First Busey closes public offering of 8.6M depositary shares for 8.25% Series B Preferred, netting $207.5M

FIRST BUSEY CORP /NV/

Issued 8,600,000 depositary shares, each representing 1/40th interest in a share of 8.25% Series B Non-Cumulative Perpetual Preferred Stock (liquidation preference $1,000 per share).
Net proceeds of approximately $207.5 million after underwriting discounts and estimated expenses.
Joint bookrunning managers: Piper Sandler, Morgan Stanley, Keefe Bruyette & Woods; co-manager: Janney Montgomery Scott.
Company also notes anticipated merger of CrossFirst Bank into Busey Bank on June 20, 2025.

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/: Filed Certificate of Designation for Series B Preferred Stock, establishing the terms of a new series of preferred stock (effective 2025-05-19).

Change: charter amendment
Effective: 2025-05-19

Exact text from the filing

In connection with the issuance of the Series B Preferred Stock and the offer and sale of the Depositary Shares, on May 19, 2025, Busey filed the Certificate of Designation with the Secretary of State of the State of Nevada, establishing the authorized number of shares of Series B Preferred Stock as 230,000 and providing for the voting and other powers, preferences and relative, participating, optional or other rights, and the qualifications, limitations and restrictions related to the Series B Preferred Stock.

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FIRST BUSEY CORP /NV/ filing history →

Source: SEC EDGAR

accession 0001104659-25-051061

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