UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  July 25, 2017

First Busey Corporation
(Exact name of registrant as specified in charter)

100 W. University Ave.
Champaign, Illinois  61820
(Address of principal executive offices) (Zip code)

(217) 365-4544
(Registrant's telephone number, including area code)

N/A
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b– 2 of the Securities Exchange Act of 1934 (§ 240.12b–2 of this chapter).  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 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 pursuant 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 pursuant 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.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:  July 28, 2017

First Busey Corporation

By:       /s/ Robin N. Elliott 

Name:  Robin N. Elliott

Title:    Chief Operating Officer and Chief Financial Officer

FOR IMMEDIATE RELEASE

July 28, 2017

CONTACT:

Amy Randolph

217.365.4049

First Busey Corporation Names George Barr to Board of Directors

Champaign, IL – First Busey Corporation (NASDAQ: BUSE) has announced George Barr as an independent director of the board effective July 25, 2017. His appointment brings the board to 14 members. As the previous director and chairman of the board of directors of First Community Financial Partners for 11 years and as a director of its subsidiary, First Community Financial Bank ("First Community"), for four years, Mr. Barr has extensive experience serving the financial industry in the Chicago metropolitan area and has provided strategic direction for First Community through his longstanding tenure. First Community Financial Partners, which was headquartered in Joliet, Illinois, was acquired by First Busey Corporation on July 2, 2017.

Mr. Barr founded Commonwealth Management, LLC, previously known as The Barr Group, in Joliet in 1980. The firm develops real estate and manages, protects and enhances the values of properties—including homeowner and condo associations, apartment complexes, manufactured home parks, commercial centers and office buildings—for property owners. In addition, Commonwealth Management manages real estate owned (REO) and troubled assets, and consults on new development and construction loans. Prior to founding his own company, Mr. Barr—who is an Illinois and Florida licensed attorney—established the law firm of George Barr & Associates in Joliet in 1985, focusing on real estate, contract and corporate law.

"With more than three decades of experience practicing law and assisting countless real estate clients, George has invaluable insight and knowledge of the financial services industry," says Van Dukeman, President & Chief Executive Officer of First Busey Corporation. "With his appointment to the board, Busey will benefit from his depth and breadth of financial expertise through his years of service as we partner with First Community to serve the greater Chicagoland area."

"I am deeply humbled by and look forward to serving alongside a team of esteemed individuals in support of Busey," says Mr. Barr. "As the organization grows, I look forward to building upon First Community's heritage and a shared commitment to service excellence for their associates, customers and community members."

A committed community advocate, Mr. Barr gives generously of his time, talents and financial resources to various organizations in the greater Chicagoland area. Past board memberships include Joliet Catholic Academy, the University of St. Francis and Presence Saint Joseph Medical Center, each in Joliet.

 

 

 

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