<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 1O-K/A
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1995
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 0-15950
FIRST BUSEY CORPORATION
(Exact name of registrant as specified in its Charter)
Nevada 37-1078406
(State or other jurisdiction of I.R.S. Employer
incorporation or organization) Identification No.)
201 W. Main Street
Urbana, Illinois 61801
(Address of principal executive offices) (Zip Code)
(217) 384-4513
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
None
Securities registered pursuant to Section 12(g) of the Act:
Class A Common Stock, without par value
Indicate by check mark whether the Registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the Registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes _X_ No __
Indicate by check mark if disclosure of delinquent filers
pursuant to Item 405 Regulation S-K is not contained herein, and
will not be contained, to the best of Registrant's knowledge, in
definitive proxy or information statements incorporated by
reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [X]
As of February 29, 1996, the aggregate market value of the
Class A Common Stock held by non-affiliates was $67,681,460.
Class B Common Stock is held by affiliates. The market value of
the Class A Common Stock is based on the "Bid" price for such
stock as reported in the National Quotation Bureau's "Pink
Sheets" on that date. Affiliates include all directors,
executive officers and beneficial holders owning 5% or more of
the shares.
Indicate the number of shares outstanding of each of the
Registrant's classes of common stock, as of the latest
practicable date.
<TABLE>
<CAPTION>
Class Outstanding at February 29, 1996
- - ---------------------------------------- ---------------------------------
<S> <C>
Class A Common Stock, without par value 3,785,016
Class B Common Stock, without par value 750,000
</TABLE>
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the definitive Proxy Statement dated March 18, 1996
for First Busey Corporation's Annual Meeting of Stockholders to
be held on April 16, 1996 (the "1996 Proxy Statement") are
incorporated by reference into Part III.
Page 1 of 52 pages
<PAGE> 2
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this amendment to be signed
on its behalf by the undersigned, thereunto duly authorized.
FIRST BUSEY CORPORATION
_______________________
(Registrant)
By _______________________________
Barbara J. Kuhl
Executive Vice President and
Corporate Secretary
Dated: April 26, 1996
2
<PAGE> 3
Part IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K
EXHIBITS
<TABLE>
<CAPTION>
Exhibit Description of Exhibit Sequentially
Number Numbered Page
- - ------- ---------------------------------------------------------------- -------------
<S> <C> <C>
3.1 Certificate of Incorporation of First Busey Corporation
(filed as Appendix B to First Busey's definitive proxy
statement filed with the Commission on April 5, 1993 (Commission
File No. 0-15950), and incorporated herein by reference)
3.2 By-Laws of First Busey Corporation (filed as Appendix C to
First Busey's definitive proxy statement filed with the
Commission on April 5, 1993 (Commission File No. 0-15950), and
incorporated herein by reference)
10.1* First Busey Corporation 1993 Restricted Stock Award Plan
(filed as Appendix E to First Busey's definitive proxy statement
filed with the Commission on April 5, 1993 (Commission File No.
0-15950), and incorporated herein by reference)
10.2* First Busey Corporation 1986 Stock Option Plan (filed as
Exhibit 10.2 to First Busey's Registration Statement on Form S-1
(Registration No. 33-13973), and incorporated herein by
reference)
10.3* First Busey Corporation Profit Sharing Plan and Trust
(filed as Exhibit 10.3 to First Busey's Registration Statement
on Form S-1 (Registration No. 33-13973), and incorporated herein
by reference)
10.4 Mortgage on County Plaza Building (filed as Exhibit 10.4
to First Busey's Registration Statement on Form S-1
(Registration No. 33-13973), and incorporated herein by
reference
10.5 Affiliation Agreement dated October 13, 1988 between
Community Bank of Mahomet and CBM Bank, Mahomet and joined in by
First Busey Corporation (filed as Exhibit 2.1 to First Busey's
Registration Statement on Form S-4 (Registration No. 33-25159),
and incorporated herein by reference)
10.6 Merger Agreement dated October 13, 1988 between Community
Bank of Mahomet and CBM Bank, Mahomet and joined in by First
Busey Corporation (filed as Exhibit 2.2 to First Busey's
Registration Statement on Form S-4 (Registration No. 33-25159),
and incorporated herein by reference)
10.7* First Busey Corporation Employee Stock Ownership Plan
(filed as Exhibit 10.7 to First Busey's Annual Report on Form
10-K for the fiscal year ended December 31, 1988 (Registration
No. 2-66201), and incorporated herein by reference)
10.8* First Busey Corporation 1988 Stock Option Plan (filed as
Exhibit 10.8 to First Busey's Annual Report on Form 10-K for the
fiscal year ended December 31, 1988 (Registration No. 2-66201),
and incorporated herein by reference)
10.9 Affiliation Agreement dated as of April 10, 1989 between
First Busey Corporation and St. Joseph Bancorp, Inc. (filed as
Exhibit 2.1 to First Busey's Corporation Statement on Form S4
(Registration No. 33-28926), and incorporated herein by
reference)
10.1 Agreement and Plan of Merger dated April 10, 1989 between
First Busey Corporation and St. Joseph Bancorp, Inc. (filed as
Exhibit 2.2 to First Busey's Registration Statement on Form S-4
(Registration No 33-28926), and incorporated herein by
reference)
</TABLE>
<PAGE> 4
<TABLE>
<CAPTION>
Exhibit Description of Exhibit Sequentially
Number Numbered Page
- - ------- ---------------------------------------------------------------- -------------
<S> <C> <C>
10.11 Affiliation Agreement dated as of October 2, 1992 between
First Busey Corporation and Empire Capital Corporation (filed as
Exhibit 2.1 to First Busey's Registration Statement on Form S-4
(Registration No. 33-54664), and incorporated herein by
reference)
10.12 Agreement and Plan of Merger dated as of October 2, 1992
between First Busey Corporation and Empire Capital Corporation
(filed as Exhibit 2.2 to First Busey's Registration Statement on
Form 5-4 (Registration No. 33-54664), and incorporated herein by
reference)
10.13* First Busey Corporation Executive Deferred Compensation
Plan (filed as Exhibit 10.13 to First Busey's Annual Report on
Form 10-K for the fiscal year ending December 31, 1993 and
incorporated herein by reference)
10.14* First Busey Corporation Director Deferred Compensation
Plan (filed as Exhibit 10.14 to First Busey's Annual Report on
Form 10-K for the fiscal year ending December 31, 1993 and
incorporated herein by reference)
10.15* Split-dollar Life Insurance Policy on Douglas C. Mills
and Linda M. Mills (filed as Exhibit 10.15 to First Busey's
Annual Report on Form 10-K for the fiscal year ending December
31, 1993 and incorporated herein by reference)
10.16* Split-dollar Life Insurance Policy on Edwin A. Scharlau
(filed as Exhibit 10.16 to First Busey's Annual Report on Form
10-K for the fiscal year ending December 31, 1994 and
incorporated herein by reference)
10.17* Split-dollar Life Insurance Policy on P. David Kuhl
(filed as Exhibit 10.17 to First Busey's Annual Report on Form
10-K for the fiscal year ending December 31, 1994 and
incorporated herein by reference)
21.1 List of Subsidiaries of First Busey Corporation
23.1 Consent of Independent Public Accountants
99.1 Form 11-K Annual Report for First Busey Corporation Profit
Sharing Plan and Trust (Registration No. 33-30095) for the
fiscal year ended December 31, 1995
99.2 Form 11-K Annual Report for First Busey Corporation
Employee Stock Ownership Plan (Registration No. 33-60402) for
the fiscal year ended December 31, 1995
<FN>
* Indicates an employee benefit plan, management contract or
compensatory plan or arrangement in which a named executive
officer participates.
</FN>
</TABLE>
FINANCIAL STATEMENT SCHEDULES
Financial statement schedules not included in this Form 10-K
have been omitted because they are not applicable for the
required information shown in the financial statements or notes
thereto.
FIRST BUSEY CORPORATION INDEX TO FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
Page
------------
<S> <C>
Consolidated Balance Sheets F-2
Consolidated Statements of Income F-3 to F-4
Consolidated Statements of Stockholders' Equity F-5 to F-7
Consolidated Statements of Cash Flows F-8 to F-9
Notes to Consolidated Financial Statements F-10 to F-32
<PAGE> 5
Management Report, Effectiveness of the Internal
Control Structure F-34
Independent Auditor's Report F-35
</TABLE>
REPORTS ON FORM 8-K
No reports on Form 8-K have been filed for or on behalf of First
Busey Corporation during the last quarter or the period covered
by this Form 10-K.
FORM S-8 UNDERTAKING
For the purposes of complying with the amendments to the rules governing
Form S-8 (effective July 13, 1990) under the Securities Act of 1933, the
undersigned registrant hereby undertakes as follows, which undertaking
shall be incorporated by reference into the registrant's Registration
Statement on Form S-8 File No. 33-30095.
Insofar as indemnification for liabilities arising under the Securities
Act of 1933 may be permitted to directors, officers and controlling
persons of the registrant pursuant to the foregoing provisions, or
otherwise, the registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against
public policy as expressed in the Securities Act of 1933 and is,
therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the registrant of
the expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action, suit
or proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, the
registrant will, unless in the opinion of its counsel the matter has
been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Act and will be governed by the final
adjudication of such issue.
