Busey Bank
A community-oriented American bank headquartered in Champaign, Illinois, serving consumers, businesses, and wealth-management clients through the First Busey organization.
Last updated August 26, 2026
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Overview
Busey Bank is an American banking institution headquartered in Champaign, Illinois. Its origins date to 1868, when Samuel Busey and two partners established Busey Brothers and Company Bank in Urbana, Illinois. The institution began as a local deposit-taking bank and gradually expanded through state and federal charters, mergers, acquisitions, and the creation of a bank holding-company structure. The bank has operated under several names during its history. It became Busey State Bank after obtaining an Illinois state charter in 1913 and joined the Federal Deposit Insurance Corporation in 1935. In 1945 it received a federal charter and adopted the name Busey First National Bank. The modern Busey Bank identity emerged from the 1987 combination of Busey First National Bank, Champaign County Bank & Trust, and City Bank. The broader organization subsequently used acquisitions and mergers to extend its presence beyond central Illinois. First Busey Corporation was established as a bank holding company in 1980. Its later combination with Main Street Bank & Trust in 2007 marked an important expansion, adding operations associated with Decatur, Illinois, Florida, and other markets. Van A. Dukeman became president and chief executive officer at that time, and the organization introduced a unified Busey brand. Busey later acquired Herget Financial Corporation, the holding company for Herget Bank, with the transaction completed in 2015. Busey Bank provides traditional retail and commercial banking services. Its activities include deposit accounts, consumer and business lending, real-estate finance, electronic and automated banking, funds transfers, and related treasury or cash-management capabilities. Through affiliated operations, the First Busey organization also offers wealth-management services and technology-enabled payment or funds-transfer services. The bank serves individuals, families, small and middle-market businesses, agricultural or real-estate interests, and institutional clients, depending on market and product availability. During the 2008–2009 financial crisis, the organization received $100 million under the U.S. Treasury’s Troubled Asset Relief Program. It later repaid $27.4 million and transferred the remaining $72.6 million from TARP into the Treasury’s Small Business Lending Fund in 2011. That restructuring reflected a wider banking-industry practice that drew criticism from congressional figures and the TARP inspector general because it reduced some TARP restrictions while changing the terms of government support. Busey remains part of First Busey Corporation rather than operating as an independent publicly listed company. The organization’s reported expansion in 2025 through the acquisition of CrossFirst Bankshares increased its stated scale to approximately $20 billion in assets, $17 billion in deposits, and $15 billion in loans, while Busey Bank’s headquarters remained in Champaign. Its positioning combines the relationship orientation of a community bank with broader commercial, digital, lending, and wealth-management capabilities.
History
Busey Bank traces its history to Urbana, Illinois, where Samuel Busey and two co-founders established Busey Brothers and Company Bank in 1868. The new bank collected $9,555.60 in deposits on its first day. Its early development reflected the role of locally controlled banks in supplying deposits, credit, and basic financial services to communities in central Illinois. The institution received an Illinois state charter in 1913 and became Busey State Bank. During the following decades, the wider Busey organization developed adjacent financial capabilities. Shelby Loan & Trust Company received trust powers in 1922, while Pulaski Building and Loan Association was established in St. Louis to support savings and home purchases. Farm Management Services followed in 1926. Busey State Bank joined the FDIC in 1935, strengthening its position within the federally supervised banking system. On September 1, 1945, the bank obtained a federal charter. The next day it adopted the name Busey First National Bank. By its centennial in 1968, the institution reported assets exceeding $34 million. A change in ownership in 1971 ended the period in which the bank was controlled by a member of the Busey family, although the Busey name remained central to the organization’s identity. First Busey Corporation was created as a bank holding company in 1980. In 1987, Busey