First Busey Corporation Closes Depositary Share Offering

Core Viewpoint - First Busey Corporation successfully closed a public offering of 8,600,000 depositary shares, raising approximately $207.48 million, which will enhance its capital structure and support future growth initiatives [1]. Group 1: Offering Details - The public offering included 8,600,000 depositary shares, with each share representing a 1/40th ownership interest in a share of 8.25% Fixed Rate Series B Non-Cumulative Perpetual Preferred Stock [1]. - The liquidation preference for each share is $1,000, equivalent to $25.00 per depositary share [1]. - The offering was managed by Piper Sandler & Co., Morgan Stanley & Co. LLC, and Keefe, Bruyette & Woods, Inc. as joint bookrunning managers [2]. Group 2: Financial Profile - As of March 31, 2025, First Busey Corporation had total assets of $19.46 billion [4]. - Busey Bank, a wholly-owned subsidiary, reported total assets of $11.98 billion [5]. - CrossFirst Bank, another subsidiary, had total assets of $7.45 billion and is set to merge with Busey Bank on June 20, 2025 [6]. Group 3: Wealth Management and Technology Services - Busey Bank's Wealth Management division manages assets totaling $13.68 billion, offering a range of services including asset management and tax preparation [7]. - FirsTech, a subsidiary of Busey Bank, specializes in financial technology solutions for small and medium-sized businesses, providing various payment technology services [8]. Group 4: Recognition and Awards - Busey was ranked 88th among America's Best Banks by Forbes in 2025 and received multiple accolades for being a great workplace [9].