UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2000
[ ] 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 of organization) Identification No.)
201 West Main Street
Urbana, Illinois 61801
------------------------------- -------------------
(Address of principal (Zip Code)
executive offices)
(217) 365-4513
--------------
(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. [ ]
As of March 2, 2001, the aggregate market value of the Common Stock held by
non-affiliates was $144,451,394. The market value of the Common Stock is based
on the closing price for such stock as reported on the Nasdaq National Market
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.
Class Outstanding at March 2, 2001
----- ----------------------------
Common Stock, without par value 13,565,034
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the definitive Proxy Statement dated March 16, 2001 for First Busey
Corporation's Annual Meeting of Stockholders to be held April 16, 2001, (the
"2001 Proxy Statement") are incorporated by reference into Part III.
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PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K
EXHIBITS
Exhibit Description of Exhibit Sequentially
Number Numbered Page
- -----------------------------------------------------------------------------------------------------------------------------------
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)
10.3 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)
10.7 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 First Busey Corporation 1999 Stock Option Plan (filed as Appendix B to First Busey's
definitive proxy statement filed with the Commission on March 25, 1999 (Commission File
No. 0-15950), 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, 2000.
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, 2000.
2 of 49
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
Page
-----
Independent Auditor's Report 37
Consolidated Balance Sheets 38
Consolidated Statements of Income 39
Consolidated Statements of Stockholders' Equity 40-42
Consolidated Statements of Cash Flows 43-45
Notes to Consolidated Financial Statements 46-80
Management Report 81
Independent Accountant's Report 82
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.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized, in the City of Urbana,
Illinois on March 16, 2001.
FIRST BUSEY CORPORATION
BY //DOUGLAS C. MILLS//
--------------------
Douglas C. Mills
Chairman of the Board, President,
Chief Executive Officer
3 of 49
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, 2000
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
4 of 49
FIRST BUSEY CORPORATION
PROFIT SHARING PLAN AND TRUST
FINANCIAL STATEMENTS
DECEMBER 31, 2000 AND 1999
5 of 49
CONTENTS
- ----------------------------------------------------------------------------
INDEPENDENT AUDITOR'S REPORT
ON THE FINANCIAL STATEMENTS 1
- ----------------------------------------------------------------------------
FINANCIAL STATEMENTS
Statements of net assets available for benefits 2
Statements of changes in net assets available for benefits 3
Notes to financial statements 4 - 18
- ----------------------------------------------------------------------------
SUPPLEMENTAL SCHEDULES
Schedule of assets held for investment purposes at end of year 19 - 24
Schedule of reportable transactions 25
Party in interest transactions 26
- ----------------------------------------------------------------------------
6 of 49
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, 2000
and 1999, 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, 2000.
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 auditing standards generally accepted
in the United States of America. 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, 2000 and 1999, and
the changes in net assets available for benefits for each of the years in the
three-year period ended December 31, 2000, in conformity with auditing standards
generally accepted in the United States of America.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary schedules of assets
held for investment purposes, reportable transactions and party in interest
transactions are presented for purposes of additional analysis and are not a
required part of the basic financial statements but are supplementary
information required by the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act of
1974. These supplemental schedules are the responsibility of the Plan's
management. The supplemental schedules have been subjected to the auditing
procedures applied in the audits of the basic financial statements and, in our
opinion, are fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
/s/ McGladrey and Pullen, LLP
Champaign, Illinois
June 22, 2001
1
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FIRST BUSEY CORPORATION PROFIT SHARING PLAN AND TRUST
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 2000 and 1999
2000 1999
- ----------------------------------------------------------------------------
ASSETS
Investments at fair value:
Common stock $11,573,993 $14,690,799
Preferred stock 49,500 41,700
Shares of registered investment companies 14,720,920 14,398,224
Corporate bonds, notes and commercial paper 1,844,212 1,561,937
Short-term investments 2,162,605 1,765,269
Notes receivable, participants 338,747 191,500
Taxable municipal bonds 100,078 99,336
U. S. Treasury and federal agency securities - 80,025
Other 4,624 4,363
-------------------------
30,794,679 32,833,153
-------------------------
Receivables:
Accrued interest and dividends 55,112 26,173
Participants' contributions 38,587 -
-------------------------
93,699 26,173
-------------------------
Cash - 33,315
-------------------------
TOTAL ASSETS 30,888,378 32,892,641
-------------------------
LIABILITIES
Accounts payable 3,473 -
Cash overdraft 1,048 -
-------------------------
TOTAL LIABILITIES 4,521 -
-------------------------
NET ASSETS AVAILABLE FOR BENEFITS $30,883,857 $32,892,641
=========================
See Notes to Financial Statements.
2
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FIRST BUSEY CORPORATION PROFIT SHARING PLAN AND TRUST
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Years Ended December 31, 2000, 1999 and 1998
2000 1999 1998
- -------------------------------------------------------------------------------------------
Additions to net assets attributed to:
Investment income:
Net appreciation (depreciation) in fair value
of investments ($2,756,679) $5,753,286 $4,480,757
Interest and dividends 609,041 578,091 476,598
---------------------------------------
(2,147,638) 6,331,377 4,957,355
---------------------------------------
Contributions:
Employers' 494,725 679,750 622,590
Employees' 927,801 783,823 792,785
Employee contribution rollovers 39,113 114,296 427,494
---------------------------------------
1,461,639 1,577,869 1,842,869
---------------------------------------
TOTAL ADDITIONS (685,999) 7,909,246 6,800,224
---------------------------------------
Deductions from net assets attributed to:
Benefits paid to participants 1,141,046 944,297 581,684
Administrative expenses 181,739 182,096 160,641
---------------------------------------
TOTAL DEDUCTIONS 1,322,785 1,126,393 742,325
---------------------------------------
NET (DECREASE) INCREASE (2,008,784) 6,782,853 6,057,899
Net assets available for benefits:
Beginning of year 32,892,641 26,109,788 20,051,889
---------------------------------------
End of year $30,883,857 $32,892,641 $26,109,788
=======================================
See Notes to Financial Statements.
3
9 of 49
FIRST BUSEY CORPORATION PROFIT SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
- -------------------------------------------------------------------------------
NOTE 1. 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 1 year of service. It is subject to the
provisions of the Employee Retirement Income Security Act of 1974 (ERISA).
Contributions:
Each participant is permitted to make voluntary contributions to their
profit sharing account up to 10% of the participant's total compensation,
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.
The Employers' contributions to the profit sharing portion of the Plan are
determined by the Board of Directors. The Employers also make matching
contributions to the 401(k) portion of the Plan equal to a percentage of
the first 6% of total compensation that a participant contributes to the
Plan. The Employers' matching contribution is dependent upon the earnings
per share attained by First Busey Corporation. The Board of Directors
approves the level of matching contributions each year.
Participant accounts:
Each participant's profit sharing account is credited with the
participant's contributions and an allocation of (a) the Employers'
contribution, (b) Plan 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) Plan 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 Plan earnings
on those contributions.
4
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FIRST BUSEY CORPORATION PROFIT SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
- -------------------------------------------------------------------------------
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 eight 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.
FBC Stock Fund - Funds are invested in 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.
International Fund - Funds are invested in international equity mutual
funds.
S & P 500 Index Fund - Funds are invested in the 500 largest companies
domiciled in the United States.
Small Cap Fund - Funds are invested in equity securities of companies
with market capitalization.
Intermediate Bond Fund - Funds are invested in a broad range of bonds
and other fixed income securities.
Self-Directed Accounts - Funds are invested in any type of investment
as chosen by the participant.
Participants may change their investment options quarterly.
Notes receivable, participants:
Participants may borrow from their fund accounts a minimum of $1,000 up to
a maximum equal to the lesser of $50,000 or 50 percent of their vested
account balance. Loan transactions are treated as a transfer to (from) the
investment fund from (to) the Participant Notes fund. Loan terms range
from 3 years or up to 10 years for the purchase of a primary residence.
