First Busey Corporation (NASDAQ: BUSE) has announced the pricing of an underwritten public offering of 8,000,000 depositary shares, each representing a 1/40th ownership interest in a share of its 8.25% fixed rate Series B non-cumulative perpetual preferred stock. The liquidation preference of the Series B preferred stock is $1,000 per share, equivalent to $25.00 per depositary share.
The net proceeds from the offering are expected to be used to redeem Busey’s 5.25% fixed-to-floating rate subordinated notes due 2030, and for general corporate purposes including to support balance sheet growth of Busey Bank.
As of March 31, 2025, First Busey Corporation was a $19.46 billion financial holding company headquartered in Leawood, Kansas. Busey Bank, a wholly-owned bank subsidiary of First Busey Corporation, had total assets of $11.98 billion, and CrossFirst Bank, another wholly-owned bank subsidiary, had total assets of $7.45 billion as of the same date. It is anticipated that CrossFirst Bank will be merged with and into Busey Bank on June 20, 2025.
Additionally, through Busey’s wealth management division, the company provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations. Assets under care totaled $13.68 billion as of March 31, 2025.
First Busey Corporation has named among 2025’s America’s Best Banks by Forbes, ranked 88th overall, and has received several other accolades, including being named among the best banks to work for and the best places to work in various regions.
For further details, the company has provided contacts for financials and media inquiries. The market has reacted to these announcements by moving the company's shares 0.4% to a price of $22.52. For more information, read the company's full 8-K submission here.
