STRONG FOUNDATIONS
GROWTH WITH PROMISE
First Busey Corporation
2010 Annual Report
Our vision is to be the premier provider of financial solutions
through a customer-centric, low-risk growth strategy and
consistent execution of The Busey Promise.
{
CON TE NTS {
03 LETTER TO SHAREHOLdERS.
05 THE BuSEy PROMISE.
09 BuILdING RELATIONSHIPS THROuGH B 5.
13 SERVICE LEAdERS.
Jenny Liu
Personal Banker
In addition to our vision, a clear understanding of our
core values, commitments and unique operating terms
is essential to executing The Busey Promise. In the
most simplified statements…
THE 4 BUSEY PILLARS
Customers, Associates, Communities and
Shareholders
THE BUSEY MISSION
Busey is a financial services organization that exceeds
the service needs of its customers, invests both in its
associates and communities, and delivers long-term
value to its shareholders.
ONE BUSEY
Busey operates multiple business units; however, we
consistently serve our Pillars as one, making it easier
for them to have a relationship with us.
BUSEY CORE VALUES
Knowledgeable, Trustworthy, Friendly, Responsive,
Community-Minded, Customer-Centric
BUSEY CORE COMMITMENTS
Focus on service, listen to our Pillars, leverage our
expertise, treat others with respect, develop trusting
relationships and simplify financial solutions.
Tiffany Williams
Teller
Letter to the Shareholders.
We are pleased to report that Busey has turned the corner. The Company has achieved four
consecutive quarters of improved profitability and other key financial metrics, which I will discuss later
in more detail. Busey successfully weathered the worst economic storm in a generation, and ultimately
turned a profit as a leaner, stronger organization with disciplined focus, strategic alignment, strong capital
reserves and a proven ability to overcome economic instability. In short, we are a well-defined organization,
and, as we will share in this report, an organization with a strong foundation and Promise.
I want to specifically recognize the unwavering support of our 4 Pillars—customers, associates,
communities and shareholders. Without their commitment, it would have been impossible to successfully
navigate the issues we faced the past three years. Our associates worked relentlessly during this period,
partnering closely with our customers and communities. Our shareholders stood steadfast with us, and
in many instances reinvested in Busey during our two critical capital raises—in September 2009 and
december 2010. We are truly humbled by the support and guidance received from our associates,
customers, communities, shareholders and Boards of directors. We cherish the confidence you have placed
in us, and will strive every day to serve your needs and maintain your trust.
While challenging, the past few
years have also been defining.
As we emerged from our difficulties, we developed a proactive, disciplined strategy, namely The Busey
Promise. Critical foundations were built by our management team and associates to ensure we emerged
with a sustainable growth model and related initiatives. Throughout all of this, we refused to lose sight of our
purpose—to serve the needs of our 4 Pillars.
We have begun to realize the fruits of this labor as we posted net income for the year ended december 31,
2010 of $23.2 million and net income available to common stockholders of $18.1 million, or $0.27 per fully-
diluted common share. In december 2010, we completed an equity offering yielding net proceeds of $84.3
million, lifting our total regulatory capital ratio in excess of 17% and our regulatory tier 1 capital and leverage
ratios in excess of 16% and 11%, respectively.
In addition, our asset quality continued its trend of gradual improvement. Non-performing loans decreased
to $68.1 million at december 31, 2010 from $86.3 million at december 31, 2009. The efficiency ratio for the
year ended december 31, 2010 was 55.91%, an improvement from 63.12% in 2009. The net interest margin
for the year ended december 31, 2010 was 3.58% as compared to 3.05% for the year ended december 31,
2009. Pre-provision, pre-tax operating income was nearly $75.0 million for the year ended december 31,
2010, compared to nearly $61.0 million for the year ended december 31, 2009.
Needless to say, this is an enormous momentum shift from the previous two years and one we expect to
continue to trend upward. By aggressively pursuing our strategic initiatives and remaining true to our familiar
refrain, balance sheet strength, profitability and growth—in that order, we are returning to financial
strength, stable profits and a commitment to long-term shareholder value.
03
““{{ Looking to 2011 we expect challenges, but challenges we are well-equipped to face. The lingering effects of
depressed real estate values, higher tax rates, lack of consumer confidence and higher unemployment will
continue to weigh on our economy. Balance sheet strength remains paramount, and we will monitor our
credit risk and loan portfolio with continued vigor and commitment to a low-risk growth strategy. We will
continue to focus on increasing core deposits, relationship lending and wealth management opportunities.
There is profitability when core deposits are strong, loans are priced for credit risk appropriately and revenue
is diversified. We believe the greatest growth is built on a strong balance sheet and a profitable operating
model.