The loans are secured by the balance in the participant's account and bear
interest at the prime rate as set by American National Bank. Interest
rates range from 7.5 percent to 8.5 percent and are fixed over the term of
the loan. Principal and interest is paid ratably through monthly payroll
deductions.
5
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FIRST BUSEY CORPORATION PROFIT SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
- -------------------------------------------------------------------------------
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 2. SIGNIFICANT ACCOUNTING POLICIES
Basis of accounting:
The financial statements of the Plan are prepared under the accrual method
of accounting.
Use of estimates:
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those
estimates.
Investment valuation and income recognition:
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.
Interest income is recorded on the accrual basis. Dividends are recorded
on the ex-dividend date.
Payment of benefits:
Benefits are recorded when paid.
6
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FIRST BUSEY CORPORATION PROFIT SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
- -------------------------------------------------------------------------------
NOTE 3. INVESTMENTS
The following table presents the fair values of investments as of December 31,
2000 and 1999. Investments that represent 5 percent or more of the Plan's net
assets as of December 31, 2000 are separately identified.
2000 1999
-----------------------------------------------------
Number of Number of
Shares or Shares or
Principal Principal
Amount Fair Value Amount Fair Value
-----------------------------------------------------
Investments at fair value:
Common and preferred stock:
First Busey Corporation Common Stock 466,619 $9,303,216 527,269 $11,929,461
Other 48,106 2,320,277 56,673 2,803,038
Shares of registered investment companies:
Northern Instl. Sm. Co. Index A 190,672 2,024,939 - -
Vanguard Index 500 Trust 31,995 3,898,879 - -
Federated Max-Cap Fund #39 - - 138,087 4,138,457
Other 337,335 8,797,102 371,794 10,259,767
Corporate bonds, notes and commercial
paper $1,855,000 1,844,212 $1,625,000 1,561,937
Short-term investments $2,162,605 2,162,605 $1,765,269 1,765,269
Notes receivable, participants $338,747 338,747 $191,500 191,500
Taxable municipal bonds $100,000 100,078 $100,000 99,336
U. S. Treasury and Federal Agency
Securities $0 - $80,000 80,025
Other 4,624 4,624 1 4,363
----------- -----------
$30,794,679 $32,833,153
=========== ===========
During the years ended December 31, 2000, 1999 and 1998 the Plan's investments
(including investments bought, sold and held during the year) (depreciated)
appreciated in value by $(2,756,679), $5,753,286 and $4,480,757 respectively, as
follows:
2000 1999 1998
-------------------------------------
Investments at fair value:
Common stocks ($1,434,264) $2,764,993 $3,030,470
Preferred stock 7,800 5,575 6,125
Shares of registered investment companies (1,381,626) 3,078,052 1,426,388
Corporate bonds, notes and commercial paper 50,433 (91,665) 15,970
Taxable municipal bonds 742 (2,694) 1,392
Other 262 - -
U. S. Treasury and federal agency securities (26) (975) 412
-------------------------------------
($2,756,679) $5,753,286 $4,480,757
=====================================
7
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FIRST BUSEY CORPORATION PROFIT SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
- -------------------------------------------------------------------------------
NOTE 4. 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.
Fees paid to First Busey Trust & Investment Co., the Plan's trustee, for
investment management services amounted to $137,447, $142,939 and $116,206 for
the three years ended December 31, 2000, 1999 and 1998, respectively.
The Plan invests in certificates 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.
NOTE 5. 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 6. PLAN TERMINATION
In the event of the termination of the Plan, or upon the complete discontinuance
of contributions, the Plan 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 Plan.
8
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FIRST BUSEY CORPORATION PROFIT SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
- -------------------------------------------------------------------------------
NOTE 7. STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS, BY FUND
December 31, 2000
Participant Directed Profit Sharing & 401(k)
------------------------------------------------------------------
Equity FBC
Balanced Growth Stock CD Loan
Fund Fund Fund Fund Account
------------------------------------------------------------------
ASSETS
Investments at fair value:
Common stock $2,270,777 $- $9,303,216 $- $-
Preferred stock 49,500 - - - -
Shares of registered
investment companies 441,829 6,000,506 - - -
Corporate bonds, notes and
commercial paper 1,844,212 - - - -
Short-term investments 101,252 51,298 6,730 1,502,147 -
Notes receivable, participants - - - - 338,747
Taxable municipal bonds 100,078 - - - -
U.S. Treasury and federal
agency securities - - - - -
Other - - - - -
------------------------------------------------------------------
4,807,648 6,051,804 9,309,946 1,502,147 338,747
------------------------------------------------------------------
Receivables:
Interfund (payable)/receivable (6,492) (795) 9,099 359 -
Accrued interest and dividends 28,732 266 69 22,281 -
Employer contribution 51,291 121,977 129,076 18,652 -
Participants' contribution 3,371 10,910 11,393 1,238 -
------------------------------------------------------------------
76,902 132,358 149,637 42,530 -
------------------------------------------------------------------
TOTAL ASSETS 4,884,550 6,184,162 9,459,583 1,544,677 338,747
------------------------------------------------------------------
LIABILITIES
Accounts payable - 71 17 - -
Cash overdraft - - - - -
------------------------------------------------------------------
TOTAL LIABILITIES - 71 17 - -
------------------------------------------------------------------
NET ASSETS AVAILABLE
FOR BENEFITS $4,884,550 $6,184,091 $9,459,566 $1,544,677 $338,747
==================================================================
9
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FIRST BUSEY CORPORATION PROFIT SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
- -------------------------------------------------------------------------------
December 31, 2000
Participant Directed Profit Sharing & 401(k)
--------------------------------------------------------------------------------------------
S&P 500 Intermediate Self-
International Index Small Bond Directed Holding
Fund Fund Cap Fund Accounts Account Total
--------------------------------------------------------------------------------------------
ASSETS
Investments at fair value:
Common stock $- $- $- $- $- $- $11,573,993
Preferred stock - - - - - - 49,500
Shares of registered
investment companies 2,040,267 3,898,879 2,024,939 314,500 - - 14,720,920
Corporate bonds, notes and
commercial paper - - - - - - 1,844,212
Short-term investments 655 12,739 - - - 487,784 2,162,605
Notes receivable, participants - - - - - - 338,747
Taxable municipal bonds - - - - - - 100,078
U.S. Treasury and federal
agency securities - - - - - - -
Other - - - - 4,624 - 4,624
--------------------------------------------------------------------------------------------
2,040,922 3,911,618 2,024,939 314,500 4,624 487,784 30,794,679
--------------------------------------------------------------------------------------------
Receivables:
Interfund (payable)/receivable 166 42 719 150 - (3,248) -
Accrued interest and dividends 159 72 341 3 - 3,189 55,112
Employer contribution 44,885 74,546 38,719 5,579 - (484,725) -
Participants' contribution 3,345 5,037 2,845 448 - - 38,587
--------------------------------------------------------------------------------------------
48,555 79,697 42,624 6,180 - (484,784) 93,699
--------------------------------------------------------------------------------------------
TOTAL ASSETS 2,089,477 3,991,315 2,067,563 320,680 4,624 3,000 30,888,378
--------------------------------------------------------------------------------------------
LIABILITIES
