First Busey Corporation Announces Pricing of Subordinated Notes Offering | News

CHAMPAIGN, Ill., May 25, 2022 (GLOBE NEWSWIRE) — First Busey Corporation (NASDAQ: BUSE) (the “Company”), the holding company of Busey Bank (the “Bank”), today announced the pricing of its Public Offering of $100.0 million aggregate principal amount of 5.000% Fixed-Floating Rate Subordinated Notes due 2032 (the “Notes”). The public price of the tickets was 100% of the principal amount of the tickets. Interest on the Notes will accrue at a rate equal to (i) 5.000% per annum from the date of original issue until but excluding June 15, 2027, payable semi-annually in arrears, and (ii) a variable rate per year equal to a reference rate, which should be the three-month SOFR (as defined in the Notes), plus a spread of 252 basis points from June 15, 2027 inclusive, payable quarterly in arrears . The Notes are intended to qualify as Tier 2 capital for regulatory purposes. This offering is expected to close on June 2, 2022, subject to satisfaction of customary closing conditions.

Piper Sandler & Co. and US Bancorp Investments, Inc. are acting as joint bookrunners for the offering.

The Company estimates that the net proceeds of the offering will be approximately $98.5 million, after deducting subscription discounts, and before fees payable by the Company. The Company intends to use the proceeds for general corporate purposes, which may include, but is not limited to, providing capital to support its growth organically or through strategic acquisitions, repayment of debt, financing of investments, capital expenditures, repurchase of common shares and for investments in the Bank as regulatory capital.

This offering is made solely by means of a Prospectus Supplement and the accompanying Base Prospectus. The Company has filed a registration statement (File No. 333-249028) and a preliminary prospectus supplement to the prospectus contained in the registration statement with the United States Securities and Exchange Commission (“SEC”) for Notes to which this communication relates and file a definitive prospectus supplement relating to the Notes.

Prospective investors should read the Prospectus Supplement and accompanying Prospectus and other documents the Company has filed or will file with the SEC for more complete information about the Company and the Offering. Copies of these documents, when available, may be obtained free of charge by visiting the SEC’s website at or may be obtained by calling Piper Sandler & Co. toll free at 1-866-805-4128 or US Bancorp Investments, Inc. at 1-877-558-2607.

company profile

As of March 31, 2022, the company was a $12.57 billion financial holding company headquartered in Champaign, Illinois.

The Bank, a wholly-owned banking subsidiary of the Company, had total assets of $12.54 billion as of March 31, 2022 and is headquartered in Champaign, Illinois. The Bank currently has 46 banking centers serving Illinois, eight banking centers serving Missouri, three banking centers serving Southwest Florida, and one banking center in Indianapolis, Indiana.

The Bank’s wholly-owned subsidiary, FirsTech, Inc. (“FirsTech”) is a payment platform specializing in the evolving financial technology needs of small and medium-sized businesses, highly regulated industries and financial institutions. With associates across the United States, FirsTech provides comprehensive and innovative payment technology solutions that allow businesses to connect with their customers in multiple ways on a single, highly configurable and secure platform. Fast and secure payment methods include, but are not limited to, SMS payments; concentration of electronic payments delivered to networks of automated clearing houses; Internet Voice Recognition (IVR); credit card; in-store payments for customers at retail payment agents; direct debit services; and processing deposits in safe deposit boxes for customers to make payments by mail. Once these payments are processed through integration with our clients’ financial systems, FirsTech provides its clients with reconciliation and settlement services to ensure payment confirmation. Additionally, FirsTech provides consulting and technology services through its professional services division, helping clients identify and implement payment technologies to meet their evolving needs. FirsTech launched its innovative BaaS platform in early 2022, helping community banks and their commercial customers create modernized payment solutions, which include online payment technologies and automated file transfers. More information about FirsTech can be found at

Through the Bank’s Wealth Management division, the Bank provides asset management, investment and trust services to individuals, corporations and foundations. As of March 31, 2022, assets under custody amounted to $12.33 billion.

The Bank was named one of America’s Best Banks for 2022, a first-ever recognition by Forbes magazine. Ranked 52nd overall, Busey was the highest ranked bank headquartered in Illinois; only three other Illinois-based banks were on the list. We are honored to be consistently recognized nationally and locally for our committed culture of integrity and commitment to community development.

For more information about the company, visit

Category: Financial

Source: First Busey Corporation


Jeffrey D. Jones, Chief Financial Officer


Ted Rosinus, Senior Vice President of Investor Relations and Corporate Development


Disclaimer about this release

This press release does not constitute an offer to sell or a solicitation of an offer to buy the Notes, and there will be no sale of the Notes in any state or other jurisdiction in which such offer, solicitation or sale would be illegal prior to registration. or qualification under the securities laws of such state or territory. Any offer of Bonds is made only by means of a written prospectus satisfying the requirements of Section 10 of the Securities Act of 1933, as amended. The Notes offered have not been approved or disapproved by any regulatory authority, and none of such authorities has passed upon the accuracy or adequacy of the Prospectus Supplement or the Shelf Registration Statement or Prospectus. relating thereto.

Special note regarding forward-looking statements

Statements made in this press release, other than those relating to historical financial information, may be deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to financial condition, results of operations, the plans, objectives, performance and activities of the Company. Forward-looking statements, which may be based on the beliefs, expectations and assumptions of the Company’s management, and on information currently available to management, are generally identifiable by the use of words such as “believe”, ” expect”, “anticipate”, “plan”, “intend”, “estimate”, “may”, “will”, “could”, “could”, “should”, or others similar expressions. Further, all statements in this press release, including forward-looking statements, speak only as of the date on which they are made, and the Company undertakes no obligation to update any statement in light new information or future events. A number of factors, many of which are beyond the Company’s ability to control or predict, could cause actual results to differ materially from those indicated in the Company’s forward-looking statements. These factors include, among others, the following: (i) the strength of the local, state, national and international economy (including the effects of inflationary pressures and supply chain constraints); (ii) the economic impact of any future terrorist threat or attack, generalized disease or pandemic (including the COVID-19 pandemic), or other adverse external events that could cause economic deterioration or instability in credit markets (including Russia’s invasion of Ukraine); (iii) changes in state and federal governmental laws, regulations and policies relating to the general business of the Company; (iv) changes in accounting policies and practices; (v) changes in interest rates and prepayment rates of the Company’s assets (including the impact of the phasing out of LIBOR); (vi) increased competition in the financial services industry and inability to attract new customers; (vii) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (viii) loss of key officers or associates; (ix) changes in consumer spending; (x) unexpected results of current and/or future acquisitions, which may include the failure to realize the anticipated benefits of any acquisition and the possibility that transaction costs will be higher than anticipated; (xi) unexpected results of existing or new litigation involving the Company; and (xii) the economic impact of extreme weather events such as tornadoes, hurricanes, floods and blizzards. These risks and uncertainties should be considered when evaluating forward-looking statements and undue reliance should not be placed on such statements. Additional information regarding the Company and its business, including additional factors that could materially affect its financial results, is included in the Company’s filings with the SEC.

Luisa D. Fuller