<PAGE> 6
EXHIBIT 99.1
FORM 11-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
ANNUAL REPORT
Pursuant to Section 15(d) of the
Securities Exchange Act of 1934
For the fiscal year ended December 31, 1995
Commission File No. 0-15950 (First Busey Corporation)
Commission File No. 33-30095 (the Plan)
A. Full title of the plan and the address of the plan, if
different from that of the issuer named below:
FIRST BUSEY CORPORATION PROFIT SHARING PLAN AND TRUST
("the Plan")
B. Name of issuer of the securities held pursuant to the plan
and the address of its principle executive office:
FIRST BUSEY CORPORATION
201 WEST MAIN STREET
URBANA, ILLINOIS 61801
<PAGE> 7
<TABLE>
<CAPTION>
Required Information
Profit Sharing Plan and Trust Page
------------
<S> <C>
Independent Auditor's Report on the Financial Statements F-1
Financial Statements
1) Statements of Net Assets Available
for Plan Benefits F-2
2) Statements of Changes in Net Assets
Available for Plan Benefits F-3
3) Notes to Financial Statements F-4 - F-15
4) Independent Auditor's Report on the F-16
Supplementary Information
5) Summary of Investments Owned and
Investment Income F-17 - F-18
6) Assets Held for Investment F-19 - F-23
7) Reportable Transactions F-24
9) Consent of Independent Public Accountants F-25
</TABLE>
<PAGE> 8
FIRST BUSEY CORPORATION
PROFIT SHARING PLAN AND TRUST
FINANCIAL REPORT
DECEMBER 31, 1995
<PAGE> 9
FIRST BUSEY CORPORATION
PROFIT SHARING PLAN AND TRUST
C O N T E N T S
- - ---------------------------------------------------------------------------
INDEPENDENT AUDITOR'S REPORT
ON THE FINANCIAL STATEMENTS 3
- - ---------------------------------------------------------------------------
FINANCIAL STATEMENTS
Statements of net assets available for benefits 4
Statements of changes in net assets available
for benefits 5
Notes to financial statements 6-17
INDEPENDENT AUDITOR'S REPORT
ON THE SUPPLEMENTARY INFORMATION 18
SUPPLEMENTARY INFORMATION
Summary of investments owned and investment income 19 and 20
Assets held for investment 21-25
Reportable transactions 26
- - ---------------------------------------------------------------------------
<PAGE> 10
INDEPENDENT AUDITOR'S REPORT
TO THE PROFIT SHARING COMMITTEE
AND PARTICIPANTS
FIRST BUSEY CORPORATION
PROFIT SHARING PLAN AND TRUST
URBANA, ILLINOIS
We have audited the accompanying statements of net assets available for
benefits of FIRST BUSEY CORPORATION PROFIT SHARING PLAN AND TRUST as of
December 31, 1995 and 1994, and the related statements of changes in net
assets available for benefits for each of the years in the three-year period
ended December 31, 1995. These financial statements are the responsibility
of the Plan's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the net assets available for benefits of
FIRST BUSEY CORPORATION PROFIT SHARING PLAN AND TRUST as of December 31,
1995 and 1994, and the changes in net assets available for benefits for each
of the years in the three-year period ended December 31, 1995, in conformity
with generally accepted accounting principles.
Champaign, Illinois
April 8, 1996
- - ---------------------------------------------------------------------- F - 3
<PAGE> 11
FIRST BUSEY CORPORATION
PROFIT SHARING PLAN AND TRUST
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 1995 and 1994
- - -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
1995 1994
------------ ------------
<S> <C> <C>
ASSETS
Investments at fair value:
Common stock $ 3,587,884 $ 2,701,203
Mutual funds 3,310,665 2,891,216
Corporate bonds, notes and commercial
paper 2,421,467 1,829,956
Short-term investments 1,200,432 892,180
Common trust fund 1,180,910 990,471
U. S. Treasury and federal agency
securities 559,570 384,487
Taxable municipal bonds 340,970 255,015
Notes receivable, other 101,954 437,632
Notes receivable, participants 75,394 93,830
------------ ------------
$ 12,779,246 $ 10,475,990
------------ ------------
Receivables:
Accrued interest and dividends $ 241,628 $ 134,393
Participants' contributions 21,294 18,390
Other 1,037 50,000
------------ ------------
$ 263,959 $ 202,783
------------ ------------
Total assets $ 13,043,205 $ 10,678,773
------------ ------------
LIABILITIES
Cash overdraft Cash overdraft $ - $ 42
Participants - 9,100
------------ ------------
Total liabilities $ - $ 9,142
------------ ------------
NET ASSETS AVAILABLE FOR BENEFITS $ 13,043,205 $ 10,669,631
============ ============
<FN>
See Notes to Financial Statements.
</FN>
</TABLE>
- - ---------------------------------------------------------------------- F - 4
<PAGE> 12
FIRST BUSEY CORPORATION
PROFIT SHARING PLAN AND TRUST
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Years Ended December 31, 1995, 1994 and 1993
- - -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
1995 1994 1993
------------ ------------ ------------
<S> <C> <C> <C>
Investment income:
Net (depreciation) appreciation in
fair value of investments $ 1,650,641 $ (57,335) $ 500,049
Interest 276,102 248,570 230,007
Dividends 176,575 148,880 157,346
------------ ------------ ------------
$ 2,103,318 $ 340,115 $ 887,402
------------ ------------ ------------
Contributions:
Employer $ 371,486 $ 304,385 $ 300,067
Employees 569,066 538,024 495,771
Employee contributions representing
transfers from another qualified
retirement trust 118,413 955,896 4,529
------------ ------------ ------------
$ 1,058,965 $ 1,798,305 $ 800,367
------------ ------------ ------------
Total additions $ 3,162,283 $ 2,138,420 $ 1,687,769
------------ ------------ ------------
Benefits paid to participants $ 708,692 $ 439,829 $ 161,243
Administrative expenses 80,017 71,185 51,242
------------ ------------ ------------
Total deductions $ 788,709 $ 511,014 $ 212,485
------------ ------------ ------------
Net increase $ 2,373,574 $ 1,627,406 $ 1,475,284
Net assets available for benefits:
Beginning of year 10,669,631 9,042,225 7,566,941
------------ ------------ ------------
End of year $ 13,043,205 $ 10,669,631 $ 9,042,225
============ ============ ============
<FN>
See Notes to Financial Statements.
</FN>
</TABLE>
- - ---------------------------------------------------------------------- F - 5
<PAGE> 13
FIRST BUSEY CORPORATION
PROFIT SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
- - -------------------------------------------------------------------------------
NOTE 1. SIGNIFICANT ACCOUNTING POLICIES
Valuation of investments:
The Plan's investments are stated at fair value. Shares of
registered investment companies are valued at quoted market prices
which represent the net asset value of shares held by the Plan at
year-end. Securities traded on any recognized stock exchange are
valued at the last reported sales price at the valuation date.
Securities not listed on an exchange and securities for which no
sale has been reported on that day are valued at the closing bid
price, or at fair value as determined by the Trustee.
Certificates of deposit and participant and other notes receivable
are valued at cost which approximates fair value. Purchases and
sales of securities are recorded on a trade-date basis.
Payment of benefits:
Benefits are recorded when paid.
NOTE 2. PLAN DESCRIPTION
The following description of the Plan provides only general
information. Participants should refer to the Plan agreement for
a more complete description of the Plan's provisions.
General:
First Busey Corporation Profit Sharing Plan and Trust (the Plan)
is a multiple-employer profit sharing plan and 401(k) plan.
Participating employers are First Busey Corporation and its
subsidiaries (the Employers).
The Plan is a profit sharing plan that was amended effective
January 1, 1987, to include a 401(k) plan. The Plan covers all
full-time employees of the Employers who have completed 6 months
of service. It is subject to the provisions of the Employee
Retirement Income Security Act of 1974 (ERISA).
Contributions:
Each profit sharing participant is permitted to make voluntary
contributions to their profit sharing account up to 10% of the
participant's total compensation, as defined in the Plan. Each
401(k) participant may make voluntary contributions subject to
certain limits as provided in the plan document and in income tax
regulations. Participants may also contribute amounts
representing distributions from other qualified plans.
- - ---------------------------------------------------------------------- F - 6
<PAGE> 14
FIRST BUSEY CORPORATION
PROFIT SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
- - -------------------------------------------------------------------------------
The Employers' contributions to the profit sharing portion of the
Plan are determined by their Boards of Directors. The Employers
make contributions to the 401(k) portion of the Plan equal to 25%
of the first 6% of total compensation that a participant
contributes to the Plan. The Employers may increase the match in
any year if approved by their Boards of Directors.
For the year ended December 31, 1995, 401(k) Plan matching totaled
29% of participant contributions. In recognition of Busey Bank's
125th anniversary, for the year ended December 31, 1993, the
employers made an additional contribution to the 401(k) portion of
the Plan equal to 12.5% of participant contributions.
Participant accounts:
Each participant's profit sharing account is credited with the
participant's contributions and an allocation of (a) the
Employers' contribution, (b) Trust earnings, (c) forfeitures of
terminated participants' non-vested accounts, and (d)
administrative expenses. Allocations are based on participant
earnings or account balances, as defined. The benefit to which a
participant is entitled is the benefit that can be provided from
the participant's vested account.
Each participant's 401(k) account is credited with the
participant's voluntary contributions and an allocation of (a) the
Employers' contribution, (b) Trust earnings, and (c)administrative
expenses. The benefit to which a participant is entitled is the
benefit that can be provided from the participant's vested account.
Vesting:
Participants in the 401(k) plan are immediately vested in their
voluntary contributions, the Company's contribution and the
respective Trust earnings on those contributions.
Participants in the profit sharing plan are immediately vested in
their voluntary contributions plus earnings thereon. Vesting in
the remainder of their accounts is based on years of continuous
service. A participant is 100 percent vested after seven years of
credited service.
Investment options:
Upon enrollment in the 401(k) plan, a participant may direct
contributions in any of four investment options as follows:
Balanced Fund - Funds are invested primarily in shares of
registered investment companies and corporate bonds.
Equity Growth Fund - Funds are invested in shares of
registered investment companies.
- - ---------------------------------------------------------------------- F - 7
<PAGE> 15
FIRST BUSEY CORPORATION
PROFIT SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
- - -------------------------------------------------------------------------------
FBC Stock Fund - Funds are invested in Class A common stock of
First Busey Corporation.
CD Fund - Funds are invested in a certificate of deposit with
Busey Bank, a subsidiary of First Busey Corporation.
Participants may change their investment options semi-annually.
Payment of benefits:
Upon termination of service, a participant may elect to receive
either a lump-sum amount equal to the value of his or her account,
or an annuity payable to the participant for his or her life with
an annuity payable to the participant's surviving spouse equal to
50% of the participant's annuity. The participant may elect to
receive a smaller annuity benefit with continuation of payments to
the spouse at a rate of 75% or 100% of the participants' annuity.
