Banker First Busey (BUSE) has announced they will be selling a new issue of non cumulative fixed rate preferred stock.
First Busey is a modest sized banker with about $20 billion in assets and was formed in 1980.
As far as I know this is their first issuance of $25/share preferred stock (at least publicly traded). They do have a $1,000 issue outstanding.
The preliminary prospectus can be read here.
As almost always J was on top of this one.
If anyone else was curious, here’s the pro supp to the ftf notes they are redeeming:
https://ir.busey.com/node/8206/html
These would’ve floated at SOFR + over 5%, so I can understand the need to call them ASAP.
8 million priced at 8.25%
https://ir.busey.com/static-files/7d22fea2-f64d-444e-8c58-58cc17775422
the outstanding bond seems to be 319383AD7
prospectus is here:
https://www.sec.gov/Archives/edgar/data/314489/000110465922065754/tm2215555-5_424b5.htm
Wow I don’t know them but they screen pretty good. Was OOO and FPL took most me immediate need
@If – they recently acquired CrossFirst Bankshares. That increase in assets from $12B to $20B is significant, and Busey then set aside a large provision for loan losses in Q1. This could be a positive move, with Busey taking a more conservative approach to building reserves since they tend to be cautious with credit risk. On the other hand, it could be Busey using this opportunity to quietly increase their provision levels, especially given the current economic climate. Curious if you screened CrossFirst as well?