SEC Filing | First Busey Corporation

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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, 2002 Commission File No. 0-15950 (First Busey Corporation) Commission File No. 33-30095 (First Busey Corporation Profit Sharing Plan and Trust) Commission File No. 33-60402 (First Busey Corporation Employee Stock Ownership Plan and Trust) A. Full Title of the plans and the address of the plans, if different from that of the issuer named before: FIRST BUSEY CORPORATION PROFIT SHARING PLAN AND TRUST FIRST BUSEY CORPORATION EMPLOYEE STOCK OWNERSHIP PLAN AND TRUST B. Name of the issuer of the securities held pursuant to the plans and the address of its principle executive officer: FIRST BUSEY CORPORATION 201 WEST MAIN STREET URBANA, IL 61801

FIRST BUSEY CORPORATION PROFIT SHARING PLAN AND TRUST FINANCIAL REPORT DECEMBER 31, 2002

FIRST BUSEY CORPORATION PROFIT SHARING PLAN AND TRUST CONTENTS

INDEPENDENT AUDITOR'S REPORT 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 - 8 SUPPLEMENTAL SCHEDULES Schedule of assets held for investment purposes at end of year 9 - 13 Party in interest transactions 14

(MCGLADREY & PULLEN LOGO) 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, 2002 and 2001, 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, 2002. 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, 2002 and 2001, and the changes in net assets available for benefits for each of the years in the three-year period ended December 31, 2002, in conformity with accounting principles generally accepted in the United States of America. Our audits were made 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 and party in interest transactions as of or for the year ended December 31, 2002 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 United States Department of Labor 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 & PULLEN, LLP Champaign, Illinois April 8, 2003 McGladrey & Pullen, LLP is an independent member firm of RSM International, an affiliation of independent accounting and consulting firms. 1

FIRST BUSEY CORPORATION PROFIT SHARING PLAN AND TRUST STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS DECEMBER 31, 2002 AND 2001

See Notes to Financial Statements. 2

FIRST BUSEY CORPORATION PROFIT SHARING PLAN AND TRUST STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS YEARS ENDED DECEMBER 31, 2002, 2001 AND 2000

See Notes to Financial Statements. 3

FIRST BUSEY CORPORATION PROFIT SHARING PLAN AND TRUST NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- NOTE 1. PLAN DESCRIPTION The following description of the First Busey Corporation (the Corporation) Profit Sharing Plan and Trust (the Plan) provides only general information. Participants should refer to the Plan agreement for a more complete description of the Plan's provisions. General: The Plan is a multiple-employer defined contribution plan. Participating employers are First Busey Corporation and its subsidiaries (the Employers). The Plan is a defined contribution plan covering all employees of the Company who have attained the minimum age of twenty-one, have worked at least 1,000 hours during such plan year and who have completed one year of service. It is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). Contributions: Each year, participants may contribute a percentage of pretax annual compensation, as defined in the plan subject to limitations of the Internal Revenue Code. Participants may also contribute amounts representing distributions from other qualified defined benefit or defined contribution plans. Participants direct the investment of their contributions into various investment options offered by the Plan. The Plan offers eight investment options to participants. 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 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. Contributions are subject to certain limitations. Participant accounts: Each participant's account is credited with the participant's contributions and allocations of (a) the Employers' contribution, (b) Plan earnings, and (c) charged with an allocation of 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. Vesting: Participants are immediately vested in their voluntary contributions, the employers' matching contributions and the respective Plan earnings on those contributions. Vesting in the Employers' profit sharing contributions portion of their accounts is based on years of continuous service. A participant is 100 percent vested after seven years of credited service. 4