Because we stayed true to balance sheet strength, profitability and growth—in that order, we are now
well-positioned to capitalize on both internal and external growth opportunities. In January 2011, we formally
launched a relationship growth model outlined in The Busey Promise—namely Busey to the Fifth Power
(B5). B5 is our strategic, organic growth initiative that fully leverages the resources of our five lines of business
to meet all of our customers’ needs. Through this model, we plan to increase customer satisfaction, reten-
tion, profitability and growth by identifying and serving the needs of our customers. B5 is sustainable and
scalable; it defines how we will consistently meet our customers’ needs regardless of line of business and
increase the number of services per household. In addition, B5 can be implemented in future market
expansion.
The theme of our 2010 annual report, Strong Foundations, Growth with Promise, is very fitting. It shares
more details about The Busey Promise and our B5 Strategic Initiative. Because of our Pillars’ unprecedented
loyalty and support, we have a strong foundation on which to grow and fulfill our Promise. We are pleased to
provide more specifics about our future direction. It is our hope that as you learn more about our strategy, you
will be as excited as we are about the future of your organization.
We express our deepest gratitude for your continued support. Thank you for your commitment to and belief
in one resilient, remarkable organization—Busey!
VAN A. DUKEMAN
President & Chief Executive Officer,
First Busey Corporation
04
All relationships begin with The Busey Promise.
{
{
The Busey Promise defines our relationships with our 4 Pillars—customers, associates, communities and
shareholders. It is our organization’s compass. It gives life to our business model and holds us accountable to
our 4 Pillars. It defines the range of business we pursue, the type of organization we are, and the nature of
our economic and non-economic contributions.
The following is a summary of what The Busey Promise means to us as an organization and to each of our
4 Pillars. using the Promise as our guide, we embrace a strategy that stands the test of time and supports
Busey’s continued success.
We embrace and consistently fulfill The Busey Promise to our 4 Pillars: Customers,
Associates, Communities and Shareholders...
We are customer-centric and organizationally aligned to anticipate and exceed the needs of our customers.
We commit to recruiting and retaining the best and brightest associates. We partner with our customers
and associates in support of our communities. By exceeding the needs of our customers through the efforts
of talented associates and strengthened communities, our shareholders are rewarded with the sustained
financial results and profitability they expect from Busey.
We fulfill our Promise through shared resources, behaviors and common goals that clearly define who we
are as an organization. Regardless of the situation, we are committed to a relationship culture guided by
The Busey Promise.
We are as strong as the relationships
we have with our Pillars.
{
05
The Busey Promise: To Our Customers.
Our customers are the core of everything Busey. We operate multiple business units;
however, we serve our customers as One Busey. We are premier service providers in
our markets because we fulfill our Promise as defined in our core values. We are:
knowledgeable, trustworthy, friendly, responsive, community-minded and customer-
centric.
At Busey, we treat every customer
as we would like to be treated.
{
The Busey Promise: To Our Associates.
Our product is service. As the primary driver of service, associates deliver our competitive
advantage—The Busey Promise. We exhibit positive attitudes that make Busey a great
place to work and conduct financial business. We flourish because our environment
supports empowerment, customer-centricity, collaboration, and the convenience to
fulfill identified needs. We recruit and retain the best and brightest associates—associates
who are positive, determined, thoughtful, resilient and humble. We provide them with the
knowledge and resources they need to succeed at Busey, allow them to be responsible
and accountable, and reward them accordingly.
Our associates make Busey. . .Busey.
Because of this, we remain Busey.
{
06
The Busey Promise: To Our Communities.
We are a premier financial services organization working together with our
communities to strengthen and advocate for youth, economic development,
health and wellness, education and the arts. We are responsible stewards providing
leadership in financial education and sustainability practices within our communities.
We Promise to bridge needs by providing financial, social and human capital.
Being a community financial services
organization means being a good corporate
neighbor—partnering for purpose and progress.{
The Busey Promise: To Our Shareholders.
We believe our long-term value is rooted in a low-risk financial practice, and we
Promise our shareholders the highest level of stewardship over their company—
stewardship built on the values of core deposit funding, risk mitigation, a strong
capital position, diversified revenue streams and delivering long-term returns.
Our priorities are balance sheet strength,
profitability and growth—in that order.{
07
Pam Huffman
Teller
Danny Mitchell
Customer Service Representative
Sarah Daniel
Personal Banker
{
Building relationships through .
{
Busey to the Fifth Power (B5) is a relationship sales model that leverages the power of our five business
lines – retail, mortgage, business, cash management, and wealth management – in support of meeting
our customers’ needs as One Busey and increasing household services and retention.
