8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  September 23, 2020

First Busey Corporation
(Exact name of registrant as specified in its charter)

Nevada	000-15950	37-1078406
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

100 W. University Avenue
Champaign, Illinois 61820
(Address of principal executive offices) (Zip code)

217 365-4544
(Registrant's telephone number, including area code)

 N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 par value	BUSE	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b– 2 of the Securities Exchange Act of 1934 (§ 240.12b–2 of this chapter). ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On September 23, 2020, on the recommendation of its Nominating and Corporate Governance Committee, the Board of Directors (the “Board”) of First Busey Corporation (the “Company”) increased the number of directors constituting the full Board from 9 to 10 and appointed Samuel P. Banks as a director to fill the resultant vacancy, with such appointment effective immediately.  Mr. Banks’ initial term will expire at the Company’s 2021 annual meeting of stockholders.  As a current director of Busey Bank, the Company’s wholly-owned bank subsidiary, since 1994, Mr. Banks has extensive experience serving as a director of financial institutions.

The Company has issued a press release announcing Mr. Banks’ appointment, a copy of which is attached to this Form 8-K as Exhibit 99.1 and is incorporated herein by reference. 

Mr. Banks does not have a direct or indirect material interest in any transaction with the Company or Busey Bank which would be required to be disclosed pursuant to Item 404(a) of Regulation S-K.  There is also no arrangement or understanding between Mr. Banks and any other person pursuant to which Mr. Banks was selected as a director.

Mr. Banks will be entitled to receive compensation consistent with the previously disclosed arrangements for non-employee directors as described in the Company’s proxy statement for its 2020 annual meeting of stockholders filed on April 9, 2020, including a base retainer per year and a grant of deferred stock units.

Item 9.01. Financial Statements and Exhibits.

Exhibit No. Description

99.1 Press Release, dated September 24, 2020.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:  September 24, 2020 First Busey Corporation

By:       /s/ Van A. Dukeman

Name:  Van A. Dukeman

Title:    Chairman, President and Chief Executive Officer

EX-99.1

FOR IMMEDIATE RELEASE

September 24, 2020

CONTACT:

Amy Randolph

217.365.4500

amy.randolph@busey.com

First Busey Corporation Names Sam Banks

to Board of Directors

Champaign, IL – First Busey Corporation (NASDAQ: BUSE) has announced the appointment of Samuel P. Banks as an independent director of the board of directors effective September 23, 2020. His appointment brings the board to 10 members. As a director of Busey Bank since 1994, Mr. Banks has extensive experience serving as a director of financial institutions.

Mr. Banks is Chief Executive Officer and Executive Director of Don Moyer Boys and Girls Club in Champaign, an agency devoted to improving and inspiring the lives of children since its founding in 1968. In mid-September 2020, Mr. Banks publicly announced intended plans to retire as executive director of the Don Moyer Boys and Girls Club in June 2021. Prior to joining the Boys and Girls Club in May 2012, he served as President and Chief Executive Officer of Glenwood Academy in the Chicago area and Cunningham Children’s Home in Urbana, Illinois; providing decades of leadership for two of the oldest and most notable child service organizations in Illinois.Mr. Banks has established a distinguished career of working with children and families and has received regional and national recognition for program development and organizational achievement. His work on behalf of youth and families in the Champaign-Urbana area has positively impacted services to at-risk youth, raised scholarship funds for minority and low-income college students, enhanced youth mentoring services, improved outreach to minority youth through scouting, developed the Martin Luther King Day youth program, and more. A proven leader, Mr. Banks is an effective community collaborator and successful fundraiser, having been involved with charitable organizations for nearly 40 years.

Mr. Banks has a bachelor's degree from Quincy University and a master's degree from the University of Illinois-Chicago. He has held leadership roles for numerous corporate, professional and community organizations. Currently, Mr. Banks is an active mentor at local elementary schools and serves on the African American Advisory Group for the University of Illinois Urbana-Champaign Chancellor and the Champaign County Community Coalition.

###

Corporate Profile

As of June 30, 2020, First Busey Corporation (Nasdaq: BUSE) was a $10.84 billion financial holding company headquartered in Champaign, Illinois.

Busey Bank, the wholly-owned bank subsidiary of First Busey Corporation, had total assets of $10.82 billion as of June 30, 2020 and is headquartered in Champaign, Illinois, with 61 banking centers serving Illinois, 13 banking centers serving Missouri, five banking centers serving southwest Florida and a banking center in Indianapolis, Indiana. Through Busey Bank’s Wealth Management division, the Company provides asset management, investment and fiduciary services to individuals, businesses and foundations.  As of June 30, 2020, assets under care were approximately $9.02 billion. Busey Bank owns a retail payment processing subsidiary, FirsTech, Inc., which processes approximately 27 million transactions per year using online bill payment, lockbox processing and walk-in payments at its 4,000 agent locations in 43 states. More information about FirsTech, Inc. can be found at firstechpayments.com.

Busey Bank was named among Forbes’ 2019 Best-In-State Banks—one of five in Illinois and 173 from across the country, equivalent to 2.8% of all U.S. banks. Best-In-State Banks are awarded for exceptional customer experiences as determined by a survey sample of 25,000+ banking customers who rated banks on trust, terms and conditions, branch services, digital services and financial advice.

For more information about us, visit busey.com.

CONTACTS:

Jeffrey Jones, CFO Amy Randolph, EVP & Chief of Staff

First Busey Corporation                                                                  First Busey Corporation

(217) 365-4500 (217) 365-4500

jeff.jones@busey.com                                                                      amy.randolph@busey.com

XML

Document and Entity Information	Sep. 23, 2020
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Sep. 23, 2020
Entity Registrant Name	First Busey Corporation
Entity Incorporation, State or Country Code	NV
Entity File Number	000-15950
Entity Tax Identification Number	37-1078406
Entity Address, Address Line One	100 W. University Avenue
Entity Address, City or Town	Champaign
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	61820
City Area Code	217
Local Phone Number	365-4544
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000314489
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	BUSE
Security Exchange Name	NASDAQ