NOTE 3. PLAN TERMINATION
In the event of the termination of the Plan, or upon the complete
discontinuance of contributions, the Trust shall be used to provide
benefits under the Plan for participants and their beneficiaries in
the order of decreasing priority as described in the Employee
Retirement Income Security Act of 1974. In the event of Plan
termination, participants will become 100 percent vested in their
accounts.
Presently, there is no intention on the part of the Employers to
terminate the Plan or to discontinue contributions to the Trust.
- - ---------------------------------------------------------------------- F - 8
<PAGE> 16
FIRST BUSEY CORPORATION
PROFIT SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
- - -------------------------------------------------------------------------------
NOTE 4. INVESTMENTS
The following table presents the fair values of investments as of
December 31, 1995 and 1994. Investments that represent 5 percent
or more of the Trust's net assets are separately identified.
<TABLE>
<CAPTION>
DECEMBER 31, 1995 December 31, 1994
----------------------------- -----------------------------
Number of Number of
Shares or Shares or
Principal Principal
Amount Fair Value Amount Fair Value
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Investments at fair value as
determined by quoted market
price:
U. S. Treasury Notes $ 175,000 $ 180,742 $ 175,000 $ 164,656
Federal Home Loan
Bank Bonds $ 325,000 332,773 $ 200,000 201,375
Federal Farm Credit
Bank Bonds $ 45,000 46,055 $ 20,000 18,456
Corporate bonds, notes
and commercial paper $ 2,390,000 2,421,467 $ 1,925,000 1,829,956
Common stock, Class A,
First Busey Corporation 121,747 3,287,169 100,047 2,426,140
Other common stocks 14,859 300,715 15,090 275,063
Mutual funds:
Mutual Shares Fund 6,274.925 542,467 7,696.235 605,617
Nicholas Fund, Inc. 10,040.439 602,727 11,884.144 570,795
Other mutual funds 102,256.753 2,165,471 87,971.639 1,714,804
------------ ------------
$ 9,879,586 $ 7,806,862
------------ ------------
Investments at estimated fair
value:
Certificate of deposit $ 283,855 $ 283,855 $ 93,937 $ 93,937
Franklin IFT Money
Market Portfolio $ 916,577 916,577 $ 798,243 798,243
Pension Common Trust
Fund of First Busey
Trust & Investment
Co. 34,270 1,180,910 37,836 990,471
Notes receivable, partici-
pants $ 75,394 75,394 $ 93,830 93,830
Notes receivable, other $ 101,954 101,954 $ 437,632 437,632
Taxable municipal bonds $ 340,000 340,970 $ 250,000 255,015
------------ ------------
$ 2,899,660 $ 2,669,128
------------ ------------
$ 12,779,246 $ 10,475,990
============ ============
</TABLE>
- - ---------------------------------------------------------------------- F - 9
<PAGE> 17
FIRST BUSEY CORPORATION
PROFIT SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
- - -------------------------------------------------------------------------------
During the years ended December 31, 1995, 1994 and 1993 the Trust's
investments (including investments bought, sold and held during the
year) appreciated (depreciated) in value by 1,650,641, $(57,335) and
$500,049, respectively, as follows:
<TABLE>
<CAPTION>
1995 1994 1993
----------- ----------- ----------
<S> <C> <C> <C>
Investments at fair value as
determined by quoted market price:
U. S. Treasury and federal agency
securities $ 24,978 $ (42,179) $ (9,282)
Corporate bonds, notes and
commercial paper 122,318 (155,466) 10,219
Common stock 399,393 207,184 372,570
Mutual funds 813,560 (73,068) 53,460
----------- ----------- ----------
$ 1,360,249 $ (63,529) $ 426,967
----------- ----------- ----------
Investments at estimated fair value:
Common trust fund $ 290,465 $ 6,194 $ 68,821
Taxable municipal bonds (73) - -
Zero-coupon bonds - - 4,261
----------- ----------- ----------
$ 290,392 $ 6,194 $ 73,082
----------- ----------- ----------
$ 1,650,641 $ (57,335) $ 500,049
=========== =========== ==========
</TABLE>
NOTE 5. PARTY IN INTEREST TRANSACTIONS
Parties in interest include fiduciaries or employees of the plan,
any person who provides services to the plan, an employer whose
employees are covered by the plan, an employee organization whose
members are covered by the plan, a person who owns 50 percent or
more of such an employer or employee association, or relatives of
such persons just listed.
Certain Plan investments are shares of a common trust fund managed
by First Busey Trust & Investment Co. (FBTIC). FBTIC is the trustee
as defined by the Plan thus, these transactions qualify as party in
interest. Fees paid for investment management services amounted to
$45,295, $41,555 and $33,827 for the three years ended December 31,
1995, 1994 and 1993, respectively.
Another Plan investment is a certificate of deposit with Busey Bank,
a subsidiary of First Busey Corporation. Purchases and maturities of
certificates of deposit from Busey Bank also qualify as party in
interest transactions.
- - ---------------------------------------------------------------------- F - 10
<PAGE> 18
FIRST BUSEY CORPORATION
PROFIT SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
- - -------------------------------------------------------------------------------
NOTE 6. RECONCILIATION OF DIFFERENCES BETWEEN THESE FINANCIAL STATEMENTS
AND THE FINANCIAL INFORMATION REQUIRED ON FORM 5500
<TABLE>
<CAPTION>
December 31,
1995
-------------
<S> <C>
Net assets available for benefits as presented
in these financial statements $ 13,043,205
Amounts allocated to withdrawing participants (353,646)
-------------
Net assets available for benefits as presented
on Form 5500 $ 12,689,559
=============
Year Ended
December 31,
1995
-------------
Net increase in net assets available for benefits
as presented in these financial statements $ 2,373,574
Less amounts allocated to withdrawing participants
at the end of the year (353,646)
-------------
Net increase in net assets available for benefits
as presented in Form 5500 $ 2,019,928
=============
</TABLE>
Amounts allocated to withdrawing participants are recorded on the
Form 5500 for benefit claims that have been processed and approved
for payment prior to December 31 but not yet paid as of that date.
NOTE 7. INCOME TAX STATUS
The Internal Revenue Service has determined and informed First
Busey Corporation by a letter dated May 25, 1995, that the Plan
and related trust are designed in accordance with applicable
sections of the Internal Revenue Code. The Plan has been amended
since receiving the determination letter. However, the Plan
administrator believes that the Plan is designed and is currently
being operated in compliance with the applicable requirements of
the IRC.
NOTE 8. FORFEITED ACCOUNTS
At December 31, 1995, forfeited nonvested profit-sharing accounts
totaled $7,469. These accounts will be allocated to profit
sharing plan participants' accounts.
- - ---------------------------------------------------------------------- F - 11
<PAGE> 19
FIRST BUSEY CORPORATION
PROFIT SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
- - -------------------------------------------------------------------------------
This page left intentionally blank.
- - ---------------------------------------------------------------------- F - 12
<PAGE> 20
FIRST BUSEY CORPORATION
PROFIT SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
- - -------------------------------------------------------------------------------
NOTE 8. STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS, BY FUND
<TABLE>
<CAPTION>
DECEMBER 31, 1995
--------------------------------------------------------------------------------------------
Non-
Participant
Directed Participant Directed 401(k)
----------- ---------------------------------------------------------
Equity FBC
Profit Balanced Growth Stock CD
Sharing Fund Fund Fund Fund Total
----------- ---------- ---------- ----------- --------- ------------
<S> <C> <C> <C> <C> <C> <C>
Investments at fair value:
Common stock $ 300,715 $ - $ - $ 3,287,169 $ - $ 3,587,884
Mutual funds 2,335,631 264,741 710,293 - - 3,310,665
Corporate bonds, notes, and
commercial paper 2,193,576 227,891 - - - 2,421,467
Short-term investments 831,236 65,566 2 19,773 283,855 1,200,432
Common trust fund 1,151,379 29,531 - - - 1,180,910
U.S. Treasury and federal
agency securities 533,484 26,086 - - - 559,570
Taxable municipal bonds 340,970 - - - - 340,970
Notes receivable, other 101,954 - - - - 101,954
Notes receivable, participants 9,825 1,369 5,777 49,206 9,217 75,394
----------- ---------- ---------- ----------- --------- ------------
$ 7,798,770 $ 615,184 $ 716,072 $ 3,356,148 $ 293,072 $ 12,779,246
----------- ---------- ---------- ----------- --------- ------------
Receivables:
Interfund (payable)/receivable $ (126,606) $ 14,552 $ 21,612 $ 82,272 $ 8,170 $ -
Accrued interest and dividends 160,244 15,183 53,530 309 12,362 241,628
Participants' contributions - 2,463 3,580 13,952 1,299 21,294
Other 1,037 - - - - 1,037
----------- ---------- ---------- ----------- --------- ------------
