First Busey Corporation Review 2019: The First Busey Corporation is a holding company for Busey Bank. Busey Bank is wholly owned by the First Busey Corporation. The corporation is valued at 7.7 billion dollars. The Busey bank is engaged in providing various financial and advisory services.
Since its inception in 1868 with an initial investment of 11000 dollars and on the first day of business took in 9555.60 dollars in the form of deposits. Over the years, Busey bank has acquired multiple financial institutions and has stayed a top performer in the banking field.
First Busey Corporation Review 2019
Services – The Busey Bank offers a wide range of banking and depository services, including commercial, financial, agricultural and real estate loans. Retail banking services, including accepting various types of demand and savings deposits. The Busey Bank also deals in mortgages and other fiduciary services.
Subsidiaries – The First Busey Corporation has three major subsidiaries. All three of the companies are in some way involved in banking and finance. The Busey bank, Busey Wealth Management, and FirsTech Inc.
Busey Bank – Busey bank is the largest Subsidiary of the First Busey Corporation. It has an asset base valued at almost 8 billion dollars. This is a comparatively large bank and engages in various advisory and fiduciary services.
Busey Wealth Management – This company deals mainly with High Net Worth individuals who have cash and investment management needs. The company sources most of its clients through the Busey bank and works on a commission on the value of assets managed.
FirsTech Inc. – This is a Retail payment processing company and in 2018 processed over 28 million transactions. This company is growing fast, and the First Busey Corporation might divest from in the future. This company is operational at over 4000 agent locations through 43 states.
2009 bailout – In March 2009, the American treasury handed over 100 million dollars for the Busey stock as Troubled asset relief. This was a part of the Troubled Asset Relief Program. In August 2011 Busey returned 24.7 million dollars and moved the remaining funds to Small business lending fund which has lower restrictions. This action was condemned by the Tarp officials and Congress.
Growth – The Busey First Corporation has grown at a good pace even after facing a few rough spots. After the bailout in 2009, the corporation treads carefully and manages the funds it receives in a very efficient way. The stock price of Busey has grown over 3 times after the bailout in 2009.
The First Busey Corporation is a large holding company for the Busey Bank. It has grown quickly in the last decade and has a very interesting history. It has been recognized as a good company to invest in by Forbes and also features in the Fortune 1000 list.
Overall the First Busey Corporation is a stable company today and can be expected to grow steadily. It is already operational in 43 states and may go global in the next decade.