First National Bank, Champaign County Bank & Trust, and City Bank merged to form the state-chartered Busey Bank. Additional consolidation shaped the organization during the 1990s. BankIllinois, previously known as Trevett-Mattis, merged with Champaign National Bank in 1995 and retained the BankIllinois name. First Busey Corporation began trading on the Nasdaq under the symbol BUSE in 1998, and Busey acquired Eagle Bank Group in 1999. The organization continued expanding around the turn of the century. In 2000, BankIllinois Financial Corporation and First Decatur Bancshares combined to form Main Street Trust. Busey Bank Florida established its headquarters in Fort Myers in 2001. BankIllinois and The First National Bank of Decatur subsequently combined and used the Main Street Bank & Trust name. Main Street Bank & Trust acquired Citizens First Financial Corporation in 2005, and Tarpon Coast Bancorp was acquired through a transaction announced in 2005 and completed in February 2006. First Busey’s merger with Main Street Bank & Trust was completed on July 31, 2007. Van A. Dukeman became president and chief executive officer, and the organization introduced a new Busey brand intended to unite its expanding banking operations. The transaction broadened Busey’s geographic and business base beyond its historical central-Illinois footprint. The global financial crisis brought government support and subsequent balance-sheet restructuring. In March 2009, Busey received $100 million in TARP funds in exchange for stock. It paid $12.4 million in dividends on that stock before returning $27.4 million to the Treasury in August 2011. The remaining $72.6 million was transferred to the Treasury’s Small Business Lending Fund, which had less restrictive terms and could involve lower dividend costs. The approach was controversial because critics argued that banks could use the program change to escape TARP constraints without necessarily increasing lending to small businesses. In the 2010s, First Busey Corporation and its banking subsidiaries were consolidated under the Busey Bank identity. The organization also maintained or developed affiliated capabilities in wealth management and funds-transfer technology. Busey announced the acquisition of Herget Financial Corporation in September 2014 and completed it on March 16, 2015. In 2025, Busey acquired Leawood, Kansas-based CrossFirst Bankshares. The transaction was reported to increase the combined organization’s assets to approximately $20 billion, deposits to $17 billion, and loans to $15 billion. The holding company’s headquarters moved or remained in the suburban Kansas City area, while Busey Bank’s operating headquarters continued to be identified with Champaign, Illinois. Busey therefore entered its current period as a larger regional banking organization built on a long-running Illinois community-bank heritage.
- 2025
CrossFirst Bankshares acquisition
[1]Busey acquires CrossFirst Bankshares and reports a substantially larger combined balance sheet.
- 2015
Herget Financial acquisition completed
[1]Busey completes its acquisition of Herget Financial Corporation.
- 2011
TARP repayment and SBLF transfer
[1]Busey returns $27.4 million to the Treasury and transfers $72.6 million into the Small Business Lending Fund.
- 2009
TARP investment
[1]The organization receives $100 million in Treasury capital under TARP.
- 2007
Merger with Main Street Bank & Trust
[1]First Busey completes its merger with Main Street Bank & Trust, and a unified Busey brand is introduced.
- 1998
First Busey Corporation begins Nasdaq trading
[1]The holding company’s stock begins trading on Nasdaq under the symbol BUSE.
- 1987
Formation of Busey Bank
[1]Busey First National Bank, Champaign County Bank & Trust, and City Bank combine to form Busey Bank.
- 1980
First Busey Corporation is established
[1]First Busey Corporation is formed as a bank holding company.
- 1945
Federal charter and national-bank name
[1]The bank receives a federal charter and becomes Busey First National Bank.
- 1935
FDIC membership
[1]Busey State Bank joins the Federal Deposit Insurance Corporation.
Products and positioning
A relationship-led regional and community bank that combines traditional retail and commercial banking with real-estate lending, electronic banking, payments, and wealth-management capabilities.
Consumer banking
Retail banking
Busey Bank provides everyday banking services for individuals and households, including deposit products, account access, automated banking, and funds-transfer functionality. The offering reflects the bank’s community-banking heritage and is intended to support routine payments, savings, liquidity management, and personal borrowing needs.