$ 34,675 $ 32,198 $ 78,722 $ 96,533 $ 21,831 $ 263,959
----------- ---------- ---------- ----------- --------- ------------
Total assets $ 7,833,445 $ 647,382 $ 794,794 $ 3,452,681 $ 314,903 $ 13,043,205
----------- ---------- ---------- ----------- --------- ------------
NET ASSETS AVAILABLE FOR
BENEFITS $ 7,833,445 $ 647,382 $ 794,794 $ 3,452,681 $ 314,903 $ 13,043,205
=========== ========== ========== =========== ========= ============
</TABLE>
- - ---------------------------------------------------------------------- F - 13
<PAGE> 21
FIRST BUSEY CORPORATION
PROFIT SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
- - -------------------------------------------------------------------------------
NOTE 8. STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS, BY FUND
<TABLE>
<CAPTION>
December 31, 1994
--------------------------------------------------------------------------------------------
Non-
Participant
Directed Participant Directed 401(k)
----------- --------------------------------------------------------
Equity FBC
Profit Balanced Growth Stock CD
Sharing Fund Fund Fund Fund Total
----------- ---------- ---------- ----------- --------- -------------
<S> <C> <C> <C> <C> <C> <C>
Investments at fair value:
Common stock $ 275,063 $ - $ - $ 2,426,140 $ - $ 2,701,203
Mutual funds 1,949,519 195,369 746,328 - - 2,891,216
Corporate bonds, notes and
commercial paper 1,617,164 212,792 - - - 1,829,956
Short term investments 705,976 55,714 5,472 31,081 93,937 892,180
Common trust fund 874,686 115,785 - - - 990,471
U.S. Treasury and federal
agency securities 384,487 - - - - 384,487
Taxable municipal bonds 204,942 50,073 - - - 255,015
Notes receivable, other 408,043 29,589 - - - 437,632
Notes receivable, participants 93,830 - - - - 93,830
----------- ---------- ---------- ----------- --------- -------------
$ 6,513,710 $ 659,322 $ 751,800 $ 2,457,221 $ 93,937 $ 10,475,990
----------- ---------- ---------- ----------- --------- -------------
Receivables:
Interfund (payable)/receivable $ (107,339) $ 18,986 $ 26,598 $ 59,053 $ 2,702 $ -
Accrued interest and dividends 100,433 11,029 22,782 149 - 134,393
Participants' contributions - 3,267 4,198 10,418 507 18,390
Other 50,000 - - - - 50,000
----------- ---------- ---------- ----------- --------- -------------
$ 43,094 $ 33,282 $ 53,578 $ 69,620 $ 3,209 $ 202,783
----------- ---------- ---------- ----------- --------- -------------
Total assets $ 6,556,804 $ 692,604 $ 805,378 $ 2,526,841 $ 97,146 $ 10,678,773
----------- ---------- ---------- ----------- --------- -------------
Cash overdraft $ (42) $ - $ - $ - $ - (42)
Participants - (1,031) (1,814) (6,255) - (9,100)
----------- ---------- ---------- ----------- --------- -------------
Total liabilities $ (42) $ (1,031) $ (1,814) $ (6,255) $ - $ (9,142)
----------- ---------- ---------- ----------- --------- -------------
NET ASSETS AVAILABLE FOR BENEFITS $ 6,556,762 $ 691,573 $ 803,564 $ 2,520,586 $ 97,146 $ 10,669,631
=========== ========== ========== =========== ========= =============
</TABLE>
- - ---------------------------------------------------------------------- F - 14
<PAGE> 22
FIRST BUSEY CORPORATION
PROFIT SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
- - -------------------------------------------------------------------------------
NOTE 9. STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, BY FUND
<TABLE>
<CAPTION>
DECEMBER 31, 1995
---------------------------------------------------------------------------------------
Non-
Participant
Directed Participant Directed 401(k)
----------- --------------------------------------------------------
Equity FBC
Profit Balanced Growth Stock CD
Sharing Fund Fund Fund Fund Total
----------- ---------- ---------- ----------- --------- -------------
<S> <C> <C> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Net appreciation in fair value of
investments $ 1,082,002 $ 83,169 $ 184,156 $ 301,314 $ - $ 1,650,641
Interest 233,262 13,765 212 10,226 18,637 276,102
Dividends 61,770 7,363 10,997 96,445 - 176,575
----------- ---------- ---------- ----------- --------- -------------
$ 1,377,034 $ 104,297 $ 195,365 $ 407,985 $ 18,637 $ 2,103,318
----------- ---------- ---------- ----------- --------- -------------
Contributions:
Employer $ 244,880 $ 14,552 $ 21,612 $ 82,272 $ 8,170 $ 371,486
Employees - 68,384 99,191 366,760 34,731 569,066
Employee contributions representing
transfers from another qualified
retirement trust 118,413 - - - - 118,413
----------- ---------- ---------- ----------- --------- -------------
$ 363,293 $ 82,936 $ 120,803 $ 449,032 $ 42,901 $ 1,058,965
----------- ---------- ---------- ----------- --------- -------------
Total additions $ 1,740,327 $ 187,233 $ 316,168 $ 857,017 $ 61,538 $ 3,162,283
----------- ---------- ---------- ----------- --------- -------------
Deductions from net assets attributed to:
Benefits paid to participants $ (404,007) $ (33,731) $ (32,294) $ (192,055) $ (46,605) $ (708,692)
Administrative expenses (59,637) (2,703) (3,443) (13,423) (811) (80,017)
----------- ---------- ---------- ----------- --------- -------------
Total deductions $ (463,644) $ (36,434) $ (35,737) $ (205,478) $ (47,416) $ (788,709)
----------- ---------- ---------- ----------- --------- -------------
Net participants' transfers
between funds $ - $(194,990) $(289,201) $ 280,556 $ 203,635 $ -
----------- ---------- ---------- ----------- --------- -------------
Net increase (decrease) $ 1,276,683 $ (44,191) $ (8,770) $ 932,095 $ 217,757 $ 2,373,574
Net assets available for benefits:
Beginning of year 6,556,762 691,573 803,564 2,520,586 97,146 10,669,631
----------- ---------- ---------- ----------- --------- -------------
End of year $ 7,833,445 $ 647,382 $ 794,794 $ 3,452,681 $ 314,903 $ 13,043,205
=========== ========== ========== =========== ========= =============
</TABLE>
- - ---------------------------------------------------------------------- F - 15
<PAGE> 23
FIRST BUSEY CORPORATION
PROFIT SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
- - -------------------------------------------------------------------------------
NOTE 9. STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, BY FUND
<TABLE>
<CAPTION>
December 31, 1994
---------------------------------------------------------------------------------------
Non-
Participant
Directed Participant Directed 401(k)
----------- --------------------------------------------------------
Equity FBC
Profit Balanced Growth Stock CD
Sharing Fund Fund Fund Fund Total
----------- ---------- ---------- ----------- --------- -------------
<S> <C> <C> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Net (depreciation) appreciation in fair
value of investments $ (262,306) $ (19,145) $ (14,201) $ 238,317 $ - $ (57,335)
Interest 221,137 22,112 151 1,309 3,861 248,570
Dividends 58,968 5,626 11,548 72,738 - 148,880
----------- ---------- ---------- ----------- --------- -------------
$ 17,799 $ 8,593 $ (2,502) $ 312,364 $ 3,861 $ 340,115
----------- ---------- ---------- ----------- --------- -------------
Contributions:
Employer $ 197,690 $ 18,253 $ 26,620 $ 59,120 $ 2,702 $ 304,385
Employees - 96,474 133,904 295,302 12,344 538,024
Employee contributions representing
transfers from another qualified
retirement trust 955,896 - - - - 955,896
----------- ---------- ---------- ----------- --------- -------------
$ 1,153,586 $ 114,727 $ 160,524 $ 354,422 $ 15,046 $ 1,798,305
----------- ---------- ---------- ----------- --------- -------------
Total additions $ 1,171,385 $ 123,320 $ 158,022 $ 666,786 $ 18,907 $ 2,138,420
----------- ---------- ---------- ----------- --------- -------------
Deductions from net assets attributed to:
Benefits paid to participants $ (189,107) $ (43,140) $ (31,769) $ (174,065) $ (1,748) $ (439,829)
Administrative expenses (51,283) (4,136) (6,774) (8,331) (661) (71,185)
----------- ---------- ---------- ----------- --------- -------------
Total deductions $ (240,390) $ (47,276) $ (38,543) $ (182,396) $ (2,409) $ (511,014)
----------- ---------- ---------- ----------- --------- -------------
Net participants' transfers
between funds $ - $(219,362) $ 141,936 $ 116,723 $ (39,297) $ -
----------- ---------- ---------- ----------- --------- -------------
Net increase (decrease) $ 930,995 $(143,318) $ 261,415 $ 601,113 $ (22,799) $ 1,627,406
Net assets available for benefits:
Beginning of year 5,625,767 834,891 542,149 1,919,473 119,945 9,042,225
----------- ---------- ---------- ----------- --------- -------------
End of year $ 6,556,762 $ 691,573 $ 803,564 $ 2,520,586 $ 97,146 $ 10,669,631
=========== ========== ========== =========== ========= =============
</TABLE>
- - ---------------------------------------------------------------------- F - 16
<PAGE> 24
FIRST BUSEY CORPORATION
PROFIT SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
- - -------------------------------------------------------------------------------
NOTE 9. STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, BY FUND
