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 offering has a liquidation preference of $1,000 per share, or $25.00 per depositary share.
Dividends on the Series B preferred stock will be payable at a rate of 8.25% per annum, payable quarterly in arrears. 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. Busey Bank, a wholly-owned bank subsidiary, had total assets of $11.98 billion, with 62 banking centers in various markets. CrossFirst Bank, another wholly-owned bank subsidiary, had total assets of $7.45 billion and 16 banking centers located across different states. It is anticipated that CrossFirst Bank will be merged with and into Busey Bank on June 20, 2025.
Busey’s wealth management division provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations, with assets under care totaling $13.68 billion as of March 31, 2025.
Furthermore, Firstech, a wholly-owned subsidiary of Busey Bank, specializes in the financial technology needs of small and medium-sized businesses, highly regulated enterprise industries, and financial institutions. Firstech provides comprehensive and innovative payment technology solutions, including online, mobile, and voice-recognition bill payments; money and data movement; merchant services; direct debit services; lockbox remittance processing for payments made by mail; and walk-in payments at retail agents.
For the fourth consecutive year, Busey was named among 2025’s America’s best banks by Forbes, ranking 88th overall. It was also named among the best banks to work for by American Banker and the best places to work in various regions and industries.
In addition to the offering, Busey intends to apply to list the depositary shares on the NASDAQ Global Select Market under the symbol “BUSEP.” The company expects to close the offering, subject to customary conditions, on or about May 20, 2025. Following these announcements, the company's shares moved 0.4%, and are now trading at a price of $22.52. Check out the company's full 8-K submission here.