Accounts payable 45 340 - - - 3,000 3,473
Cash overdraft - - 540 508 - - 1,048
--------------------------------------------------------------------------------------------
TOTAL LIABILITIES 45 340 540 508 - 3,000 4,521
--------------------------------------------------------------------------------------------
NET ASSETS AVAILABLE
FOR BENEFITS $2,089,432 $3,990,975 $2,067,023 $320,172 $4,624 $- $30,883,857
============================================================================================
10
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FIRST BUSEY CORPORATION PROFIT SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
- -------------------------------------------------------------------------------
NOTE 7. STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS, BY FUND (CONTINUED)
December 31, 1999
Participant Directed Profit Sharing & 401(k)
------------------------------------------------------------------
Equity FBC
Balanced Growth Stock CD Loan
Fund Fund Fund Fund Account
------------------------------------------------------------------
ASSETS
Investments at fair value:
Common stock $2,585,228 $- $11,920,411 $- $0
Preferred stock 41,700 - - - -
Shares of registered
investment companies 522,524 6,042,343 - - -
Corporate bonds, notes and
commercial paper 1,546,537 - - - -
Short-term investments 169,776 154,006 322,129 881,640
Notes receivable, participants - - - - 191,500
Taxable municipal bonds 99,336 - - - -
U.S. Treasury and federal
agency securities 80,025 - - - -
Other - - - - -
------------------------------------------------------------------
5,045,126 6,196,349 12,242,540 881,640 191,500
------------------------------------------------------------------
Receivables:
Interfund (payable)/receivable 3,376 (2,290) 1,937 2,426 -
Accrued interest and dividends 23,370 477 419 6 -
------------------------------------------------------------------
26,746 (1,813) 2,356 2,432 -
------------------------------------------------------------------
Cash 4,545 6,704 12,888 646 -
------------------------------------------------------------------
TOTAL ASSETS 5,076,417 6,201,240 12,257,784 884,718 191,500
------------------------------------------------------------------
LIABILITIES - - - - -
------------------------------------------------------------------
TOTAL LIABILITIES - - - - -
------------------------------------------------------------------
NET ASSETS AVAILABLE
FOR BENEFITS $5,076,417 $6,201,240 $12,257,784 $884,718 $191,500
==================================================================
11
17 of 49
FIRST BUSEY CORPORATION PROFIT SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
- -------------------------------------------------------------------------------
December 31, 1999
Participant Directed Profit Sharing & 401(k)
--------------------------------------------------------------------------------------------------
S&P 500 Financial Intermediate Self-
International Index Institution Small Bond Directed Holding
Fund Fund Fund Cap Fund Accounts Account Total
--------------------------------------------------------------------------------------------------
ASSETS
Investments at fair value:
Common stock $- $- $- $- $- $185,160 $- $14,690,799
Preferred stock - - - - - - - 41,700
Shares of registered
investment companies 2,478,332 4,138,457 - 943,251 273,317 - - 14,398,224
Corporate bonds, notes and
commercial paper - - - - - 15,400 - 1,561,937
Short-term investments 89,498 106,264 - 22,943 8,275 8,863 1,875 1,765,269
Notes receivable, participants - - - - - - - 191,500
Taxable municipal bonds - - - - - - - 99,336
U.S. Treasury and federal
agency securities - - - - - - - 80,025
Other - - - - - 4,363 - 4,363
--------------------------------------------------------------------------------------------------
2,567,830 4,244,721 - 966,194 281,592 213,786 1,875 32,833,153
--------------------------------------------------------------------------------------------------
Receivables:
Interfund (payable)/receivable (104) 215 (330) (696) (913) - (3,621) -
Accrued interest and dividends 62 48 - 63 12 40 1,676 26,173
--------------------------------------------------------------------------------------------------
(42) 263 (330) (633) (901) 40 (1,945) 26,173
--------------------------------------------------------------------------------------------------
Cash 2,028 4,867 330 972 265 - 70 33,315
--------------------------------------------------------------------------------------------------
TOTAL ASSETS 2,569,816 4,249,851 - 966,533 280,956 213,826 - 32,892,641
--------------------------------------------------------------------------------------------------
LIABILITIES - - - - - - - -
--------------------------------------------------------------------------------------------------
TOTAL LIABILITIES - - - - - - - -
--------------------------------------------------------------------------------------------------
NET ASSETS AVAILABLE
FOR BENEFITS $2,569,816 $4,249,851 $- $966,533 $280,956 $213,826 $- $32,892,641
==================================================================================================
12
18 of 49
FIRST BUSEY CORPORATION PROFIT SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
- -------------------------------------------------------------------------------
NOTE 8. STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, BY FUND
Year Ended December 31, 2000
Participant Directed Profit Sharing & 401(k)
------------------------------------------------------------------
Equity FBC
Balanced Growth Stock CD Loan
Fund Fund Fund Fund Account
------------------------------------------------------------------
Additions to net assets attributed to:
Investment income:
Net appreciation (depreciation)
in fair value of investments $1,524 ($319,100) ($1,402,327) $- $-
Interest and dividends 141,797 38,162 232,824 82,254 23,610
------------------------------------------------------------------
143,321 (280,938) (1,169,503) 82,254 23,610
------------------------------------------------------------------
Contributions:
Employers 51,291 121,977 139,076 18,652 -
Employees 81,266 226,795 277,704 33,265 -
Employee contributions representing
transfers from another qualified
retirement trust 1,722 8,624 17,542 910 -
------------------------------------------------------------------
134,279 357,396 434,322 52,827 -
------------------------------------------------------------------
TOTAL ADDITIONS 277,600 76,458 (735,181) 135,081 23,610
------------------------------------------------------------------
Deductions from net assets attributed to:
Benefits paid to participants 98,264 200,104 354,722 61,623 1,092
Administrative expenses 30,244 37,713 53,704 7,546 -
------------------------------------------------------------------
TOTAL DEDUCTIONS 128,508 237,817 408,426 69,169 1,092
------------------------------------------------------------------
Net participants' transfers between funds (338,296) 144,510 (1,656,462) 593,891 124,729
Net forfeitures (2,663) (300) 1,851 156 -
------------------------------------------------------------------
(340,959) 144,210 (1,654,611) 594,047 124,729
------------------------------------------------------------------
NET INCREASE (DECREASE) (191,867) (17,149) (2,798,218) 659,959 147,247
Net assets available for benefits:
Beginning of year 5,076,417 6,201,240 12,257,784 884,718 191,500
------------------------------------------------------------------
End of year $4,884,550 $6,184,091 $9,459,566 $1,544,677 $338,747
==================================================================
13
19 of 49
FIRST BUSEY CORPORATION PROFIT SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
- -------------------------------------------------------------------------------
Year Ended December 31, 2000
Participant Directed Profit Sharing & 401(k)
----------------------------------------------------------------------------
S&P 500 Intermediate Self-
International Index Small Bond Directed Holding
Fund Fund Cap Fund Accounts Account Total
-----------------------------------------------------------------------------------------
Additions to net assets attributed to:
Investment income:
Net appreciation (depreciation)
in fair value of investments ($514,482) ($385,383) ($124,891) $4,764 ($16,784) $- ($2,756,679)