<TABLE>
<CAPTION>
December 31, 1993
---------------------------------------------------------------------------------------
Non-
Participant
Directed Participant Directed 401(k)
----------- --------------------------------------------------------
Equity FBC
Profit Balanced Growth Stock CD
Sharing Fund Fund Fund Fund Total
----------- ---------- ---------- ----------- --------- -------------
<S> <C> <C> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Net appreciation in fair value of
investments $ 97,142 $ 11,299 $ 19,038 $ 72,570 $ - $ 500,049
Interest 198,429 24,864 214 842 5,658 230,007
Dividends 54,768 10,347 30,426 61,805 - 157,346
----------- ---------- ---------- ----------- --------- -------------
$ 350,339 $ 46,510 $ 49,678 $ 435,217 $ 5,658 $ 887,402
----------- ---------- ---------- ----------- --------- -------------
Contributions:
Employer $ 136,311 $ 44,527 $ 32,455 $ 80,984 $ 5,790 $ 300,067
Employees - 143,000 98,378 235,790 18,603 495,771
Employee contributions representing
transfers from another qualified
retirement trust 4,529 - - - - 4,529
----------- ---------- ---------- ----------- --------- -------------
$ 140,840 $ 187,527 $ 130,833 $ 316,774 $ 24,393 $ 800,367
----------- ---------- ---------- ----------- --------- -------------
Total additions $ 491,179 $ 234,037 $ 180,511 $ 751,991 $ 30,051 $ 1,687,769
----------- ---------- ---------- ----------- --------- -------------
Deductions from net assets attributed to:
Benefits paid to participants $ (55,470) $ (10,756) $ (1,066) $ (74,994) $ (18,957) $ (161,243)
Administrative expenses (51,862) (631) (819) 2,528 (458) (51,242)
----------- ---------- ---------- ----------- --------- -------------
Total deductions $ (107,332) $ (11,387) $ (1,885) $ (72,466) $ (19,415) $ (212,485)
----------- ---------- ---------- ----------- --------- -------------
Net participants' transfers
between funds $ - $ (58,607) $ 363,523 $ (219,281) $ (85,635) $ -
----------- ---------- ---------- ----------- --------- -------------
Net increase (decrease) $ 383,847 $ 164,043 $ 542,149 $ 460,244 $ (74,999) $ 1,475,284
Net assets available for benefits:
Beginning of year 5,241,920 670,848 - 1,459,229 194,944 7,566,941
----------- ---------- ---------- ----------- --------- -------------
End of year $ 5,625,767 $ 834,891 $ 542,149 $ 1,919,473 $ 119,945 $ 9,042,225
=========== ========== ========== =========== ========= =============
</TABLE>
- - ---------------------------------------------------------------------- F - 17
<PAGE> 25
INDEPENDENT AUDITOR'S REPORT ON THE SUPPLEMENTARY INFORMATION
TO THE PROFIT SHARING COMMITTEE
AND PARTICIPANTS
FIRST BUSEY CORPORATION
PROFIT SHARING PLAN AND TRUST
URBANA, ILLINOIS
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary information
which follows is presented for purposes of additional analysis and is not
a required part of the basic financial statements. Such information has
been subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
Champaign, Illinois
April 8, 1996
- - ---------------------------------------------------------------------- F - 18
<PAGE> 26
FIRST BUSEY CORPORATION
PROFIT SHARING PLAN AND TRUST
SUMMARY OF INVESTMENTS OWNED AND INVESTMENT INCOME
Years Ended December 31, 1995, 1994 and 1993
- - -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Net
Appreciation
Fair Value of Interest (Depreciation)
Investments Owned and in
----------------------------- Dividend Fair Value of
Beginning Ending Income Investments
------------ ------------ ---------- -------------
Year ended December 31, 1995:
<S> <C> <C> <C> <C>
Common stock $ 2,701,203 $ 3,587,884 $ 103,900 $ 399,393
Mutual funds 2,891,216 3,310,665 49,482 813,560
Corporate bonds, notes and commercial paper 1,829,956 2,421,467 132,786 122,318
Short-term investments 892,180 1,200,432 44,839 -
Common trust fund 990,471 1,180,910 23,193 290,465
U.S. Treasury and federal agency securities 384,487 559,570 42,153 24,978
Taxable municipal bonds 255,015 340,970 16,617 (73)
Notes receivable, other 437,632 101,954 33,630 -
Notes receivable, participants 93,830 75,394 6,077 -
------------ ------------ ---------- -------------
$ 10,475,990 $ 12,779,246 $ 452,677 $ 1,650,641
============ ============ ========== =============
</TABLE>
<TABLE>
<CAPTION>
Net
Appreciation
Fair Value of Interest (Depreciation)
Investments Owned and in
----------------------------- Dividend Fair Value of
Beginning Ending Income Investments
------------ ------------ ---------- -------------
Year ended December 31, 1994:
<S> <C> <C> <C> <C>
Common stock $ 1,839,261 $ 2,701,203 $ 74,259 $ 207,184
Mutual funds 1,080,768 2,891,216 33,693 (73,068)
Corporate bonds, notes and commercial paper 1,701,250 1,829,956 136,171 (155,466)
Short-term investments 489,796 892,180 21,627 -
Common trust fund 2,453,327 990,471 40,928 6,194
U. S. Treasury and federal agency securities 902,411 384,487 39,379 (42,179)
Taxable municipal bonds 50,073 255,015 13,165 -
Notes receivable, other 451,300 437,632 37,022 -
Notes receivable, participants 6,377 93,830 1,206 -
------------ ------------ ---------- -------------
$ 8,974,563 $ 10,475,990 $ 397,450 $ (57,335)
============ ============ ========== =============
</TABLE>
- - ---------------------------------------------------------------------- F - 19
<PAGE> 27
FIRST BUSEY CORPORATION
PROFIT SHARING PLAN AND TRUST
SUMMARY OF INVESTMENTS OWNED AND INVESTMENT INCOME
Years Ended December 31, 1995, 1994 and 1993
- - -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Net
Appreciation
Fair Value of Interest (Depreciation)
Investments Owned and in
----------------------------- Dividend Fair Value of
Beginning Ending Income Investments
------------ ------------ ---------- -------------
Year ended December 31, 1993:
<S> <C> <C> <C> <C>
Common stock $ 1,361,343 $ 1,839,261 $ 61,805 $ 372,570
Mutual funds - 1,080,768 43,790 53,460
Corporate bonds, notes and commercial paper 1,285,905 1,701,250 113,792 10,219
Short-term investments 903,052 489,796 11,937 -
Common trust fund 2,384,475 2,453,327 51,751 68,821
U. S. Treasury and federal agency securities 1,415,102 902,411 91,126 (9,282)
Taxable municipal bonds - 50,073 931 -
Notes receivable, other - 451,300 11,730 -
Notes receivable, participants 5,400 6,377 491 -
Zero-coupon bonds 130,739 - - 4,261
------------ ------------ ---------- -------------
$ 7,486,016 $ 8,974,563 $ 387,353 $ 500,049
============ ============ ========== =============
</TABLE>
- - ---------------------------------------------------------------------- F - 20
<PAGE> 28
FIRST BUSEY CORPORATION
PROFIT SHARING PLAN AND TRUST
ASSETS HELD FOR INVESTMENT
December 31, 1995
- - -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Number of
Shares or
Principal Fair
Description Amount Cost Value
- - --------------------------------------------------- ---------- ----------- -----------
<S> <C> <C> <C>
COMMON TRUST FUND
Pension Common Trust Fund of First Busey
Trust & Investment Co. 34,270 $ 976,918 $ 1,180,910
======= =========== ===========
COMMON STOCKS
First Busey Corporation, Class A 121,747 $ 2,251,028 $ 3,287,169
Southwest Banks 1,040 9,996 14,820
Mahaska Investment Co. 800 12,000 12,150
Hinsdale Financial Corp. 62 1,172 1,333
Irwin Financial Corp. 400 11,132 15,950
Todays Bancorp Inc. 600 11,148 13,275
River Forest Bancorp 600 10,599 15,300
First Federal Capital Corp. 600 11,148 10,800
Greenpoint Financial Corp. 550 12,988 14,576
Calumet Bancorp Inc. 450 11,499 12,487
Westco Bancorp Inc. 500 10,540 13,500
MAF Bancorp, Inc. 495 10,386 12,375
Mid Am Inc. 605 7,540 10,285
Republic Bancorp 847 10,293 9,105
Harbor Federal Savings Bank 1,400 22,957 37,850
Commercial Net Lease Realty Inc. 500 6,102 6,563
Airtouch Communications 200 4,491 6,450
Barnett Banks Inc. 100 4,520 6,025
Brinker Int'l, Inc. 200 4,360 2,650
Long Island Bancorp 200 3,141 5,175
Pocahontas Federal Savings & Loan Assn., Arkansas 200 2,316 3,200
Fidelity Federal Savings Bank, Florida 220 2,966 3,245
Fidelity Bancorp Inc. 200 2,616 3,000
Eastern Bancorporation 100 2,358 2,550
First Palm Beach Bancorp 100 1,883 2,162
Pacific Gateway Properties 500 1,498 1,500
First Financial Corp. Wisconsin 790 10,573 18,114
First Mutual Bancorp, Inc. 2,000 20,000 26,000
Bell Bancorp, Inc. 400 10,632 14,300
Cole Taylor Financial Group 200 3,466 5,975
------- ----------- -----------
136,606 $ 2,485,348 $ 3,587,884
======= =========== ===========
</TABLE>
- - ---------------------------------------------------------------------- F - 21
<PAGE> 29
FIRST BUSEY CORPORATION
PROFIT SHARING PLAN AND TRUST
ASSETS HELD FOR INVESTMENT
December 31, 1995
- - -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Number of
Shares or
Principal Fair
Description Amount Cost Value
- - ------------------------------------------------------ ----------- ----------- -----------
<S> <C> <C> <C>
CORPORATE BONDS, NOTES AND COMMERCIAL PAPER
American Express Credit Corp., 7.375%, due
February 1, 1999 25,000 $ 25,355 $ 26,227
American Express Credit Corp., 6.125%, due
