, approximately seven in southwest Florida and one in Indianapolis, Indiana. The Company operates through three segments: Banking, Remittance Processing and Wealth Management. The Banking segment provides a range of banking services to individual and corporate customers through its branch network in downstate Illinois, through its branch in Indianapolis, Indiana, and through its branch network in southwest Florida. The Remittance Processing segment provides for online bill payments, lockbox and walk-in payments. The Wealth Management segment provides a range of asset management, investment and fiduciary services to individuals, businesses and foundations, tax preparation, philanthropic advisory services, and farm and brokerage services.
First Busey provides banking and related services through the Bank; asset management, brokerage and fiduciary services through Busey Wealth Management, Inc. (Busey Wealth Management) and Trevett Capital Partners (Trevett), and retail payment processing through FirsTech, Inc. (FirsTech). The Bank offers a range of banking services including agricultural loans and retail banking services, including home equity lines of credit, residential real estate and consumer loans, customary types of demand and savings deposits, money transfers, and safe deposit services, individual retirement accounts (IRA), Keogh and other fiduciary services through its branch, automated teller machine (ATM) and technology-based networks.
The Bank offers a range of diversified financial products and services for consumers and businesses, including online and mobile banking capabilities to serve its customers' needs. In addition, its professional farm management and brokerage services are offered to landowners of prime farmland in Illinois.
The Bank's loan portfolio includes commercial, commercial real estate, real estate construction, retail real estate, and retail other. As of December 31, 2015, the Bank's commercial loans comprised approximately 24.9%, commercial real estate comprised approximately 45.8%, real estate construction lending comprised approximately 3.6%, retail real estate comprised approximately 25.1% and retail other loans comprised approximately 0.6% of the total loans. The Bank generates total loans of approximately $2.63 billion.
The Company has classified its investment securities as available for sale and held to maturity. Its available-for-sale securities include United States Treasury securities, Obligations of United States government corporations and agencies, obligations of states and political subdivisions, residential mortgage-backed securities and corporate debt securities. The held-to-maturity securities include obligations of states and political subdivisions and commercial mortgage-backed securities. As of December 31, 2015, the fair value of securities available for sale was approximately $834.8 million.
Sources of Funds
First Busey's sources of funds consist of deposits, investment maturities and sales, loan principal repayments and capital funds. The various types of deposits offered by the bank include demand deposits, non-interest-bearing; interest-bearing transaction deposits; savings deposits; money market deposits, and time deposits. As of December 31, 2015, the Bank's total deposits were approximately $3.29 billion.
The Company's subsidiary, Busey Wealth Management, is engaged in providing asset management, investment and fiduciary services to individuals, businesses and foundations through its subsidiary, Busey Trust Company. For individuals, Busey Trust Company provides investment management, trust and estate advisory services and financial planning. For businesses, it provides investment management, business succession planning and employee retirement plan services. For foundations, Busey Trust Company provides investment management, investment strategy consulting and fiduciary services. Brokerage-related services are offered by Busey Investment Services, a division of Busey Trust Company, through a third-party arrangement with Raymond James Financial Services.
The Company's indirect subsidiary, FirsTech, which has offices in Decatur, Illinois and Clayton, Missouri, offers pay processing solutions, such as walk-in payment processing for payments delivered by customers to retail pay agents; online bill payment solutions for payments made by customers on a billing company's Website; customer service payments for payments accepted over the telephone; direct debit services; electronic concentration of payments delivered by the Automated Clearing House network; money management software and credit card networks, and lockbox remittance processing of payments delivered by mail. FirsTech has approximately 3,000 agent locations in approximately 40 states.
First Busey Corp
201 W Main St
URBANA IL 61801-2621