First Busey Corporation Concludes Deposit Share Offering
First Busey Corporation, commonly known as Busey, has successfully completed its recently announced underwritten public offering of depositary shares. This significant offering involved 8,600,000 depositary shares, which included an additional 600,000 shares resulting from the partial exercise of over-allotment options by underwriters. Each of these shares represents a 1/40th ownership interest in Busey’s 8.25% Fixed Rate Series B Non-Cumulative Perpetual Preferred Stock, boasting a liquidation preference of $1,000 per share—or equivalently, $25.00 per depositary share. As a result of this offering, Busey garnered an impressive $207,477,500 after accounting for expenses and underwriting commissions.
Key Financial Partners in the Offering
Several reputable financial institutions played pivotal roles in managing this offering. Piper Sandler & Co., Morgan Stanley & Co. LLC, and Keefe, Bruyette & Woods, Inc. served as the joint bookrunning managers. Additionally, Janney Montgomery Scott LLC contributed as a co-manager, ensuring a smooth process throughout the offering.
Regulatory Filings and Compliance
To facilitate this offering, a shelf registration statement, which included a detailed prospectus, had been previously filed by Busey with the Securities and Exchange Commission (SEC). This registration confirms compliance with necessary regulations, ensuring transparency for potential investors interested in acquiring shares through prospectus supplements and accompanying documents. Interested parties may request these documents directly from Busey or any participating underwriters.
Corporate Profile and Financial Overview
As of a recent reporting date, First Busey Corporation (Nasdaq: BUSE) is recognized as a financial holding company with an impressive portfolio valued at $19.46 billion. Its headquarters are located in Leawood, Kansas. The corporation encompasses two significant banking subsidiaries: Busey Bank and CrossFirst Bank.
Overview of Busey Bank
Busey Bank, fully owned by First Busey Corporation, is located in Champaign, Illinois. It's a substantial entity boasting total assets of $11.98 billion. The bank operates 62 banking centers across various regions, primarily focusing on Central Illinois, suburban Chicago, the St. Louis Metropolitan area, Southwest Florida, and Indianapolis, making a valuable impact on these local economies.
About CrossFirst Bank
CrossFirst Bank, also a wholly-owned banking subsidiary, operates from Leawood, Kansas, and has substantial assets totaling $7.45 billion. With 16 banking centers positioned strategically across several states including Arizona, Colorado, and Texas, it serves a diverse clientele. Future plans indicate a merger between CrossFirst Bank and Busey Bank, which is anticipated to take place shortly.
Wealth Management and Technology Services
Through its Wealth Management division, Busey presents a broad array of services, including asset management and investment solutions. As of the latest data, the assets under Busey’s Wealth Management are valued at an impressive $13.68 billion, reflecting a strong commitment to catering to both individual and institutional client needs.
Furthermore, FirsTech, Inc., a subsidiary of Busey Bank, specializes in innovative financial technology solutions tailored for small and medium-sized businesses. These solutions encompass a range of services, from online payment processing to comprehensive billing support, ensuring clients can improve their operational efficiency.
Recognition and Accolades
First Busey Corporation's remarkable achievements have earned it a place among America’s Best Banks according to Forbes, where it ranked 88th overall. Such recognition is indicative of its strong community engagement and commitment to providing superior banking services. Moreover, the organization has received multiple accolades for being a great place to work, further enhancing its reputation in the banking sector.
Contact Information
For further inquiries or information regarding their financial offerings, First Busey Corporation has designated contacts available. For financial-related questions, you can reach Scott Phillips, Interim CFO, at (239) 689-7167 or via email at scott.phillips@busey.com. For media inquiries, contact Amy L. Randolph, EVP & COO, at (217) 365-4049 or via email at amy.randolph@busey.com.
Frequently Asked Questions
What is the purpose of the recent depositary share offering?
The depositary share offering aims to raise capital for First Busey Corporation's operational and growth strategies, benefiting stakeholders significantly.
Who managed the depositary share offering?
Piper Sandler & Co., Morgan Stanley & Co. LLC, and Keefe, Bruyette & Woods, Inc. served as the primary financial managers for the offering.
How does Busey Bank support wealth management?
Busey Bank's Wealth Management division provides comprehensive services including asset management, investment solutions, and personalized financial strategies for clients.
What is FirsTech's role within First Busey Corporation?
FirsTech specializes in providing innovative financial technology solutions, enhancing operational efficiencies for small and medium-sized businesses.
How has First Busey Corporation been recognized in the banking industry?
First Busey Corporation has received numerous accolades, including recognition by Forbes as one of America's Best Banks, highlighting its strong performance and community impact.