June 15, 2000 25,000 25,747 25,063
American Home Products Corp., 6.875%, due
April 15, 1997 20,000 20,302 20,125
Associates Corp., N.A., 6.000%,
due March 15, 2000 25,000 24,776 25,211
Associates Corp., N.A., 5.750%,
due November 15, 1998 125,000 124,732 125,508
Bear Stearns Co., Inc., 7.625%, due
April 15, 2000 50,000 51,112 53,062
Bear Stearns Co., Inc., 6.500%, due
June 15, 2000 50,000 50,495 51,016
CIT Group Holdings Inc., 6.750%, due
April 30, 1998 35,000 35,405 35,919
Dow Capital notes, 5.750%, due
September 15, 1997 25,000 24,840 24,977
Duke Power Co., 5.875%, due
June 1, 2001 100,000 99,500 98,750
GTE California, 6.250%, due January 15, 1998 150,000 150,947 152,062
GTE California Series A, 5.625%, due
February 1, 2001 100,000 97,916 98,875
General Motors Acceptance Corp., 8.250%,
due August 1, 1996 50,000 47,605 50,750
General Motors Acceptance Corp. MTN, 5.700%,
due August 21, 1996 50,000 49,125 50,031
H. J. Heinz Co. note, 6.750%, due
October 15, 1999 50,000 51,212 51,844
Illinois Power Company, 5.625%, due April 15, 2000 50,000 50,250 49,297
International Lease Finance Corp., 5.750%,
due January 15, 1999 50,000 50,485 50,016
J. C. Penney, Inc., 5.375%, due November 15, 1998 50,000 50,005 49,672
Morgan Stanley Corp. notes, 7.320%, due
January 15, 1997 80,000 80,000 81,375
New England Telephone, 6.250%,
due December 15, 1997 150,000 151,092 151,500
--------- ----------- -----------
Corporate bonds, notes and
commercial paper subtotal 1,260,000 $ 1,260,901 $ 1,271,280
--------- ----------- -----------
</TABLE>
- - ---------------------------------------------------------------------- F - 22
<PAGE> 30
FIRST BUSEY CORPORATION
PROFIT SHARING PLAN AND TRUST
ASSETS HELD FOR INVESTMENT
December 31, 1995
- - -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Number of
Shares or
Principal Fair
Description Amount Cost Value
- - ------------------------------------------------------ ----------- ----------- -----------
<S> <C> <C> <C>
Corporate bonds, notes and
commercial paper brought forward 1,260,000 $ 1,260,901 $ 1,271,280
Norwest Corp., 5.75%, due March 15, 1998 50,000 51,135 50,234
Norwest Financial Inc., 6.200%,
due September 15, 1999 170,000 168,346 172,550
Ontario-Global Bond, 6.125%,
due June 28, 2000 50,000 50,870 50,687
Pacific Gas & Electric, 5.375%,
due August 1, 1998 55,000 54,931 54,450
Phillip Morris Companies, Inc., 8.750%, due
June 15, 1997 55,000 55,550 57,423
Pitney Bowes Credit Services, 7.420%, due
April 15, 1997 75,000 76,796 76,828
Republic New York Corp., 7.250%,
due July 15, 2002 50,000 52,793 53,266
Rockwell International Corp., 6.750%,
due September 15, 2002 25,000 25,598 25,656
Sears, Roebuck & Co., 9.000%, due
September 15, 1996 125,000 123,758 127,929
Shearson Lehman Brothers MTN, 6.420%, due
July 17, 1996 50,000 50,996 50,109
Shell Oil Co., 6.000%, due January 15, 1997 25,000 25,125 25,180
Southern California Edison notes, 6.500%, due
June 1, 2001 50,000 49,682 51,187
St. Paul Companies, Inc. MTN, 6.170%, due
January 15, 2001 50,000 50,485 50,578
St. Paul Companies, Inc., 7.970%, due
May 20, 2002 25,000 25,371 27,469
Wal-Mart Stores, Inc., 6.125%, due
October 1, 1999 125,000 126,178 126,797
Wal-Mart Stores, Inc., 5.500%, due
September 15, 1997 125,000 121,022 125,078
Wisconsin Public Service Co., 5.250%,
due July 1, 1998 25,000 24,927 24,766
--------- ----------- -----------
Total corporate bonds, notes and
commercial paper 2,390,000 $ 2,394,464 $ 2,421,467
========= =========== ===========
</TABLE>
- - ---------------------------------------------------------------------- F - 23
<PAGE> 31
FIRST BUSEY CORPORATION
PROFIT SHARING PLAN AND TRUST
ASSETS HELD FOR INVESTMENT
December 31, 1995
- - -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Number of
Shares or
Principal Fair
Description Amount Cost Value
- - -------------------------------------------------- ------------- ----------- -----------
<S> <C> <C> <C>
MUTUAL FUNDS
Fidelity Magellan Fund 4,505.967 $ 307,721 $ 387,423
Janus Fund 15,767.262 305,249 363,278
Mutual Shares Fund 6,274.925 515,374 542,467
Nicholas Fund, Inc. 10,040.439 520,561 602,727
Scudder International Fund 4,252.277 181,419 185,910
T. Rowe Price International Stock Fund 15,462.952 181,561 189,112
Fidelity Advisor Institutional Equity Growth 11,490.601 338,398 435,494
Wm. Blair Growth Fund 50,777.694 613,502 604,254
----------- ----------- -----------
Total mutual funds 118,572.117 $ 2,963,785 $ 3,310,665
=========== =========== ===========
U. S. TREASURY NOTES
6.375%, due January 15, 1999 $ 50,000 $ 49,687 $ 51,531
6.000%, due October 15, 1999 25,000 25,266 25,586
6.375%, due January 15, 2000 100,000 102,375 103,625
----------- ----------- -----------
Total U. S. Treasury notes $ 175,000 $ 177,328 $ 180,742
----------- ----------- -----------
FEDERAL HOME LOAN BANK BONDS
7.575%, due February 6, 1998 $ 25,000 $ 25,258 $ 26,086
7.915%, due January 17, 1997 200,000 200,000 205,250
8.000%, due July 25, 1996 100,000 98,438 101,437
----------- ----------- -----------
Total Federal Home Loan
Bank bonds $ 325,000 $ 323,696 $ 332,773
----------- ----------- -----------
FEDERAL FARM CREDIT BANK BOND
6.190%, due February 3, 2000 $ 45,000 $ 45,522 $ 46,055
----------- ----------- -----------
Total U. S. Treasury and
agency securities $ 545,000 $ 546,546 $ 559,570
=========== =========== ===========
SHORT-TERM INVESTMENTS
Franklin IFT Money Market Portfolio $ 916,577 $ 916,577 $ 916,577
Certificate of Deposit, Busey Bank,
6.240%, due December 31, 1995 283,855 283,855 283,855
----------- ----------- -----------
Total short-term investments $ 1,200,432 $ 1,200,432 $ 1,200,432
=========== =========== ===========
NOTES RECEIVABLE, OTHER
DeAnda mortgage, 7.200%, due
April 8, 2003 $ 101,954 $ 101,954 $ 101,954
=========== =========== ===========
</TABLE>
- - ---------------------------------------------------------------------- F - 24
<PAGE> 32
FIRST BUSEY CORPORATION
PROFIT SHARING PLAN AND TRUST
ASSETS HELD FOR INVESTMENT
December 31, 1995
- - -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Number of
Shares or
Principal Fair
Description Amount Cost Value
- - -------------------------------------------------- ------------- ----------- -----------
<S> <C> <C> <C>
TAXABLE MUNICIPAL BONDS
Baltimore, MD, 6.05%, due October 15, 2000 $ 200,000 $ 204,942 $ 201,382
Lee Co., FL, capital improvement, 5.25%,
due October 1, 1997 100,000 98,413 100,091
Mississippi St., UT, Series D, 5.90%,
due December 1, 2002 40,000 40,000 39,497
----------- ----------- -----------
Total taxable municipal bonds $ 340,000 $ 343,355 $ 340,970
=========== =========== ===========
NOTES RECEIVABLE, Participants
Participant, 8.50%, due January 15, 2001 $ 17,000 $ 17,000 $ 17,000
Participant, 8.75%, due September 15, 2000 13,056 13,056 13,056
Participant, 8.75%, due October 15, 2000 10,891 10,891 10,891
Participant, 8.75%, due August 15, 2000 6,246 6,246 6,246
Participant, 7.50%, due September 15, 2001 6,003 6,003 6,003
Participant, 9.00%, due June 15, 2000 5,498 5,498 5,498
Participant, 10.00%, due February 15, 1999 3,408 3,408 3,408
Participant, 9.00%, due May 15, 1999 2,401 2,401 2,401
Participant, 9.00%, due May 15, 1998 2,001 2,001 2,001
Participant, 8.75%, due December 15, 1998 1,951 1,951 1,951
Participant, 8.75%, due August 15, 1998 1,570 1,570 1,570
Participant, 9.00%, due July 15, 1998 1,426 1,426 1,426
Participant, 9.00%, due July 15, 1998 1,341 1,341 1,341
Participant, 8.75%, due August 15, 1998 1,227 1,227 1,227
Participant, 9.00%, due May 15, 1998 961 961 961
Participant, 9.00%, due August 15, 1998 414 414 414
----------- ----------- -----------
Total notes receivable, participant $ 75,394 $ 75,394 $ 75,394
=========== =========== ===========
</TABLE>
- - ---------------------------------------------------------------------- F - 25
<PAGE> 33
FIRST BUSEY CORPORATION
PROFIT SHARING PLAN AND TRUST
ASSETS HELD FOR INVESTMENT
December 31, 1995
- - -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Total
Total Number Total Total Realized
Number of of Purchase Selling Gain
Description of Asset Purchases Sales Price Price (Loss)
- - ------------------------------ --------- --------- ----------- ----------- ----------
<S> <C> <C> <C> <C> <C>
Franklin IFT Money Market
Portfolio 358 178 $ 3,623,549 $ 3,505,215 $ -
</TABLE>
- - ---------------------------------------------------------------------- F - 26
<PAGE> 34
[McGLADREY & PULLEN LOGO]
McGLADREY & PULLEN, L.L.P.
--------------------------------------------
Certified Public Accountants and Consultants
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the registration statement
of First Busey Corporation on Form S-8 (File No. 33-30095) of our report
dated April 8, 1996 on our audit of the financial statements of First Busey
Corporation Profit Sharing Plan and Trust as of December 31, 1995 and 1994
and for the three years in the period ended December 31, 1995, which are
included in the Annual Report on Form 11-K.
/s/ McGladrey & Pullen, L.L.P.
