First Busey Corporation (NASDAQ:BUSE) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.
Departure of Directors or Certain Offers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 25, 2017, on the recommendation of its Nominating and Corporate Governance Committee, the board of directors (the "Board") of First Busey Corporation (the "Company") increased the number of directors constituting the full Board from thirteen to fourteen and appointed George Barr as a director to fill the resultant vacancy, with such appointment effective immediately. Mr. Barr's initial term will expire at the Company's 2018 annual meeting of stockholders. As a previous director and chairman of First Community Financial Partners for eleven years and a director of its subsidiary, First Community Financial Bank, for four years, Mr. Barr has acquired a comprehenisve working knowledge of numerous facets of the financial industry. First Community Financial Partners ("First Community")was acquired by the Company on July 2, 2017. The Company issued a press release announcing Mr. Barr's appointment, a copy of which is attached to this Form 8-K as Exhibit 99.1.
Mr. Barr does not have a direct or indirect material interest in any transaction with the Company, Busey Bank or First Community Financial Bank, the Company's wholly-owned subsidiaries, required to be disclosed to Item 404(a) of Regulation S-K. In connection with the Company's agreement with First Community, the Company agreed to appoint a director of First Community to the Board. Other than that, there is no arrangement or understanding between Mr. Barr and any other person to which Mr. Barr was selected as a director.
As with each of the Company's other non-employee directors, Mr. Barr will be entitled to receive a base retainer of $30,000 per year, as well as a grant of restricted stock units.
FIRST BUSEY CORP /NV/ ExhibitEX-99.1 2 exhibit99_1.htm EXHIBIT 99.1 FOR IMMEDIATE RELEASE July 28,…To view the full exhibit click here
About First Busey Corporation (NASDAQ:BUSE)
First Busey Corporation (First Busey) is a financial holding company. The Company offers a range of financial services through its banking and non-banking subsidiaries at multiple locations in Illinois, Florida, Indiana and Missouri. First Busey has a bank subsidiary, Busey Bank (the Bank). It operates through three segments: Banking, Remittance Processing and Wealth Management. The Banking operating segment provides a range of banking services to individual and corporate customers through its branch network in downstate Illinois, through its branch in Indianapolis, Indiana, and through its branch network in southwest Florida. The Remittance Processing segment provides for online bill payments, lockbox and walk-in payments. The Wealth Management segment provides a range of asset management, investment and fiduciary services to individuals, businesses and foundations, tax preparation, philanthropic advisory services, and farm and brokerage services.
