Profile: First Busey Corp (BUSE.OQ)
5 Dec 2013
First Busey Corporation (First Busey) is a financial holding company. First Busey conducts a range of financial services through its banking and non-banking subsidiaries at multiple locations in Illinois, Florida, Indiana and Missouri. First Busey has one wholly owned bank subsidiary, Busey Bank (the Bank), which has locations in three states. First Busey conducts the business of banking and related services through the Bank, asset management, brokerage and fiduciary services through Busey Wealth Management, Inc. (Busey Wealth Management) and retail payment processing through FirsTech, Inc. (FirsTech). The Bank is an Illinois state-chartered bank. The Bank has 33 locations in Illinois, seven in southwest Florida and one in Indianapolis, Indiana. The Bank offers a range of banking services, including commercial, 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, individual retirement accounts (IRA), Keogh and other fiduciary services, automated banking and automated fund transfers.
The Bank’s primary markets are downstate Illinois, southwest Florida, and central Indiana. Busey Wealth Management provides asset management, investment and fiduciary services to individuals, businesses and foundations through its subsidiary, Busey Trust Company. As of December 31, 2011, they had $3.8 billion in assets under care. 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.
FirsTech, which has offices in Decatur, Illinois and Clayton, Missouri, offers the 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 had approximately 3,100 agent locations in 38 states as of December 31, 2011.
The Bank’s loan portfolio consists primarily of commercial, commercial real estate, residential real estate, and consumer loans. As of December 31, 2011, real estate mortgage loans (including commercial and residential real estate) made up approximately 74.1% of the Bank’s loan portfolio, construction lending consisted approximately 5.1%, commercial loans consisted approximately 19.9%, and consumer installments and other loans consisted approximately 0.9%. At December 31, 2011, approximately 81.4% of its loans were collateralized by real estate.
The Company has classified all investment securities as securities available-for-sale. The Bank’s portfolio totaled $823.1 million at December 31, 2011. Pledged securities totaled $359.9 million, or 43.3%, at December 31, 2011. The composition of securities available-for-sale includes the United States Treasury securities, obligations of the United States Government corporations and agencies, obligations of states and political subdivisions, residential mortgage-backed securities, corporate debt securities, and mutual funds and other equity securities.
Sources of Funds
First Busey’s primary 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, noninterest-bearing, interest-bearing transaction deposits, savings deposits, money market deposits and time deposits.
First Busey Corp
100 W. University Ave
CHAMPAIGN IL 61820