Business banking
Commercial banking
Commercial banking services support businesses and other organizations through business deposits, lending, cash-management capabilities, and electronic transfers. The bank’s relationship-based model is oriented toward local and regional companies, with services intended to cover operating liquidity, expansion, working capital, and treasury requirements.
Lending
Real-estate lending
Real-estate finance is one of Busey Bank’s identified lending activities. It includes financing connected with residential, commercial, and other property-related needs, although the exact product mix can vary by market and borrower type. Real-estate lending has been part of the bank’s broader commercial and community-finance role.
Wealth management
Busey Wealth Management
Busey Wealth Management is an affiliated capability within the First Busey organization. It extends the group beyond deposit-taking and lending into wealth-related services for individuals, families, businesses, and institutional clients. Detailed service scope and current branding are not specified in the supplied reference material.
Payments and funds transfer
FirsTech
FirsTech, Inc. is identified as an affiliated organization providing technology-enabled funds-transfer or payment capabilities. It complements Busey’s automated banking and electronic-transfer functions, particularly for organizations that need digital collection, payment, or transaction-processing tools.
Brand decisions
2025
Acquisition of CrossFirst BanksharesM&ABackground
Busey pursued a major regional expansion through the acquisition of Leawood, Kansas-based CrossFirst Bankshares.
Action taken
Busey completed the acquisition and reported combined assets of approximately $20 billion, deposits of $17 billion, and loans of $15 billion.
Aftermath
The holding company was identified with suburban Kansas City, while Busey Bank’s headquarters remained in Champaign, Illinois.
Combined assets after acquisition. $20 billion (2025)
2015
Acquisition of Herget Financial CorporationM&ABackground
Busey announced a transaction for Herget Financial Corporation, the holding company for Herget Bank.
Action taken
The acquisition was announced on September 26, 2014, and completed on March 16, 2015.
Aftermath
The transaction expanded Busey’s banking organization in Illinois.
2011
Repayment and transfer of government capitalStrategyBackground
Busey sought to reduce its exposure to TARP conditions while retaining access to a government lending-support program.
Action taken
Busey returned $27.4 million to the Treasury and transferred the remaining $72.6 million from TARP to the Small Business Lending Fund.
Aftermath
The SBLF carried fewer restrictions and could require lower dividends. The wider practice was criticized by the TARP inspector general and some members of Congress.
TARP funds transferred to SBLF. $72.6 million remaining TARP balance → $72.6 million transferred to SBLF (August 2011)
2009
Accepting Treasury support under TARPOtherBackground
During the U.S. financial crisis, Busey obtained capital support through the Treasury’s Troubled Asset Relief Program.
Action taken
The organization received $100 million from the Treasury in exchange for Busey stock and subsequently paid $12.4 million in dividends on that stock.
Aftermath
Busey later repaid part of the investment and restructured the remaining government support through the Small Business Lending Fund.
TARP capital received. $100 million (March 2009)
Recent events
- 2025
Busey acquires CrossFirst Bankshares[1]
M&A
Busey acquired Kansas-based CrossFirst Bankshares. The transaction was reported as increasing the organization’s assets to approximately $20 billion, deposits to $17 billion, and loans to $15 billion, while Busey Bank retained its Champaign headquarters.
- 2015
Busey completes acquisition of Herget Financial Corporation[1]
M&A
Busey completed its acquisition of Herget Financial Corporation, the holding company for Herget Bank, extending its Illinois banking operations.
- 2011
Busey transfers remaining TARP support into the Small Business Lending Fund[1]
Regulation · Other
Busey repaid $27.4 million to the Treasury and transferred the remaining $72.6 million of its TARP support to the Small Business Lending Fund. The broader practice attracted criticism from the TARP inspector general and some members of Congress.
- 2009
First Busey receives $100 million under the Troubled Asset Relief Program[1]
Regulation · Other
The Busey organization received $100 million from the U.S. Treasury in exchange for company stock during the financial crisis.
Sources1 sources
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