The B5 model unites us as One Busey to increase our services per household and offers customers the
full resources of Busey and its people – resulting in:
• A customer-centric culture;
• Associates who operate in a simplified business model;
• Associates who are rewarded for building relationships and doing what is right for our customers;
• Shareholders who invest and prosper with us.
By increasing services per household, we strengthen our market position and increase value to our
4 Pillars. A customer with multiple services has a stronger connection to Busey. This deep relationship
is what makes Busey a premier provider of financial services. Throughout this report, you see photos of
“associates in action” serving our Pillars’ needs. To give you a flavor of this service and showcase what the
B5 initiative is about, we asked associates from our five lines of business to share their thoughts on this
organic growth initiative. Here is what they are saying...
Kelli Hill
Branch Manager
Matthew Danbury
Mortgage Originator
09
Janet Ladron
Personal Banker
Sarah Daniel
Personal Banker
Corey Kallembach
Teller
Antonia Dietrich
Customer Service
Representative
Brad Bengtson
Mortgage Originator
RETAIL.
“I don’t really do anything all that unusual,” says Antonia
dietrich, a customer service representative in Champaign,
Illinois. “I just look at the customer’s relationship and see
where there are gaps, or listen to the customer.” B⁵ is about
being aware of opportunities to strengthen relationships
with our customers—not selling a product for the sake of
selling. “I had a customer come in the other day asking for
a letter of verification. I know those are used for mortgages,
so I asked if he had considered opening his mortgage with
us. He hadn’t, and I was able to have him sit down with a
mortgage originator
listening and
asking the question meant opening a home mortgage
Busey wouldn’t have had otherwise, and I owe that to the
B⁵ initiative.”
immediately. Simply
MORTGAGE.
Many customers visit us for a mortgage, not having any
other products with Busey. Our Mortgage Relationship
Pack, a sales tool designed to help our associates value
package B⁵, aims to change all that. “Before the relation-
ship packs I, of course, knew about the products we offered
through retail,” says Mortgage Originator Brad Bengtson,
“and I knew some of the benefits, but I didn’t have the in-
depth knowledge necessary to showcase the value of
those products. Now I know what the benefits of the main
products are, how the products can effectively meet my
customers’ needs and who I can have my customers talk
to when they’re ready to open a new product. Best of all, it’s
all organized right there for my customer and I to reference
together.”
This is B⁵—engaged associates becoming aware of
customer needs and making connections to take
advantage of opportunities.
This is B⁵—better awareness of the benefits of our
products, and consistent, clear services that meet our
customers’ needs.
11
Jeff Troxell
Business Banker
Briggett Carter
Cash Management
Sales Representative
Vanessa Levan
Financial Advisor
WEALTH MANAGEMENT.
Our wealth management customers know the value
of a strong relationship and trusted advice. B⁵ offers us
the opportunity to discuss our value proposition with
customers who may not be aware of the services we
offer. “It was only a few days after the B⁵ initiative started
that wealth management received a great referral from
Jason Van Antwerp, a branch manager in Champaign,”
says Financial Advisor Vanessa Levan. “It was very exciting.
Just a few days out of the gate, and we have a multi-million
dollar referral in the market I know best. B⁵ showcases the
value of our services by allowing us the opportunity to
develop new relationships.”
This is B⁵—increasing awareness in our communities,
with our customers and among our associates of the
services we offer and the value of these services.
BuSINESS.
Business banking is about building relationships. When
Busey funds a customer’s loan for a new location, or
opens a new business’ first account, we begin building a
successful relationship. B⁵ helps us enhance our relation-
ships. “I’ve worked with most of my customers for several years,”
says Jeff Troxell, Business Banker in Champaign, Illinois,
“and many of them work with other areas of the bank. The B⁵
initiative allows me to expand our relationship by referring
customers directly to our associates to make sure all of their
financial needs are met.” In this way we meet business needs
and explore customers’ other needs as well.
This is B⁵—one relationship builds many across Busey’s
comprehensive range of financial services.
CASH MANAGEMENT.
“Almost all business customers can benefit from at least one
cash management service. The best thing about B⁵ has been
the increased awareness of the services we offer,” according to
Briggett Carter, a cash management representative in Peoria,
Illinois. “Our services offer time and cost saving benefits to our
business customers—increasing their efficiency and streamlin-
ing their operations. Now that all of our associates understand
our service offerings, we are top of mind when a customer
expresses frustration because of a manual process.”
This is B⁵—keeping all associates aware of opportunities
outside of their line of business, and filling needs that may
not have been filled in the past.
