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First Busey Corporation Announces Pricing of $200 Million Underwritten Public Offering

Strategic Insights

— 2 min read

First Busey Corporation (Nasdaq: BUSE), the holding company for Busey Bank and CrossFirst Bank, 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 "Series B preferred stock"), with a liquidation preference of $1,000 per share (equivalent to $25.00 per depositary share). 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. The Company expects to close the offering, subject to customary conditions, on or about May 20, 2025.

Key Takeaways:

  • First Busey Corporation (Nasdaq: BUSE) has priced 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 "Series B preferred stock").
  • The Series B preferred stock has a liquidation preference of $1,000 per share (equivalent to $25.00 per depositary share) and will pay dividends at a rate of 8.25% per annum, payable quarterly in arrears.
  • The Company expects to close the offering on or about May 20, 2025, and will use the net proceeds 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.
  • Busey Bank, a wholly-owned bank subsidiary of First Busey Corporation, had total assets of $11.98 billion as of March 31, 2025.
  • CrossFirst Bank, a wholly-owned bank subsidiary of First Busey Corporation, had total assets of $7.45 billion as of March 31, 2025.
  • Busey is expected to merge CrossFirst Bank with and into Busey Bank on June 20, 2025.
  • Busey was named among 2025's America's Best Banks by Forbes, ranked 88th overall, and was also recognized among other reputable rankings including the 2024 Best Banks to Work For by American Banker and the 2024 Best Places to Work in Money Management by Pensions and Investments.

Statistics:

  • 8,000,000 depositary shares were priced in the underwritten public offering.
  • The Series B preferred stock has a liquidation preference of $1,000 per share (equivalent to $25.00 per depositary share).
  • The Company expects to close the offering on or about May 20, 2025.
  • Busey Bank had total assets of $11.98 billion as of March 31, 2025.
  • CrossFirst Bank had total assets of $7.45 billion as of March 31, 2025.
  • $200 million in net proceeds are expected from the offering.

Sources:

  • GlobeNewswire (MIL-OSI) LEAWOOD, Kan., May 14, 2025 (GLOBE NEWSWIRE) — First Busey Corporation ("Busey") (Nasdaq: BUSE)
  • 333-274620 (Securities and Exchange Commission filing number)
  • www.sec.gov (SEC website)
  • busey.com (Busey's official website)
  • crossfirstbank.com (CrossFirst Bank's official website)

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