Profile: First Busey Corp (BUSE.OQ)
22 Nov 2017
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. 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, St. Louis, Missouri metropolitan area, southwest Florida and through its branch in Indianapolis, Indiana. 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.
The Company conducts the business of banking and related services through Busey Bank (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 diversified financial products and services for consumers and businesses, including online and mobile banking capabilities to conveniently serve its customers' needs. Services include commercial, agricultural and real estate 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, safe deposit services, and Individual Retirement Account (IRA) and other fiduciary services through its branch, automated teller machine (ATM) and technology-based networks. The Company, through its subsidiary First Community Financial Bank, operates in nine locations in Joliet, Plainfield, Homer Glen, Channahon, Naperville, Burr Ridge, Mazon, Braidwood, and Diamond, Illinois.
The Company's loan portfolio includes commercial loans, commercial real estate loans, real estate construction loans, retail real estate loans and retail other loans. Its commercial loans typically comprise working capital loans or business expansion loans, including loans for asset purchases and other business loans. Its retail real estate loans comprises direct consumer loans that include residential real estate, residential real estate construction loans, home equity lines of credit and home equity loans. Its retail other loans consist of installment loans to individuals, including automotive loans. As of December 31, 2016, the Company's loans held for sale totaled $256.3 million.
The Company has classified its investment securities as available for sale and held to maturity. Its available-for-sale securities include the United States Treasury securities, Obligations of the 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, 2016, the fair value of securities available for sale was $759.8 million. The Company had $47.8 million of securities classified as held to maturity at December 31, 2016.
Sources of Funds
The Company'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, 2016, the Bank's total deposits were approximately $4.37 billion.
The Company's 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 FirsTech 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.
First Busey Corp
201 W Main St
URBANA IL 61801-2621