Interest and dividends 7,935 39,722 23,597 14,182 4,958 - 609,041
-----------------------------------------------------------------------------------------
(506,547) (345,661) (101,294) 18,946 (11,826) - (2,147,638)
-----------------------------------------------------------------------------------------
Contributions:
Employers 44,884 74,546 38,719 5,580 - - 494,725
Employees 89,209 142,423 68,226 8,913 - - 927,801
Employee contributions representing
transfers from another qualified
retirement trust 6,694 2,435 1,186 - - - 39,113
-----------------------------------------------------------------------------------------
140,787 219,404 108,131 14,493 - - 1,461,639
-----------------------------------------------------------------------------------------
TOTAL ADDITIONS (365,760) (126,257) 6,837 33,439 (11,826) - (685,999)
-----------------------------------------------------------------------------------------
Deductions from net assets attributed to:
Benefits paid to participants 128,774 141,286 94,245 1,546 59,390 - 1,141,046
Administrative expenses 15,900 23,783 11,264 1,132 453 - 181,739
-----------------------------------------------------------------------------------------
TOTAL DEDUCTIONS 144,674 165,069 105,509 2,678 59,843 - 1,322,785
-----------------------------------------------------------------------------------------
Net participants' transfers between funds 30,192 31,761 1,198,686 8,522 (137,533) - -
Net forfeitures (142) 689 476 (67) - - -
-----------------------------------------------------------------------------------------
30,050 32,450 1,199,162 8,455 (137,533) - -
-----------------------------------------------------------------------------------------
NET INCREASE (DECREASE) (480,384) (258,876) 1,100,490 39,216 (209,202) - (2,008,784)
Net assets available for benefits:
Beginning of year 2,569,816 4,249,851 966,533 280,956 213,826 - 32,892,641
-----------------------------------------------------------------------------------------
End of year $2,089,432 $3,990,975 $2,067,023 $320,172 $4,624 $- $30,883,857
=========================================================================================
14
20 of 49
FIRST BUSEY CORPORATION PROFIT SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
- -------------------------------------------------------------------------------
NOTE 8. STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, BY FUND (CONTINUED)
Year Ended December 31, 1999
Participant Directed Profit Sharing & 401(k)
------------------------------------------------------------------
Equity FBC
Balanced Growth Stock CD Loan
Fund Fund Fund Fund Account
------------------------------------------------------------------
Additions to net assets attributed to:
Investment income:
Net appreciation (depreciation)
in fair value of investments $439,360 $1,411,789 $2,427,896 $- $-
Interest and dividends 157,697 29,468 243,848 44,934 16,379
------------------------------------------------------------------
597,057 1,441,257 2,671,744 44,934 16,379
------------------------------------------------------------------
Contributions:
Employers 78,593 134,569 269,383 18,769 -
Employees 92,408 154,488 319,627 22,820 -
Employee contributions representing
transfers from another qualified
retirement trust 1,439 3,781 103,689 - -
------------------------------------------------------------------
172,440 292,838 692,699 41,589 -
------------------------------------------------------------------
TOTAL ADDITIONS 769,497 1,734,095 3,364,443 86,523 16,379
------------------------------------------------------------------
Deductions from net assets attributed to:
Benefits paid to participants 190,859 92,656 397,082 186,179 12,135
Administrative expenses 32,047 29,516 73,724 5,580 -
------------------------------------------------------------------
TOTAL DEDUCTIONS 222,906 122,172 470,806 191,759 12,135
------------------------------------------------------------------
Net participants' transfers between funds (674,544) 9,323 (870,507) 251,723 15,342
Net forfeitures (7,760) 1,713 2,839 546 -
------------------------------------------------------------------
(682,304) 11,036 (867,668) 252,269 15,342
------------------------------------------------------------------
NET INCREASE (DECREASE) (135,713) 1,622,959 2,025,969 147,033 19,586
Net assets available for benefits:
Beginning of year 5,212,130 4,578,281 10,231,815 737,685 171,914
------------------------------------------------------------------
End of year $5,076,417 $6,201,240 $12,257,784 $884,718 $191,500
==================================================================
15
21 of 49
FIRST BUSEY CORPORATION PROFIT SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
- -------------------------------------------------------------------------------
Year Ended December 31, 1999
Participant Directed Profit Sharing & 401(k)
-------------------------------------------------------------------------------
S&P 500 Financial Intermediate Self-
International Index Institution Small Bond Directed Holding
Fund Fund Fund Cap Fund Accounts Account Total
-------------------------------------------------------------------------------------------
Additions to net assets attributed to:
Investment income:
Net appreciation (depreciation)
in fair value of investments $712,229 $676,640 ($28,323) $128,321 ($3,683) ($10,943) $- $5,753,286
Interest and dividends 10,652 44,288 13,377 8,539 4,597 4,312 - 578,091
-------------------------------------------------------------------------------------------
722,881 720,928 (14,946) 136,860 914 (6,631) - 6,331,377
-------------------------------------------------------------------------------------------
Contributions:
Employers 45,817 104,020 - 21,608 6,991 - - 679,750
Employees 46,111 126,349 12,455 7,078 2,487 - - 783,823
Employee contributions representing
transfers from another qualified
retirement trust 443 1,914 - 1,310 1,720 - - 114,296
-------------------------------------------------------------------------------------------
92,371 232,283 12,455 29,996 11,198 - - 1,577,869
-------------------------------------------------------------------------------------------
TOTAL ADDITIONS 815,252 953,211 (2,491) 166,856 12,112 (6,631) - 7,909,246
-------------------------------------------------------------------------------------------
Deductions from net assets attributed to:
Benefits paid to participants 17,538 42,071 5,777 - - - - 944,297
Administrative expenses 9,948 24,841 4,646 843 273 678 - 182,096
-------------------------------------------------------------------------------------------
TOTAL DEDUCTIONS 27,486 66,912 10,423 843 273 678 - 1,126,393
-------------------------------------------------------------------------------------------
Net participants' transfers between funds 752,287 706,140 (1,258,502) 799,835 268,903 - - -
Net forfeitures 767 996 - 685 214 - - -
-------------------------------------------------------------------------------------------
753,054 707,136 (1,258,502) 800,520 269,117 - - -
-------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) 1,540,820 1,593,435 (1,271,416) 966,533 280,956 (7,309) - 6,782,853
Net assets available for benefits:
Beginning of year 1,028,996 2,656,416 1,271,416 - - 221,135 - 26,109,788
-------------------------------------------------------------------------------------------
End of year $2,569,816 $4,249,851 $0 $966,533 $280,956 $213,826 $- $32,892,641
===========================================================================================
16
22 of 49
FIRST BUSEY CORPORATION PROFIT SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
- -------------------------------------------------------------------------------
NOTE 8. STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, BY FUND (CONTINUED)
Year Ended December 31, 1998
Participant Directed Profit Sharing & 401(k)
------------------------------------------------------------------
Equity FBC
Balanced Growth Stock CD Loan
Fund Fund Fund Fund Account
------------------------------------------------------------------
Additions to net assets attributed to:
Investment income:
Net appreciation (depreciation)
in fair value of investments $729,132 $670,819 $2,557,305 $- $-
Interest and dividends 109,324 26,536 230,545 27,812 18,507
------------------------------------------------------------------