12
{
Service Leaders.
{
ExECuTIVE MANAGEMENT
Daniel P. Daly
Executive Vice President, West Region President
Busey Bank
Van A. Dukeman
President & Chief Executive Officer
First Busey Corporation
Donna R. Greene
President & Chief Executive Officer
Busey Wealth Management
Howard F. Mooney II
President & Chief Executive Officer
FirsTech, Inc.
Executive Vice President, Cash Management
Busey Bank
Robert F. Plecki
Executive Vice President & Chief Credit Officer
First Busey Corporation
Christopher M. Shroyer
President & Chief Executive Officer
Busey Bank
Barbara J. Harrington
Executive Vice President & Chief Risk Officer
First Busey Corporation
N. John Waddock, Jr.
Executive Vice President, Business Banking
Busey Bank
Gary L. Jackson
Executive Vice President, Mortgage Banking
Busey Bank
Nancy E. Weimer
Executive Vice President, Retail Banking
Busey Bank
Leanne C. Kopischke
Executive Vice President & Chief Information Officer
First Busey Corporation
David B. White
Executive Vice President & Chief Financial Officer
First Busey Corporation
BOARd OF dIRECTORS, FIRST BuSEy CORPORATION
Joseph M. Ambrose
President & Chief Executive Officer
Horizon Hobby, Inc.
David J. Downey
President
The Downey Group, Inc.
Van A. Dukeman
President & Chief Executive Officer
First Busey Corporation
Dr. David L. Ikenberry
Professor of Finance
Dean of the Leeds School of Business
University of Colorado
E. Phillips Knox
Attorney
Tummelson, Bryan & Knox, LLP
13
V. B. Leister, Jr.
Chairman
Carter’s Furniture, Inc.
Gregory B. Lykins
Chairman
First Busey Corporation
August C. Meyer, Jr.
Chairman
Midwest Television, Inc.
George T. Shapland
President
Shapland Management Company
Thomas G. Sloan
Chief Executive Officer
Sloan Implement Company
CORPORATE PROFILE.
First Busey Corporation is a $3.6 billion financial holding company headquartered in Champaign, Illinois. Busey Bank,
First Busey Corporation’s wholly-owned bank subsidiary, also headquartered in Champaign, Illinois, has thirty full-
service and four teller service branches serving downstate Illinois, a commercial service branch in Indianapolis,
Indiana, and seven full-service branches serving southwest Florida. Busey Bank had total assets of $3.6 billion as of
december 31, 2010.
Busey Wealth Management is a wholly-owned subsidiary of First Busey Corporation. Through Busey Trust Company,
Busey Wealth Management delivers trust, asset management, retail brokerage and insurance products and services.
As of december 31, 2010, Busey Wealth Management had approximately $3.5 billion in assets under care.
First Busey Corporation owns a retail payment processing subsidiary, FirsTech, Inc., which processes over 28 million
transactions per year through online bill payments, lockbox processing and walk-in payments through its 3,100 agent
locations in 38 states.
Busey provides electronic delivery of financial services through our website, www.busey.com.
SHAREHOLdER INFORMATION.
Corporate Headquarters
First Busey Corporation, 100 W. university Ave., Champaign, Illinois 61820, 217.365.4500. Visit Busey’s website at
www.busey.com.
Annual Meeting
The Annual Meeting of Shareholders of First Busey Corporation will be held on Tuesday, May 17, 2011, at 6:30 p.m.
at Busey Bank, 100 W. university Ave., Champaign, Illinois.
First Busey Corporation Common Stock
First Busey Corporation Common Stock is listed on the Nasdaq Global Select Market under the symbol BuSE.
Annual Report on Form 10-K
A copy of the Annual Report on Form 10-K filed with the Securities and Exchange Commission can be found at
www.busey.com.
FORWARd-LOOKING STATEMENTS.
The information in this report may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act, and
Section 21E of the Securities Exchange Act of 1934, as amended. These may include statements as to future financial and operating results, cost
savings, enhanced revenues and the accretion/dilution to reported earnings that may be realized as well as any other statements regarding
future results or expectations. First Busey intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking
statements contained in the Private Securities Litigation Reform Act of 1995 and is including this statement for purposes of these safe harbor
provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of First
Busey are generally identified by the use of words such as “believe,” “expect,” “intend,” “anticipate,” “estimate,” or “project” or similar expressions.
First Busey’s ability to predict results, or the actual effect of future plans or strategies, is inherently uncertain.
Member FdIC
First Busey Corporation
100 W. university Ave.
Champaign, IL 61820
217.365.4500
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