First Busey Corporation reported that it furnished its earnings release and investor presentation for the quarter ended December 31, 2025 as exhibits, and announced significant leadership changes at its banking subsidiary.
The company entered into a separation agreement with former Busey Bank President and CEO Michael J. Maddox, who also resigned from Busey’s and the bank’s boards, effective January 27, 2026. Subject to a release of claims, he will receive cash severance of $4,363,333, his 2025 annual bonus based on actual performance, an additional cash payment of $4,175,559 tied to an unvested retention award, and up to $25,000 for outplacement expenses, and his unvested equity awards will fully vest at target. Busey expects a non-recurring pre-tax expense of approximately $9 million in the first quarter of 2026 related to amounts not previously accrued. The board reappointed CEO Van A. Dukeman as President of Busey and CEO of Busey Bank and named T. Anthony Hammond President of the bank.