838,456 697,355 2,787,850 27,812 18,507
------------------------------------------------------------------
Contributions:
Employers 92,844 144,884 252,088 13,378 -
Employees 103,199 208,823 324,391 12,109 -
Employee contributions representing
transfers from another qualified
retirement trust 130,807 133,738 55,217 - -
------------------------------------------------------------------
326,850 487,445 631,696 25,487 -
------------------------------------------------------------------
TOTAL ADDITIONS 1,165,306 1,184,800 3,419,546 53,299 18,507
------------------------------------------------------------------
Deductions from net assets attributed to:
Benefits paid to participants 163,555 119,693 230,980 2,427 1,695
Administrative expenses 30,768 28,998 65,974 3,098 -
------------------------------------------------------------------
TOTAL DEDUCTIONS 194,323 148,691 296,954 5,525 1,695
------------------------------------------------------------------
Net participants' transfers between funds 75,417 (168,219) (497,238) 345,144 (54,628)
Net forfeitures (6,073) 2,038 2,690 336 -
------------------------------------------------------------------
69,344 (166,181) (494,548) 345,480 (54,628)
------------------------------------------------------------------
NET INCREASE (DECREASE) 1,040,327 869,928 2,628,044 393,254 (37,816)
Net assets available for benefits:
Beginning of year 4,171,803 3,708,353 7,603,771 344,431 209,730
------------------------------------------------------------------
End of year $5,212,130 $4,578,281 $10,231,815 $737,685 $171,914
==================================================================
17
23 of 49
FIRST BUSEY CORPORATION PROFIT SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
- -------------------------------------------------------------------------------
Year Ended December 31, 1998
Participant Directed Profit Sharing & 401(k)
---------------------------------------------------------------
S&P 500 Financial Self-
International Index Institution Directed Holding
Fund Fund Fund Accounts Account Total
--------------------------------------------------------------------------
Additions to net assets attributed to:
Investment income:
Net appreciation (depreciation)
in fair value of investments $170,758 $486,008 ($106,145) ($27,120) $- $4,480,757
Interest and dividends 7,839 23,016 29,317 3,677 25 476,598
---------------------------------------------------------------------------
178,597 509,024 (76,828) (23,443) 25 4,957,355
---------------------------------------------------------------------------
Contributions:
Employers 28,777 56,228 34,391 - - 622,590
Employees 33,953 61,818 48,492 - - 792,785
Employee contributions representing
transfers from another qualified
retirement trust 6,476 64,279 33,101 3,876 - 427,494
---------------------------------------------------------------------------
69,206 182,325 115,984 3,876 - 1,842,869
---------------------------------------------------------------------------
TOTAL ADDITIONS 247,803 691,349 39,156 (19,567) 25 6,800,224
---------------------------------------------------------------------------
Deductions from net assets attributed to:
Benefits paid to participants 37,960 19,945 5,429 - - 581,684
Administrative expenses 6,110 11,458 13,538 697 - 160,641
---------------------------------------------------------------------------
TOTAL DEDUCTIONS 44,070 31,403 18,967 697 - 742,325
---------------------------------------------------------------------------
Net participants' transfers between funds (271,455) 374,516 199,407 - (2,944) -
Net forfeitures 251 655 103 - - -
---------------------------------------------------------------------------
(271,204) 375,171 199,510 - (2,944) -
---------------------------------------------------------------------------
NET INCREASE (DECREASE) (67,471) 1,035,117 219,699 (20,264) (2,919) 6,057,899
Net assets available for benefits:
Beginning of year 1,096,467 1,621,299 1,051,717 241,399 2,919 20,051,889
---------------------------------------------------------------------------
End of year $1,028,996 $2,656,416 $1,271,416 $221,135 $- $26,109,788
===========================================================================
18
24 of 49
FIRST BUSEY CORPORATION PROFIT SHARING PLAN AND TRUST
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR
DECEMBER 31, 2000
Number of
Shares or
Principal Current
Description Amount Cost Value
- --------------------------------------------------------------------------------------------------
COMMON STOCKS
Abbott Laboratories 1,068 $33,827 $51,731
American International Group 1,503 54,438 148,139
Bristol Myers Squibb Co. 1,360 59,275 100,555
Cisco Systems, Inc. 1,440 13,683 55,080
Disney (Walt) Co. 1,896 52,836 54,866
Du Pont (E.I.) De Nemours & Co. 868 49,751 41,935
Emerson Electric Co. 960 52,476 75,660
Exxon Mobil Corp. 1,177 65,191 102,325
Federal National Mortgage Association 672 33,939 58,296
* First Busey Corporation 466,619 6,398,212 9,303,216
First Data Corp. 1,850 53,373 97,472
Fleet Boston Financial Corp. 1,047 37,055 39,328
General Electric Co. 2,496 55,484 119,652
Gillette Co. 1,328 60,195 47,974
Home Depot Inc. 2,148 39,995 98,137
Intel Corp. 1,808 34,006 54,353
Kohl's Corp. 3,424 56,663 208,864
May Department Stores Co. 1,440 52,476 47,160
McDonald's Corp. 2,092 48,735 71,128
Microsoft Corporation 1,560 52,059 67,665
Motorola, Inc. 1,290 39,307 26,123
National City Corp. 1,724 51,507 49,565
Pepsico 1,474 53,949 73,055
Procter & Gamble 684 46,941 53,651
Royal Dutch Petroleum 1.25 Guilder Shares 960 51,516 58,140
Schering-Plough Corp. 800 23,906 45,400
Solectron Corp. 859 35,082 29,120
Staples, Inc. 2,565 52,003 30,299
State Street Corp. 1,053 59,398 130,793
Sun Microsytems, Inc. 2,160 26,633 60,210
Wal-Mart Stores, Inc. 1,600 52,880 85,000
Wells Fargo & Co. New 1,600 52,111 89,101
-------------------------
TOTAL COMMON STOCKS $7,848,902 $11,573,993
=========================
Continued
* Represents party-in-interest transaction.
19
25 of 49
FIRST BUSEY CORPORATION PROFIT SHARING PLAN AND TRUST
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR, CONTINUED
DECEMBER 31, 2000
Number of
Shares or
Principal Current
Description Amount Cost Value
- --------------------------------------------------------------------------------------------------
PREFERRED STOCKS
CNB CAP TR I GTD CONV. PFD 1,200 $30,000 $49,500
-------------------------
TOTAL PREFERRED STOCKS $30,000 $49,500
=========================
SHARES OF REGISTERED INVESTMENT COMPANIES
Fidelity Advisor Equity Growth Class I 1,068 $39,026 $65,279
Fidelity Advisor Equity Growth Class I 17,175 982,839 1,050,281
Fidelity Advisor Small Cap - Class I 4,444 50,000 84,133
Invesco Dynamics 3,540 58,200 84,149
Invesco Dynamics 47,052 802,643 1,118,433
Janus Fund 1,817 41,633 60,496
Janus Fund 29,462 923,157 980,798
MFS Capital Opportunities Fund - CL I 2,886 55,500 51,719
MFS Capital Opportunities Fund - CL I 54,511 1,064,729 976,831
Mutual Shares Fund - Class Z 2,865 50,591 56,698
Mutual Shares Fund - Class Z 53,236 1,132,895 1,053,539
Nicholas Fund, Inc. 640 38,272 39,355
Nicholas Fund, Inc. 13,354 1,083,644 820,625
Northern Institutional Intermediate Bond A 16,372 310,135 314,500
Northern Institutional Small Company Index A 190,672 2,386,087 2,024,939
Scudder International Fund - Class S 20,935 1,194,371 1,053,251
T. Rowe Price International Stock Fund 67,976 1,123,025 987,015
Vanguard Index 500 Trust 31,995 4,069,240 3,898,879
-------------------------
TOTAL SHARES OF REGISTERED
INVESTMENT COMPANIES $15,405,987 $14,720,920
=========================
CORPORATE BONDS, NOTES AND COMMERCIAL PAPER
COMMERCIAL PAPER
Abbey Natl PLC Medium Term, 6.690%
due October 17, 2005 $50,000 $49,292 $50,478
American General Corp., 6.250%, due
March 15, 2003 100,000 95,916 99,974
Associates Corp. NA, 6.000%, due
December 1, 2002 50,000 51,011 49,865
AT&T Corp., 7.750%, due March 1, 2007 200,000 204,416 202,148
-------------------------
CORPORATE BONDS, NOTES AND
COMMERCIAL PAPER SUBTOTAL 400,635 402,465
-------------------------
Continued
20
26 of 49
FIRST BUSEY CORPORATION PROFIT SHARING PLAN AND TRUST
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR, CONTINUED
DECEMBER 31, 2000
Number of
Shares or
Principal Current
Description Amount Cost Value