Champaign, Illinois
April 26, 1996
- - ---------------------------------------------------------------------- F - 27
<PAGE> 35
EXHIBIT 99.2
FORM 11-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
ANNUAL REPORT
Pursuant to Section 15(d) of the
Securities Exchange Act of 1934
For the fiscal year ended December 31, 1995
Commission File No. 0-15950 (First Busey Corporation)
Commission File No. 33-60402 (the Plan)
A. Full title of the plan and the address of the plan, if
different from that of the issuer named below:
FIRST BUSEY CORPORATION EMPLOYEES' STOCK OWNERSHIP PLAN
AND TRUST
("the Plan")
B. Name of issuer of the securities held pursuant to the plan
and the address of its principle executive office:
FIRST BUSEY CORPORATION
201 WEST MAIN STREET
URBANA, ILLINOIS 61801
<PAGE> 36
<TABLE>
<CAPTION>
Required Information
Employee Stock Ownership Plan Page
-----------
<S> <C>
Independent Auditor's Report on the Financial Statements F-1
Financial Statements
1) Statements of Net Assets Available
for Plan Benefits F-2
2) Statements of Changes in Net Assets
Available for Plan Benefits F-4 - F-5
3) Notes to Financial Statements F-6 - F-10
4) Independent Auditor's Report on the F-11
Supplementary Information
5) Reportable Transactions F-12
6) Party in Interest Transactions F-13
9) Consent of Independent Public Accountants F-14
</TABLE>
<PAGE> 37
FIRST BUSEY CORPORATION
EMPLOYEES' STOCK OWNERSHIP PLAN
AND TRUST
FINANCIAL REPORT
DECEMBER 31, 1995
<PAGE> 38
FIRST BUSEY CORPORATION
EMPLOYEES' STOCK OWNERSHIP PLAN AND TRUST
C O N T E N T S
- - ---------------------------------------------------------------------------
INDEPENDENT AUDITOR'S REPORT
ON THE FINANCIAL STATEMENTS 3
- - ---------------------------------------------------------------------------
FINANCIAL STATEMENTS
Statements of net assets available for benefits 4
Statements of changes in net assets available
for benefits 6 and 7
Notes to financial statements 8-12
- - ---------------------------------------------------------------------------
INDEPENDENT AUDITOR'S REPORT
ON THE SUPPLEMENTARY INFORMATION 13
- - ---------------------------------------------------------------------------
SUPPLEMENTARY INFORMATION
Reportable transactions 14
Party in interest transactions 15
- - ---------------------------------------------------------------------------
<PAGE> 39
INDEPENDENT AUDITOR'S REPORT
To the Administrative Committee
and Participants
First Busey Corporation Employees'
Stock Ownership Plan and Trust
Urbana, Illinois
We have audited the accompanying statements of net assets available
for benefits of FIRST BUSEY CORPORATION EMPLOYEES' STOCK OWNERSHIP PLAN AND
TRUST as of December 31, 1995 and 1994, and the related statements of changes
in net assets available for benefits each of the years in the three-year
period ended December 31, 1995. These financial statements are the
responsibility of the Plan's management. Our responsibility is to express
an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the net assets available for benefits of
FIRST BUSEY CORPORATION EMPLOYEES' STOCK OWNERSHIP PLAN AND TRUST as of
December 31, 1995 and 1994, and the changes in net assets available for
benefits for each of the years in the three-year period ended December 31,
1995, in conformity with generally accepted accounting principles.
Champaign, Illinois
April 8, 1996
- - ---------------------------------------------------------------------- F - 3
<PAGE> 40
FIRST BUSEY CORPORATION
EMPLOYEES' STOCK OWNERSHIP PLAN AND TRUST
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 1995 and 1994
- - -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
1995 1994
------------------------------------------- -------------------------------------------
Allocated Unallocated Total Allocated Unallocated Total
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Money market fund $ 9,014 $ 54 $ 9,068 $ - $ 50,000 $ 50,000
Investment in First
Busey Corporation
Class A common
stock, at fair
value 6,192,890 1,992,889 8,185,779 5,197,220 2,386,554 7,583,774
----------- ----------- ----------- ----------- ----------- -----------
Total assets $ 6,201,904 $ 1,992,943 $ 8,194,847 $ 5,197,220 $ 2,436,554 $ 7,633,774
----------- ----------- ----------- ----------- ----------- -----------
LIABILITIES:
Due to First Busey
Corporation
Profit Sharing
Plan & Trust $ - $ - $ - $ - $ 50,000 $ 50,000
Accounts payable - - - 11,458 - 11,458
Interest payable - - - 22,801 - 22,801
Notes payable - 750,000 750,000 - 1,000,000 1,000,000
----------- ----------- ----------- ----------- ----------- -----------
Total liabilities $ - $ 750,000 $ 750,000 $ 34,259 $ 1,050,000 $ 1,084,259
----------- ----------- ----------- ----------- ----------- -----------
NET ASSETS
AVAILABLE
FOR PLAN
BENEFITS $ 6,201,904 $ 1,242,943 $ 7,444,847 $ 5,162,961 $ 1,386,554 $ 6,549,515
=========== =========== =========== =========== =========== ===========
<FN>
See Notes to Financial Statements.
</FN>
</TABLE>
- - ---------------------------------------------------------------------- F - 4
<PAGE> 41
FIRST BUSEY CORPORATION
EMPLOYEES' STOCK OWNERSHIP PLAN AND TRUST
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 1995 and 1994
- - -------------------------------------------------------------------------------
This page left intentionally blank.
- - ---------------------------------------------------------------------- F - 5
<PAGE> 42
FIRST BUSEY CORPORATION
EMPLOYEES' STOCK OWNERSHIP PLAN AND TRUST
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Years Ended December 31, 1995, 1994 and 1993
- - -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
1995
--------------------------------------------
Allocated Unallocated Total
----------- ----------- -----------
<S> <C> <C> <C>
Investment income:
Net change in unrealized appreciation in market
value of investments $ 563,245 $ 270,641 $ 833,886
Interest 5,327 54 5,381
Dividends 270,970 - 270,970
Employer contribution 80,000 250,000 330,000
Allocation of First Busey Corporation Class A common
stock, at market value
1995 - 24,604 shares 664,306 - 664,306
1994 - 39,367 shares - - -
1993 - 39,365 shares - - -
Cash fund allocation - - -
----------- ----------- -----------
Total additions $ 1,583,848 $ 520,695 $ 2,104,543
----------- ----------- -----------
Interest expense $ 74,683 $ - $ 74,683
Administrative expenses 56,834 - 56,834
Distributions to participants
Cash 304 - 304
Stock 1995 - 9,502 shares 230,424 - 230,424
Stock 1994 - 12,539 shares - - -
Stock 1993 - 3,847.5 shares - - -
Dividend distributions to participants 182,660 - 182,660
Allocation of First Busey Corporation Class A common
stock, at market value
1995 - 24,604 shares - 664,306 664,306
1994 - 39,367 shares - - -
1993 - 39,365 shares - - -
Cash fund allocation - - -
----------- ----------- -----------
Total deductions $ 544,905 $ 664,306 $ 1,209,211
----------- ----------- -----------
Net increase (decrease) $ 1,038,943 $ (143,611) $ 895,332
Net assets available for benefits:
Beginning of year 5,162,961 1,386,554 6,549,515
----------- ----------- -----------
End of year $ 6,201,904 $ 1,242,943 $ 7,444,847
=========== =========== ===========
<FN>
See Notes to Financial Statements.
</FN>
</TABLE>
- - ---------------------------------------------------------------------- F - 6
<PAGE> 43
FIRST BUSEY CORPORATION
EMPLOYEES' STOCK OWNERSHIP PLAN AND TRUST
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Years Ended December 31, 1995, 1994 and 1993
- - -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
1994 1993
-------------------------------------------- --------------------------------------------
Allocated Unallocated Total Allocated Unallocated Total
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
ALIGN
WITH
PREVIOUS $ 481,116 $ 378,900 $ 860,016 $ 767,906 $ 912,666 $ 1,680,572
PAGE 533 - 533 385 - 385
252,386 - 252,386 263,141 - 263,141
- 400,000 400,000 - 412,500 412,500
- - - - - -
954,651 - 954,651 - - -
- - - 843,754 - 843,754
- 18,682 18,682 900 - 900
----------- ----------- ----------- ----------- ----------- -----------
$ 1,688,686 $ 797,582 $ 2,486,268 $ 1,876,086 $ 1,325,166 $ 3,201,252
----------- ----------- ----------- ----------- ----------- -----------
$ 95,432 $ - $ 95,432 $ 93,879 $ - $ 93,879
47,157 - 47,157 40,148 - 40,148
231 - 231 578 - 578
- - - - - -
269,589 - 269,589 - - -
- - - 62,842 - 62,842
142,823 - 142,823 120,928 - 120,928
- - - - - -
- 954,651 954,651 - - -
- - - - 843,754 843,754
18,682 - 18,682 - 900 900
----------- ----------- ----------- ----------- ----------- -----------
$ 573,914 $ 954,651 $ 1,528,565 $ 318,375 $ 844,654 $ 1,163,029
----------- ----------- ----------- ----------- ----------- -----------
$ 1,114,772 $ (157,069) $ 957,703 $ 1,557,711 $ 480,512 $ 2,038,223
4,048,189 1,543,623 5,591,812 2,490,478 1,063,111 3,553,589
----------- ----------- ----------- ----------- ----------- -----------
$ 5,162,961 $ 1,386,554 $ 6,549,515 $ 4,048,189 $ 1,543,623 $ 5,591,812
=========== =========== =========== =========== =========== ===========
<FN>
See Notes to Financial Statements.
</FN>
</TABLE>
- - ---------------------------------------------------------------------- F - 7
<PAGE> 44
FIRST BUSEY CORPORATION
EMPLOYEES' STOCK OWNERSHIP PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
- - -------------------------------------------------------------------------------
NOTE 1. VALUATION OF INVESTMENTS AND INCOME RECOGNITION
The common stock of the Company is valued at fair value. As the
Company's common stock is traded in the over-the-counter (OTC)
market, fair value is determined by the last reported sales price
at the valuation date.
Dividend income is accrued on the ex-dividend date.
Purchases and sales of securities are recorded on a trade-date
basis. Realized gains and losses from security transactions are
reported on the specific identification cost method.
NOTE 2. PLAN DESCRIPTION
The following description of the Plan provides only general
information. Participants should refer to the Plan agreement
for a more complete description of the Plan's provisions.
General:
First Busey Corporation (the Company) established the First
Busey Corporation Employees' Stock Ownership Plan and Trust
(the Plan) effective as of January 1, 1984. The Plan operates,
in relevant part, as a leveraged employee stock ownership plan
(ESOP), and is designed to comply with Section 4975(e)(7) and
the regulations thereunder of the Internal Revenue Code of 1986,
as amended (the Code), and is subject to the applicable provisions
of the Employee Retirement Income Security Act of 1974, as amended
(ERISA). The Plan is a multiple-employer stock ownership plan and
is administered by the Company. First Busey Trust & Investment
Co., a subsidiary of the Company, is the Plan's Trustee.
The Plan purchased Company common shares using the proceeds of
bank borrowings guaranteed by the Company, and holds the stock
in a trust established under the Plan. The borrowings are to be
repaid by fully deductible Company contributions to the trust
fund. As the Plan makes each payment of principal, an
appropriate percentage of stock will be allocated to eligible
employees' accounts in accordance with applicable regulations
under the Code.
