The bank provides a comprehensive range of banking services, encompassing commercial, financial, agricultural, and real estate loans, as well as retail banking services. It accepts various types of demand and savings deposits, extends loans for individual, consumer, installment, first mortgage, and second mortgage purposes, and offers services such as money transfers, safe deposit facilities, and fiduciary services, including IRA and Keogh accounts. Additionally, the bank provides automated banking and fund transfer capabilities.[2]
The origins of Busey Bank can be traced back to 1868, when Samuel Busey and two co-founders established the Busey Brothers and Company Bank in Urbana, a town with a population of around 2,000 people. On its first day, the bank collected $9,555.60 in deposits. In 1913, the bank obtained its state charter and became known as Busey State Bank.
In 1922, the Shelby Loan & Trust Company in Shelbyville, Illinois, was granted trust powers, while the Pulaski Building and Loan Association was established in St. Louis to assist the community with savings and home purchases. Additionally, Farm Management Services was created in 1926.
In 1935, Busey State Bank joined the Federal Deposit Insurance Corporation (FDIC) and successfully navigated the challenges posed by the stock market crash and the Great Depression without losing any deposited funds.
On September 1, 1945, the bank obtained its federal charter, and a day before the end of World War II, it became known as Busey First National Bank.
1960-1990s
In 1963, Trevett-Mattis, known as the Bank of Illinois, celebrated a century of service in Champaign.
On the 100th anniversary of Busey First National Bank in 1968, its assets exceeded $34 million.
In 1971, Busey First National Bank undergoes a change in ownership, marking the first time it is controlled by a non-Busey family member.
In 1975, Busey initiated the Sweetcorn Festival in Champaign-Urbana, an event that continues to be held today.
In 1980, Busey First National Bank established First Busey Corporation as a bank holding company.
FirsTech, Inc. began operations in 1984, providing lockbox and processing services to utility companies.
The merger of Busey First National Bank, Champaign County Bank & Trust, and City Bank in 1987 formed Busey Bank, a state-chartered bank.
In 1991, Pulaski Building and Loan Association was renamed Pulaski Bank to reflect its expanded range of consumer financial services.
Empire Capital Corporation is acquired, with the announcement made on October 2, 1992, and completion on February 28, 1993.
In 1993, Busey Bank celebrates its 125th anniversary, boasting assets of $675 million and stockholders' equity exceeding $53 million, making it one of the largest financial institutions headquartered in East Central Illinois.
BankIllinois, formerly known as Trevett-Mattis, merges with Champaign National Bank in 1995 and retains the name BankIllinois.
1997 sees the launch of Busey Ebank as a fully transactional electronic bank.
First Busey Corporation stock begins trading on NASDAQ under the symbol BUSE in 1998.
Busey Bank expands its presence to Indianapolis, Indiana, by establishing a loan production office to cater to the community's needs.
In 1999, Busey continues its expansion in McLean County through the acquisition of Eagle Bank Group (First Federal Savings and Loan of Bloomington). The acquisition of Eagle BancGroup, Inc., the parent company of Eagle Bank of Champaign County, N.A., and First Federal Savings & Loan Association, based in Bloomington, Illinois, is announced on June 30, 1999, and completed on October 29, 1999.
2000-2008
In a significant milestone, First Busey Corporation's total assets exceeded $1 billion for the first time in its history.
In 2000, the merger of BankIllinois Financial Corporation and First Decatur Bancshares, Inc. led to the formation of Main Street Trust, Inc. As the parent company, Main Street operates 19 banking centers and oversees BankIllinois, First National Bank of Decatur, First Trust Bank of Shelbyville, and FirsTech, Inc., a telecommunications bill processing company.
Fort Myers, Florida, became the headquarters for Busey Bank Florida in 2001.
In 2004, Busey Investment Group established an office in Bloomington, Illinois.
BankIllinois and The First National Bank of Decatur merge and adopt the name Main Street Bank & Trust.
First Capital Bankshares, Inc., the parent company of First Capital Bank in Peoria, Illinois, was acquired. The announcement was made on January 5, 2004, and the transaction was completed on June 1, 2004. These banks adopted the Busey name in mid-2005.
Doug Mills, Chairman of Busey, is named Banker of the Year 2005 by the Illinois Bankers Association. Busey Bank Florida acquires Tarpon Coast National Bank, which has four locations in Charlotte and Sarasota Counties.
In 2005, Main Street Bank & Trust acquired Citizens First Financial Corporation.
Tarpon Coast Bancorp, Inc., the parent company of Tarpon Coast National Bank and its subsidiary Tarpon Coast Financial Services in Port Charlotte, Florida, is acquired. The announcement is made on July 29, 2005, and the transaction is completed on February 17, 2006.
The merger between First Busey and Main Street Bank and Trust, based in Decatur, Illinois, was finalized on July 31, 2007. Van A. Dukeman assumes the role of president and chief executive officer, and a new Busey brand is introduced.
2009 Bailout
In March 2009, Busey received $100 million from the U.S. Treasury through the Troubled Asset Relief Program (TARP) in exchange for Busey stock. Busey subsequently paid $12.4 million in dividends on the stock.[3] In August 2011, Busey returned $27.4 million to the Treasury and transferred the remaining $72.6 million from the TARP program to the Treasury's Small Business Lending Fund (SBLF). The SBLF has fewer restrictions and may require smaller dividends.[4]
The practice of exchanging TARP funds for SBLF funds has faced criticism from the TARP Inspector General and members of Congress. They argue that banks can use this approach to remove the restrictions imposed by TARP while potentially reducing their small business lending.[5]
2010-Present
First Busey Corporation merges with its subsidiary, Busey Bank, N.A., headquartered in Fort Myers, Florida, becoming Busey Bank.
2011: Busey joins social media—Facebook, Twitter and LinkedIn
2012: The Busey family of financial services expands its offerings by founding Trevett Capital Partners.
Busey associates and their families give back to the community during inaugural Community Promise Week
2013 and 2014: Busey is named among Forbes’ list of America's most trustworthy companies.
Acquired Herget Financial Corp., the holding company for Herget Bank, National Association based in Pekin, Illinois: announced September 26, 2014; completed March 16, 2015.[6]
2015: Herget Bank joins the Busey family of financial services.
Busey is recognized by the Independent Community Bankers of America among the Top 50 Community Bank Leaders in social media for the second consecutive year.
2016: Busey is voted among the Best Banks to Work For in the U.S. and Best Places to Work in Illinois by associates, Best Companies Group, and American Banker Magazine.
Acquired Pulaski Financial Corp., the holding company for Pulaski Bank, National Association based in St. Louis, Missouri. Announced December 4, 2015; completed April 29, 2016.
2017: Acquired First Community Financial Partners, Inc., the holding company for First Community Financial Bank based in Joliet, Illinois. Announced February 6, 2017; completed July 2, 2017.
2018: Acquired Mid Illinois Bancorp, Inc., the holding company for South Side Trust and Bank based in Peoria, Illinois. Announced March 13, 2017; completed March 16, 2018.
2019: Acquired The Banc Ed Corp., the holding company for TheBANK of Edwardsville based in Edwardsville, Illinois. Announced August 22, 2018; completed January 31, 2019.
2021: Acquired Cummins-American Corp., the holding company for Glenview State Bank based in Glenview, Illinois. Announced January 19, 2021; completed June 2, 2019.
2022: Named among America's Best Banks by Forbes Magazine.
Subsidiaries
Busey Bank Busey Wealth Management FirsTech, Inc.
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