- --------------------------------------------------------------------------------------------------
CORPORATE BONDS, NOTES AND
COMMERCIAL PAPER BROUGHT FORWARD $400,635 $402,465
Bank One Corp. Note, 6.875%, due August 1, 2006 50,000 48,638 49,947
Bank One Corp. Global Notes, 6.400%, due
August 1, 2002 50,000 49,262 50,099
Bear Stearns Co., Inc., 6.700%, due August 1, 2003 100,000 101,164 100,087
Bears Stearns Co., Inc., 6.125%,
due February 1, 2003 100,000 100,509 99,020
Chemical Bank, 6.625%, due August 15, 2005 50,000 51,271 50,532
CIT Group Holdings, Inc., 5.625%, due
February 2, 2001 25,000 23,742 24,980
Citicorp, 6.375%, due January 15, 2006 100,000 103,606 99,031
Commercial Cr. Group Inc., 5.875%, due
January 15, 2003 50,000 48,276 49,761
Commercial Cr. Group Inc., 6.500%, due
August 1, 2004 50,000 49,197 50,166
Ford Motor Credit Corp., 6.125%, due
January 9, 2006 50,000 50,334 48,230
Goldman Sachs Group Inc., 7.625%, due
August 15, 2005 50,000 50,630 52,044
Household Finance Corp., 5.875%, due
September 25, 2004 50,000 50,157 48,722
Intervest Bancshares Corp., 8.000%, due July 1, 2008 30,000 23,100 23,100
Loews Corp., 6.750%, due December 15, 2006 150,000 153,088 146,879
Merrill Lynch & Co. Inc., 6.000%, due
July 15, 2005 50,000 50,163 48,877
Merrill Lynch & Co. Inc., 6.000%, due
November 15, 2004 50,000 50,725 49,469
Merrill Lynch & Co. Inc., 6.550%, due
August 1, 2004 100,000 100,706 100,774
Morgan Stanley Dean Witter, 6.875%, due
March 1, 2007 50,000 48,857 50,358
NationsBank Corp., 6.125%, due July 15, 2004 50,000 50,670 49,306
NationsBank Corp., 6.375%, due May 15, 2005 100,000 100,868 99,083
-------------------------
CORPORATE BONDS, NOTES AND
COMMERCIAL PAPER BROUGHT FORWARD 1,705,598 1,692,930
-------------------------
Continued
21
27 of 49
FIRST BUSEY CORPORATION PROFIT SHARING PLAN AND TRUST
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR, CONTINUED
DECEMBER 31, 2000
Number of
Shares or
Principal Current
Description Amount Cost Value
- --------------------------------------------------------------------------------------------------
CORPORATE BONDS, NOTES AND
COMMERCIAL PAPER BROUGHT FORWARD $1,705,598 $1,692,930
Norwest Corp., 6.800%, due May 15, 2002 25,000 24,880 25,248
St. Paul Companies, Inc., 6.170%, due
January 15, 2001 50,000 50,485 49,994
St. Paul Companies, Inc., 7.970%, due May 20, 2002 25,000 25,371 25,582
Tele-Communications Inc., 7.250%, due
August 1, 2005 50,000 50,781 50,458
-------------------------
TOTAL CORPORATE BONDS, NOTES
AND COMMERCIAL PAPER $1,857,115 $1,844,212
=========================
SHORT-TERM INVESTMENTS
* Certificate of Deposit, Busey Bank,
6.250%, due December 31, 2001 $1,500,643 $1,500,643 $1,500,643
Northern Institutional Government Select Portfolio 6,730 6,730 6,730
Northern Institutional Government Select Portfolio 1,503 1,503 1,503
Northern Institutional Government Select Portfolio 101,252 101,252 101,252
Northern Institutional Government Select Portfolio 487,784 487,784 487,784
Northern Institutional Government Select Portfolio 51,298 51,298 51,298
Northern Institutional Government Select Portfolio 656 656 656
Northern Institutional Government Select Portfolio 12,739 12,739 12,739
-------------------------
TOTAL SHORT-TERM INVESTMENTS $2,162,605 $2,162,605
=========================
NOTES RECEIVABLE, Participants
Participant, 8.500%, due February 15, 2001 $119 $119 $119
Participant, 8.500%, due February 15, 2001 53 53 53
Participant, 8.500%, due March 15, 2001 98 98 98
Participant, 8.500%, due March 15, 2001 233 233 233
Participant, 8.500%, due June 15, 2001 555 555 555
Participant, 8.250%, due July 15, 2001 2,255 2,255 2,255
Participant, 8.500%, due September 15, 2001 856 856 856
-------------------------
NOTES RECEIVABLE, PARTICIPANTS,
SUBTOTAL 4,169 4,169
-------------------------
Continued
* Represents party-in-interest transaction.
22
28 of 49
FIRST BUSEY CORPORATION PROFIT SHARING PLAN AND TRUST
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR, CONTINUED
DECEMBER 31, 2000
Number of
Shares or
Principal Current
Description Amount Cost Value
- --------------------------------------------------------------------------------------------------
NOTES RECEIVABLE, PARTICIPANT,
BROUGHT FORWARD $4,169 $4,169
Participant, 7.500%, due September 15, 2001 937 937 937
Participant, 8.250%, due October 15, 2001 1,272 1,272 1,272
Participant, 8.500%, due January 15, 2002 1,667 1,667 1,667
Participant, 7.750%, due April 15, 2002 752 752 752
Participant, 7.750%, due June 15, 2002 1,253 1,253 1,253
Participant, 7.750%, due June 15, 2002 1,322 1,322 1,322
Participant, 7.750%, due June 15, 2002 1,587 1,587 1,587
Participant, 8.250%, due September 15, 2002 613 613 613
Participant, 8.250%, due October 15, 2002 2,560 2,560 2,560
Participant, 8.250%, due October 15, 2002 640 640 640
Participant, 8.250%, due November 15, 2002 640 640 640
Participant, 8.500%, due December 15, 2002 1,146 1,146 1,146
Participant, 8.500%, due December 15, 2002 2,517 2,517 2,517
Participant, 8.500%, due January 15, 2003 2,523 2,523 2,523
Participant, 8.750%, due February 15, 2003 2,618 2,618 2,618
Participant, 8.500%, due March 15, 2003 3,166 3,166 3,166
Participant, 9.500%, due May 15, 2003 827 827 827
Participant, 9.500%, due June 15, 2003 852 852 852
Participant, 9.500%, due July 15, 2003 3,773 3,773 3,773
Participant, 8.500%, due July 15, 2003 2,872 2,872 2,872
Participant, 9.500%, due August 15, 2003 1,263 1,263 1,263
Participant, 8.500%, due August 15, 2003 6,649 6,649 6,649
Participant, 8.500%, due September 15, 2003 3,611 3,611 3,611
Participant, 9.500%, due September 15, 2003 927 927 927
Participant, 9.500%, due September 15, 2003 2,689 2,689 2,689
Participant, 9.500%, due September 15, 2003 927 927 927
Participant, 8.000%, due October 15, 2003 920 920 920
Participant, 7.750%, due April 15, 2004 13,859 13,859 13,859
Participant, 8.000%, due July 15, 2004 3,925 3,925 3,925
Participant, 8.250%, due September 15, 2004 19,303 19,303 19,303
-------------------------
NOTES RECEIVABLE, PARTICIPANTS,
SUBTOTAL 91,779 91,779
-------------------------
Continued
23
29 of 49
FIRST BUSEY CORPORATION PROFIT SHARING PLAN AND TRUST
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR, CONTINUED
DECEMBER 31, 2000
Number of
Shares or
Principal Current
Description Amount Cost Value
- --------------------------------------------------------------------------------------------------
NOTES RECEIVABLE, PARTICIPANT,
BROUGHT FORWARD $91,779 $91,779
Participant, 8.500%, due November 15, 2004 8,995 8,995 8,995
Participant, 8.500%, due January 15, 2005 8,469 8,469 8,469
Participant, 8.750%, due March 15, 2005 9,322 8,322 8,322
Participant, 9.000%, due March 15, 2005 22,715 22,715 22,715
Participant, 9.000%, due April 15, 2005 7,129 7,129 7,129
Participant, 9.000%, due May 15, 2005 18,102 18,102 18,102
Participant, 9.500%, due May 15, 2005 12,913 12,913 12,913
Participant, 9.500%, due July 15, 2005 23,338 23,338 23,338
Participant, 9.500%, due July 15, 2005 7,935 7,935 7,935
Participant, 9.500%, due August 15, 2005 37,341 37,341 37,341
Participant, 9.500%, due August 15, 2005 37,341 37,341 37,341
Participant, 9.500%, due August 15, 2005 14,774 14,774 14,774
Participant, 9.500%, due November 15, 2005 9,080 9,080 9,080
Participant, 8.500%, due September 15, 2007 16,539 16,539 16,539
Participant, 8.500%, due April 15, 2008 4,016 4,016 4,016
Participant, 8.500%, due July 15, 2008 6,545 6,545 6,545
Participant, 9.500%, due July 15, 2010 3,414 3,414 3,414
-------------------------
TOTAL, NOTES RECEIVABLE, PARTICIPANTS $338,747 $338,747
=========================
TAXABLE MUNICIPAL BONDS
Beaver Dam, WI prom nts, 6.300%, due
September 1, 2001 $100,000 $100,119 $100,078
=========================
OTHER
New England Life Insurance policy $4,624 $4,624
=========================
24
30 of 49
FIRST BUSEY CORPORATION PROFIT SHARING PLAN AND TRUST
SCHEDULE OF REPORTABLE TRANSACTIONS
Year Ended December 31, 2000
Current
Expense Value of
Identity Incurred Asset on
of Party Description Purchase Selling Lease with Cost of Transaction Net Gain
Involved of Asset Price Price Rental Transaction Asset Date or Loss
- -----------------------------------------------------------------------------------------------------------------------------------
There were no reportable transactions for the period. All assets are participant directed.
