Welcome to our dedicated page for First Busey news (Ticker: BUSE), a resource for investors and traders seeking the latest updates and insights on First Busey stock.
First Busey Corporation (NASDAQ: BUSE), a diversified financial services leader with 145+ years of operation, maintains three core divisions: community banking through Busey Bank, innovative payment solutions via FirsTech, and comprehensive wealth management services. This page serves as the definitive source for official announcements and market-moving developments.
Investors and stakeholders will find curated updates including quarterly earnings disclosures, merger/acquisition activity, leadership changes, and technological advancements. Our repository consolidates essential information about commercial banking initiatives, wealth management strategies, and fintech innovations to support informed decision-making.
Content spans regulatory filings, strategic partnership announcements, product launches, and recognition of operational milestones. Regular updates ensure visibility into First Busey's community-focused banking approach while tracking its expansion in payment technology markets.
Bookmark this page for streamlined access to First Busey's financial narrative. Combine periodic checks with SEC filings and earnings calls for complete perspective on this NASDAQ-listed financial holding company's performance.
First Busey (BUSE) and CrossFirst Bankshares, Inc. (CFB) have announced a merger agreement valued at approximately $916.8 million. The all-stock transaction will create a combined entity with $20 billion in assets, operating under the Busey brand. The merger extends Busey's market presence to Arizona, Colorado, Kansas, New Mexico, Oklahoma, and Texas.
Key highlights:
- Combined company will have $17 billion in deposits and $13 billion in wealth management assets
- Expected to provide 20% EPS accretion for Busey in 2026
- Minimal tangible book value dilution of -0.6% with a 6-month earnback period
- CrossFirst shareholders will receive 0.6675 Busey shares for each CFB share
- Transaction expected to close in Q1 or Q2 2025, subject to approvals
First Busey (Nasdaq: BUSE) reported net income of $27.4 million and diluted EPS of $0.47 for Q2 2024, marking an increase from Q1 2024 but a decrease from Q2 2023. Adjusted net income was $29.0 million, or $0.50 per diluted share. The company's net interest margin rose by 24 basis points to 3.03%. Noninterest income stood at $33.8 million, with a record high in revenue for Wealth Management and FirsTech segments. The acquisition of Merchants & Manufacturers Bank was completed on April 1, 2024, and integrated by June 21, 2024.
Busey's tangible book value per common share rose to $16.97, an 11.3% year-over-year increase. Total assets were $11.97 billion, with portfolio loans reaching $8.00 billion. Noninterest expense rose to $75.5 million, and the allowance for credit losses was $85.2 million. Despite a $2.3 million provision for credit losses, asset quality remains strong, with non-performing assets at 0.08% of total assets.
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