The bank borrowings are collateralized by the unallocated shares
of stock and is guaranteed by the Company. The lender has no
rights against shares once they are allocated under the ESOP.
Accordingly, the financial statements of the Plan for the years
1995 and 1994 present separately the assets and liabilities and
changes therein pertaining to:
(a) the accounts of employees with vested rights in allocated
stock (Allocated) and
(b) stock not yet allocated to employees (Unallocated).
- - ---------------------------------------------------------------------- F - 8
<PAGE> 45
FIRST BUSEY CORPORATION
EMPLOYEES' STOCK OWNERSHIP PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
- - -------------------------------------------------------------------------------
The Plan covers all full-time employees of the Company and its
participating subsidiaries who have completed six months of
service. Participants who do not work full-time or are not
employed on the last working day of a Plan year, are generally
not eligible for an allocation of Company contributions for such
year.
No distributions from the Plan will be made until a participant
retires, dies (in which case, payment shall be made to his or her
beneficiary or, if none, his or her legal representatives), or
otherwise terminates employment with the Company. Distributions
are made in cash or, if a participant elects, in the form of
Company common stock plus cash for any fractional share.
Each participant is entitled to exercise voting rights
attributable to the shares allocated to his or her account and
is notified by the Trustee prior to the time that such rights
are to be exercised. The Trustee is not permitted to vote any
share for which instructions have not been given by a participant.
The Company reserves the right to terminate the Plan at any time,
subject to Plan provisions. Upon such termination of the Plan,
the interest of each participant in the trust fund will be
distributed to such participant or his or her beneficiary at the
time prescribed by the Plan terms and the Code. Upon termination
of the Plan, the Employee Benefits Committee shall direct the
Trustee to pay all liabilities and expenses of the trust fund and
to sell shares of financed stock held in the loan suspense account
to the extent it determines such sale to be necessary in order to
repay the loan.
Participant accounts:
Each participant's account is credited with an allocation of (a)
the employer contributions, (b) Plan earnings and (c) forfeitures
of terminated participant's non-vested accounts.
Allocations of common stock released and forfeitures are based on
the eligible compensation of each participant. Allocations of
Plan earnings are based on participant account balances. The
benefit to which a participant is entitled is the benefit that can
be provided from the participant's account.
Vesting:
Vesting in the participants' accounts is based on years of
continuous service. A participant is 100 percent vested after
seven years of credited service.
Payment of benefits:
Upon termination of service, a participant may elect to receive
either a lump-sum amount equal to the value of his or her account,
or in installments over a period not longer than the life
expectancy of the participant.
- - ---------------------------------------------------------------------- F - 9
<PAGE> 46
FIRST BUSEY CORPORATION
EMPLOYEES' STOCK OWNERSHIP PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
- - -------------------------------------------------------------------------------
Dividends distributed to participants:
Dividends on common stock, which are allocated to participants'
accounts, are distributed directly to the participant so
that the dividends result in income tax deductions for First
Busey Corporation.
Plan termination:
Although it has not expressed any intent to do so, the Company
has the right under the Plan to discontinue its contributions at
any time and to terminate the Plan subject to the provisions of
ERISA. In the event of plan termination, participants would
become 100 percent vested in their accounts.
Presently, there is no intention on the part of the Company to
terminate the Plan or discontinue contributions to the Trust.
NOTE 3. EMPLOYER CONTRIBUTIONS
The Company is obligated to make contributions in cash to the Plan
which, when aggregated with the Plan's dividends and interest
earnings, equal the amount necessary to enable the Plan to make its
regularly scheduled payments of principal and interest due on its
debt discussed in Note 6.
NOTE 4. ADMINISTRATION OF PLAN ASSETS
The Plan's assets, which consist principally of First Busey
Corporation Class A common stock, are held by the Trustee of
the Plan.
Company contributions are held and managed by the Trustee, which
invests cash received, interest, and dividend income and makes
distributions to participants. The Trustee also administers the
payment of interest and principal on the loan, which is reimbursed
to the Trustee through contributions as determined by the Company.
Certain administrative functions are performed by officers or
employees of the Company or its subsidiaries. No such officer or
employee receives compensation from the Plan. Administrative
expenses for the Trustee's fees are paid directly by the Plan.
NOTE 5. INVESTMENT
The Plan's investment, at December 31, consists solely of First
Busey Corporation Class A common stock as follows:
<TABLE>
<CAPTION>
1995 1994
-------------------------------- --------------------------------
ALLOCATED UNALLOCATED Allocated Unallocated
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Number of
shares 229,366 73,811 214,318 98,415
=========== =========== =========== ===========
Cost $ 2,134,342 $ 686,841 $ 1,994,315 $ 915,791
=========== =========== =========== ===========
Fair value $ 6,192,890 $ 1,992,889 $ 5,197,220 $ 2,386,554
=========== =========== =========== ===========
</TABLE>
- - ---------------------------------------------------------------------- F - 10
<PAGE> 47
FIRST BUSEY CORPORATION
EMPLOYEES' STOCK OWNERSHIP PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
- - -------------------------------------------------------------------------------
NOTE 6. NOTES PAYABLE
The Plan had the following notes payable as of December 31, 1995
and 1994, secured by 73,811 and 98,415 shares of First Busey
Corporation Class A common stock, respectively:
<TABLE>
<CAPTION>
1995 1994
---------- ------------
<S> <C> <C>
American National Bank of Chicago,
7.225%, due January 31, 1996 $ 375,000 $ 500,000
American National Bank of Chicago,
7.4375%, due January 31, 1996 375,000 500,000
---------- ------------
$ 750,000 $ 1,000,000
========== ============
</TABLE>
Both of the above notes payable were renewed on January 19, 1996,
and carry interest rates of LIBOR plus 150 basis points, adjusted
quarterly, and have maturity dates of January 31, 1997.
NOTE 7. RECONCILIATION OF DIFFERENCES BETWEEN THESE FINANCIAL STATEMENTS
AND THE FINANCIAL INFORMATION REQUIRED ON FORM 5500
<TABLE>
<CAPTION>
December 31,
1995
------------
<S> <C>
Net assets available for benefits as presented in these
financial statements $ 7,444,847
Amounts allocated to withdrawing participants (318,353)
------------
Net assets available for benefits as presented on Form 5500 $ 7,126,494
============
<CAPTION>
Years Ended
December 31,
1995
------------
<S> <C>
Net increase in net assets available for benefits as presented
in these financial statements $ 895,332
Less amounts allocated to withdrawing participants at the end
of the year (318,353)
------------
Net increase in net assets available for benefits as presented
on Form 5500 $ 576,979
============
</TABLE>
Amounts allocated to withdrawing participants are recorded on the
Form 5500 for benefit claims that have been processed and approved
for payment prior to December 31 but not yet paid as of that date.
- - ---------------------------------------------------------------------- F - 11
<PAGE> 48
FIRST BUSEY CORPORATION
EMPLOYEES' STOCK OWNERSHIP PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
- - -------------------------------------------------------------------------------
NOTE 8. INCOME TAX STATUS
The Internal Revenue Service has determined and informed the Company
by a letter dated March 28, 1996, that the Plan is qualified and the
trust established under the Plan is tax-exempt, under the
appropriate sections of the Code.
NOTE 9. PARTY IN INTEREST TRANSACTIONS
Parties in interest include fiduciaries or employees of the plan,
any person who provides services to the plan, an employer whose
employees are covered by the plan, an employee organization whose
members are covered by the plan, a person who owns 50 percent or
more of such an employer or employee association, or relatives of
such persons just listed.
NOTE 10. FORFEITED ACCOUNTS
At December 31, 1995, forfeited nonvested accounts totaled
$62,473. These accounts will be allocated to participants' accounts.
- - ---------------------------------------------------------------------- F - 12
<PAGE> 49
INDEPENDENT AUDITOR'S REPORT ON THE SUPPLEMENTARY INFORMATION
TO THE ADMINISTRATIVE COMMITTEE
AND PARTICIPANTS
FIRST BUSEY CORPORATION EMPLOYEES'
STOCK OWNERSHIP PLAN AND TRUST
URBANA, ILLINOIS
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary information which
follows is presented for purposes of additional analysis and is not a required
part of the basic financial statements. Such information has been subjected
to the auditing procedures applied in the audit of the basic financial
statements and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
Champaign, Illinois
April 8, 1996
- - ---------------------------------------------------------------------- F - 13
<PAGE> 50
FIRST BUSEY CORPORATION
EMPLOYEES' STOCK OWNERSHIP PLAN AND TRUST
REPORTABLE TRANSACTIONS
Year Ended December 31, 1995
- - -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Total Total Total Total Net
Number of Number of Purchase Selling Gain
Description Purchases Sales Price Price (Loss)
- - --------------------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
Franklin IFT Money
Market Portfolio 21 42 $ 445,383 $ 474,868 $ -
</TABLE>
- - ---------------------------------------------------------------------- F - 14
<PAGE> 51
FIRST BUSEY CORPORATION
EMPLOYEES' STOCK OWNERSHIP PLAN AND TRUST
PARTY IN INTEREST TRANSACTIONS
Year Ended December 31, 1995
- - -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Description of Transaction Transaction Amount
- - --------------------------------------------- ------------------
<S> <C>
Management fees paid to First Busey Trust &
Investment Co. $ 25,896
Sale of 54 shares of First Busey Corporation
Class A common stock to First Busey
Corporation 1,458
</TABLE>
- - ---------------------------------------------------------------------- F - 15
<PAGE> 52
[McGLADREY & PULLEN LOGO]
McGLADREY & PULLEN, L.L.P.
--------------------------------------------
Certified Public Accountants and Consultants
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the registration statement of
First Busey Corporation on Form S-8 (File No. 33-60402) of our report dated
April 8, 1996 on our audits of the financial statements of First Busey
Corporation Employee Stock Ownership Plan and Trust as of December 31, 1995
and 1994 and for the three years in the period ended December 31, 1995 which
are included in the Annual Report on Form 11-K.
/s/ McGladrey & Pullen, L.L.P.
Champaign, Illinois
April 26, 1996
- - ---------------------------------------------------------------------- F - 16