25
31 of 49
FIRST BUSEY CORPORATION PROFIT SHARING PLAN AND TRUST
PARTY IN INTEREST TRANSACTIONS
Year Ended December 31, 2000
Transaction
Description of Transaction Amount
- ----------------------------------------------------------------------------------------
Management fees paid to First Busey Trust & Investment Co. $137,447
Purchases of Busey Bank certificates of deposit 690,982
Maturities of Busey Bank certificates of deposit 55,500
Purchases of First Busey Corporation common stock 507,320
Sales of First Busey Corporation common stock 1,722,188
26
32 of 49
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the Registration Statement on
Form S-8 (File No. 33-30095) under the Securities Act of 1933 of First Busey
Corporation of our report dated June 22, 2000 on our audits of the financial
statements of First Busey Corporation Profit Sharing Plan and Trust as of
December 31, 2000 and 1999, and for each of the years in the three year period
ended December 31, 2000 and supporting schedules as of December 31, 2000, which
is included in the Annual Report on Form 11-K for the year ended December 31,
2000.
/s/ McGladrey and Pullen, LLP
Champaign, Illinois
June 28, 2001
33 of 49
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, 2000
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 EMPLOYEE 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
34 of 49
FIRST BUSEY CORPORATION
EMPLOYEES' STOCK OWNERSHIP PLAN
FINANCIAL STATEMENTS
DECEMBER 31, 2000 AND 1999
35 of 49
CONTENTS
- ----------------------------------------------------------------------------
INDEPENDENT AUDITOR'S REPORT
ON THE FINANCIAL STATEMENTS 1
- ----------------------------------------------------------------------------
FINANCIAL STATEMENTS
Statements of net assets available for benefits 2
Statements of changes in net assets available for benefits 3 and 4
Notes to financial statements 5 - 9
- ----------------------------------------------------------------------------
SUPPLEMENTARY INFORMATION
Schedule of assets held for investment purposes at end of year 10
Schedule of reportable transactions 11
Party in interest transactions 12
- ----------------------------------------------------------------------------
36 of 49
INDEPENDENT AUDITOR'S REPORT
To the Administrative Committee and Participants
FIRST BUSEY CORPORATION EMPLOYEES'
STOCK OWNERSHIP PLAN
Urbana, Illinois
We have audited the accompanying statements of net assets available for benefits
of FIRST BUSEY CORPORATION EMPLOYEES' STOCK OWNERSHIP PLAN as of December 31,
2000 and 1999, 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, 2000.
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 auditing standards generally accepted
in the United States of America. 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 as of December 31, 2000 and 1999,
and the changes in net assets available for benefits for each of the years in
the three-year period ended December 31, 2000, in conformity with auditing
standards generally accepted in the United States of America.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary schedules of assets
held for investment purposes, reportable transactions and party in interest
transactions are presented for purposes of additional analysis and are not a
required part of the basic financial statements but are supplementary
information required by the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act of
1974. The supplemental schedules have been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion, are
fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
/s/ McGladrey and Pullen, LLP
Champaign, Illinois
June 22, 2001
1
37 of 49
FIRST BUSEY CORPORATION EMPLOYEES' STOCK OWNERSHIP PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 2000 AND 1999
- -------------------------------------------------------------------------------
2000 1999
--------------------------------------------------------------------------------------------
ALLOCATED UNALLOCATED Total Allocated Unallocated Total
--------------------------------------------------------------------------------------------
ASSETS
Money market
fund $4,747 $- $4,747 $36,684 $- $36,684
Accounts
receivable 3,083 - 3,083 107 - 107
Investments in
First Busey
Corporation
common
stock, at
fair value 16,132,189 2,033,625 18,165,814 18,803,434 2,715,000 21,518,434
--------------------------------------------------------------------------------------------
TOTAL ASSETS 16,140,019 2,033,625 18,173,644 18,840,225 2,715,000 21,555,225
--------------------------------------------------------------------------------------------
LIABILITIES
Dividends
payable 5,420 - 5,420 - - -
Notes payable - 2,283,000 2,283,000 - 2,620,000 2,620,000
--------------------------------------------------------------------------------------------
TOTAL LIABILITIES 5,420 2,283,000 2,288,420 - 2,620,000 2,620,000
--------------------------------------------------------------------------------------------
NET ASSETS
AVAILABLE
FOR PLAN
BENEFITS $16,134,599 ($249,375) $15,885,224 $18,840,225 $95,000 $18,935,225
===========================================================================================
See Notes to Financial Statements.
2
38 of 49
FIRST BUSEY CORPORATION EMPLOYEES' STOCK OWNERSHIP PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEARS ENDED DECEMBER 31, 2000, 1999 AND 1998
- -------------------------------------------------------------------------------
2000
------------------------------------------------
Allocated Unallocated Total
------------------------------------------------
Investment income:
Net change in unrealized appreciation in fair
value of investments ($2,126,183) ($322,500) ($2,448,683)
Interest 2,415 - 2,415
Dividends 443,886 - 443,886
Employer contributions 170,000 337,000 507,000
Allocation of First Busey Corporation
common stock, at fair value
2000 - 18,000 shares 358,875 - 358,875
1999 - 44,285 shares - - -
1998 - 44,286 shares - - -
------------------------------------------------
TOTAL ADDITIONS (1,151,007) 14,500 (1,136,507)
------------------------------------------------
Interest expense 208,569 - 208,569
Administrative expenses 49,672 - 49,672
Distributions to participants
Cash 1,297 - 1,297
Stock 2000 - 39,953 shares 903,937 - 903,937
Stock 1999 - 11,369 shares - - -
Stock 1998 - 17,816 shares - - -
Dividend distributions to participants 391,144 - 391,144
Allocation of First Busey Corporation
common stock, at market value
2000 - 18,000 shares - 358,875 358,875
1999 - 44,285 shares - - -
1998 - 44,286 shares - - -
------------------------------------------------
TOTAL DEDUCTIONS 1,554,619 358,875 1,913,494
------------------------------------------------
NET INCREASE (DECREASE) (2,705,626) (344,375) (3,050,001)
Net assets available for benefits:
Beginning of year 18,840,225 95,000 18,935,225
------------------------------------------------
End of year $16,134,599 ($249,375) $15,885,224
================================================
See Notes to Financial Statements.
