Busey completes balance sheet repositioning: $5.5M Visa gain, $110M securities sale, $4.3M annual NII boost

FIRST BUSEY CORP /NV/

Sold all 16,878 Visa Class B shares for pre-tax gain of ~$5.5 million.
Sold AFS securities with carrying value ~$110M yielding 1.56%, resulting in pre-tax loss of ~$5.3M.
Proceeds deposited into Fed account yielding 5.40%, boosting net interest spread.
Expected to increase net interest income by ~$4.3M annualized and improve NIM run rate by 4 bps.
Transactions immediately accretive to equity, book value, and regulatory capital ratios.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

FIRST BUSEY CORP /NV/: Second Amended and Restated Bylaws adopted, including provisions on electronic stockholder meetings, special meeting scheduling, chairperson role, advance notice for stockholder proposals and director nominations, committee authority limitations, director compensation form, and board action by unani (effective 2023-12-06).

Change: bylaw amendment
Effective: 2023-12-06

Exact text from the filing

On December 6, 2023, the Board of Directors (the “ Board ”) of First Busey Corporation (the “ Company ” or “ Busey ”) voted to amend and restate the Company’s current bylaws as its Second Amended and Restated Bylaws (the “ Amended and Restated Bylaws ”). The Amended and Restated Bylaws were effective as of December 6, 2023.

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13 governance changes filed in the last 30 days. Browse all governance changes →

FIRST BUSEY CORP /NV/ filing history →

Source: SEC EDGAR

accession 0001104659-23-124338

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