3
39 of 49
- -------------------------------------------------------------------------------
1999 1998
------------------------------------------------------------------------------------
Allocated Unallocated Total Allocated Unallocated Total
------------------------------------------------------------------------------------
Investment income:
Net change in unrealized appreciation in fair
value of investments $3,443,525 $173,748 $3,617,273 $3,392,511 $488,559 $3,881,070
Interest 1,669 - 1,669 554 - 554
Dividends 376,297 - 376,297 338,572 - 338,572
Employer contributions 80,000 150,000 230,000 96,000 150,000 246,000
Allocation of First Busey Corporation
common stock, at fair value
2000 - 18,000 shares - - - - - -
1999 - 44,285 shares 1,001,955 - 1,001,955 - - -
1998 - 44,286 shares - - - 808,220 - 808,220
------------------------------------------------------------------------------------
TOTAL ADDITIONS 4,903,446 323,748 5,227,194 4,635,857 638,559 5,274,416
------------------------------------------------------------------------------------
Interest expense 50,417 - 50,417 39,561 - 39,561
Administrative expenses 54,000 - 54,000 75,829 - 75,829
Distributions to participants
Cash 590 - 590 878 - 878
Stock 2000 - 39,953 shares - - - - - -
Stock 1999 - 11,369 shares 207,484 - 207,484 - - -
Stock 1998 - 17,816 shares - - - 244,970 - 244,970
Dividend distributions to participants 347,393 - 347,393 293,959 - 293,959
Allocation of First Busey Corporation
common stock, at market value
2000 - 18,000 shares - - - - - -
1999 - 44,285 shares - 1,001,955 1,001,955 - - -
1998 - 44,286 shares - - - - 808,220 808,220
------------------------------------------------------------------------------------
TOTAL DEDUCTIONS 659,884 1,001,955 1,661,839 655,197 808,220 1,463,417
------------------------------------------------------------------------------------
NET INCREASE (DECREASE) 4,243,562 (678,207) 3,565,355 3,980,660 (169,661) 3,810,999
Net assets available for benefits:
Beginning of year 14,596,663 773,207 15,369,870 10,616,003 942,868 11,558,871
------------------------------------------------------------------------------------
End of year $18,840,225 $95,000 $18,935,225 $14,596,663 $773,207 $15,369,870
===================================================================================
4
40 of 49
FIRST BUSEY CORPORATION EMPLOYEES' STOCK OWNERSHIP PLAN
NOTES TO FINANCIAL STATEMENTS
- -------------------------------------------------------------------------------
NOTE 1. PLAN DESCRIPTION AND BASIS OF PRESENTATION
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 (the Plan) effective as of
January 1, 1984. The Plan operates 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 are 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 2000 and 1999 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).
The Plan covers all full-time employees of the Company and its
participating subsidiaries who have completed one year of service.
Participants who do not work full-time or are not employed on the last
working day of a Plan year are 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.
5
41 of 49
FIRST BUSEY CORPORATION EMPLOYEES' STOCK OWNERSHIP PLAN
NOTES TO FINANCIAL STATEMENTS
- -------------------------------------------------------------------------------
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.
Participants' accounts:
Each participant's account is credited with an allocation of (a) the
employer contributions, (b) the Plan's net 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 the Plan's net
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.
Dividends:
Dividends on common stock allocated to participants' accounts are
distributed directly to the participant so that the dividends result in
income tax deductions for First Busey Corporation.
Dividends on common stock not allocated to participants' accounts are
distributed directly to the Plan to offset interest and administrative
expenses.
Stock split:
The Board of Directors of First Busey Corporation approved a two-for-one
stock split for stockholders of record on August 3, 1998. All share
amounts in the financial statements have been restated to reflect the stock
split.
6
42 of 49
FIRST BUSEY CORPORATION EMPLOYEES' STOCK OWNERSHIP PLAN
NOTES TO FINANCIAL STATEMENTS
- -------------------------------------------------------------------------------
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 to discontinue contributions to the Plan.
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of accounting:
The financial statements of the Plan are prepared under the accrual method
of accounting.
Use of estimates:
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those
estimates.
Investment valuation and income recognition:
The common stock of the Company is valued at fair value. Prior to October,
1998, the Company's common stock was traded in the over-the-counter (OTC)
market. Fair value was determined by the last reported sales price at the
valuation date. Since October, 1998, the Company's common stock is traded
on the NASDAQ. Fair value of the common stock is determined by quoted
market prices.
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 3. EMPLOYER CONTRIBUTIONS
The Company is obligated to make contributions in cash to the Plan equal to 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.
The Company may also make discretionary contributions in cash to the Plan. The
Company made a discretionary contribution of $170,000, $80,000 and $96,000 for
the Plan years ended December 31, 2000, 1999 and 1998, respectively.
7
43 of 49
FIRST BUSEY CORPORATION EMPLOYEES' STOCK OWNERSHIP PLAN
NOTES TO FINANCIAL STATEMENTS
- -------------------------------------------------------------------------------
NOTE 4. ADMINISTRATION OF PLAN ASSETS
The Plan's assets, which consist principally of First Busey Corporation 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 consists solely of First Busey Corporation common stock as
follows:
December 31,
---------------------------------------------------------
2000 1999
---------------------------------------------------------
Allocated Unallocated Allocated Unallocated
---------------------------------------------------------
Number of shares 809,138 102,000 831,091 120,000
=========================================================
Cost $4,412,876 $556,288 $4,532,604 $654,456
=========================================================
Fair value $16,132,189 $2,033,625 $18,803,434 $2,715,000
=========================================================
In November 1999, the Plan purchased 100,000 shares of First Busey Corporation
common stock from an employee/stockholder. The purchase of the stock was
financed from the proceeds of a note from American National Bank of Chicago.
8
44 of 49
FIRST BUSEY CORPORATION EMPLOYEES' STOCK OWNERSHIP PLAN
NOTES TO FINANCIAL STATEMENTS
- -------------------------------------------------------------------------------
NOTE 6. NOTES PAYABLE
Notes payable consist of:
2000 1999
-----------------------
American National Bank of Chicago, due January 21, 2001 $- $2,370,000
American National Bank of Chicago, due January 21, 2000 - 250,000
American National Bank of Chicago, due December 15, 200 150,000 -
American National Bank of Chicago, due December 15, 200 2,133,000 -
-----------------------
$2,283,000 $2,620,000
=======================
Shares of First Busey Corporation common stock
secured as collateral 102,000 120,000
=======================
As of December 31, 2000, the above notes payable had stated interest rates of
8.29375% on the $150,000 note and 8.29375% on the $2,133,000 note with
maturities of December 15, 2009 and December 15, 2006, respectively.
NOTE 7. 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. 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 Code.
NOTE 8. 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.
Fees paid to First Busey Trust & Investment Co., the Plan's trustee, for
investment management services amounted to $30,000, $31,320 and $56,609 for each
of the years in the three year period ended December 31, 2000.
NOTE 9. FORFEITED ACCOUNTS
For the year ending December 31, 2000, forfeited non-vested accounts totaled
$43,776. These accounts have been allocated to participants' accounts.
9
45 of 49
FIRST BUSEY CORPORATION EMPLOYEES' STOCK OWNERSHIP PLAN
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR
DECEMBER 31, 2000
Number Current
Description of Shares Cost Value
- --------------------------------------------------------------------------------------
First Busey Corporation common stock 911,138 $4,969,164 $18,165,814
========================
10
46 of 49
FIRST BUSEY CORPORATION EMPLOYEES' STOCK OWNERSHIP PLAN
SCHEDULE OF REPORTABLE TRANSACTIONS
Year Ended December 31, 2000
Current
Expenses Value of
Incurred Asset on
Identity of Description Purchase Selling Lease with Cost of Transaction Net Gain
Party Involved of Asset Price Price Rental Transaction Asset Date or Loss
- ----------------------------------------------------------------------------------------------------------------------
First Busey Corporation None
11
47 of 49
FIRST BUSEY CORPORATION EMPLOYEES' STOCK OWNERSHIP PLAN
PARTY IN INTEREST TRANSACTIONS
Year Ended December 31, 2000
Transaction
Description of Transaction Amount
- ----------------------------------------------------------------------------------------
Management fees paid to First Busey Trust & Investment Co. $30,000
===========
12
48 of 49
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the Registration Statement on
Form S-8 (File No. 33-60402) under the Securities Act of 1933 of First Busey
Corporation of our report dated June 22, 2000 on our audits of the financial
statements of First Busey Corporation Employee Stock Option Plan as of December
31, 2000 and 1999, and for each of the years in the three year period ended
December 31, 2000 and supporting schedules as of December 31, 2000, which is
included in the Annual Report on Form 11-K for the year ended December 31, 2000.
/s/ McGladrey and Pullen, LLP
Champaign, Illinois
June 28, 2001
49 of 49