FIRST BUSEY CORPORATION PROFIT SHARING PLAN AND TRUST NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- 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 whichever is less. The loans are secured by the balance in the participant's account and bear interest at the prime rate as set by Bank One. Interest rates range from 4.25 percent to 9.5 percent and are fixed over the term of the loan. Principal and interest is paid ratably through monthly payroll deductions. Payment of benefits: Upon termination of service, a participant may elect to receive either a lump-sum amount equal to the value of a participant's vested interest in his or her account, or installments over a period not longer than the life expectancy of the participant. Forfeited accounts: Forfeited nonvested accounts totaled $10,193 and $4,920 as of December 31, 2002 and 2001, respectively. These accounts will be used to reduce future contributions. Employers' contributions were not reduced by forfeited nonvested accounts for the year ended December 31, 2002. NOTE 2. SIGNIFICANT ACCOUNTING POLICIES Use of estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates. Investment valuation and income recognition: The Plan's investments are stated at fair value. Shares of mutual funds 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. 5

FIRST BUSEY CORPORATION PROFIT SHARING PLAN AND TRUST NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- 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. NOTE 3. INVESTMENTS The following table presents the fair values of investments as of December 31, 2002 and 2001. Investments that represent 5 percent or more of the Plan's net assets as of December 31, 2002 are separately identified.

FIRST BUSEY CORPORATION PROFIT SHARING PLAN AND TRUST NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- During the years ended December 31, 2002, 2001 and 2000 the Plan's investments (including investments bought, sold and held during the year) (depreciated) in value by $(3,182,856), $(2,008,059) and $(2,756,679) respectively, as follows:

NOTE 4. SHORT-TERM INVESTMENTS Short-term investments at December 31, 2002 and 2001 include certificates of deposit at Busey Bank, a subsidiary of First Busey Corporation with an interest rate of 1.75% and a three month maturity. These deposits include approximately $2,400,000 and $2,200,000 which are in excess of federally insured limits at December 31, 2002 and 2001, respectively. NOTE 5. PARTY IN INTEREST TRANSACTIONS Parties in interest include fiduciaries or employees of the Plan, any person who provides services to the Plan, an employer whose employees are covered by the Plan, an employee association 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 $101,357, $106,907 and $137,447 for the years ended December 31, 2002, 2001 and 2000, 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. Total purchases and maturities of certificates of deposit from Busey Bank amounted to $546,033 and $327,000 for the year ended December 31, 2002, respectively. Total purchases and maturities of certificates of deposit from Busey Bank amounted to $771,349 and $13,500 for the year ended December 31, 2001, respectively. Total purchases and maturities of certificates of deposit from Busey Bank amounted to $690,982 and $55,500 for the year ended December 31, 2000, respectively. 7

FIRST BUSEY CORPORATION PROFIT SHARING PLAN AND TRUST NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- The Plan invests in common stock of First Busey Corporation. Purchases and maturities of First Busey common stock also qualify as party in interest transactions. Total purchases and sales of First Busey Corporation common stock amounted to $242,735 and $1,712,789 for the year ended December 31, 2002, respectively. Total purchases and sales of First Busey Corporation common stock amounted to $724,393 and $770,030 for the year ended December 31, 2001, respectively. Total purchases and sales of First Busey Corporation common stock amounted to $507,320 and $1,722,188 for the year ended December 31, 2000, respectively. Certain administrative functions are performed by officers or employees of the Employers. No such officer or employee receives compensation from the Plan. NOTE 6. INCOME TAX STATUS The Internal Revenue Service has determined and informed First Busey Corporation by a letter dated August 30, 2001, that the Plan and related trust are designed in accordance with applicable sections of the Internal Revenue Code (IRC). Although the Plan has been amended since receiving the determination letter, the Plan administrator and the Plan's tax counsel believe that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC. NOTE 7. PLAN TERMINATION Although it has not expressed any intent to do so, the Employers have the right under the Plan to discontinue their contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants will become 100 percent vested in their accounts. 8

FIRST BUSEY CORPORATION PROFIT SHARING PLAN AND TRUST SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR DECEMBER 31, 2002

(Continued) * Represents party in interest transaction. 9

FIRST BUSEY CORPORATION PROFIT SHARING PLAN AND TRUST SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR, CONTINUED DECEMBER 31, 2002

(Continued) 10

FIRST BUSEY CORPORATION PROFIT SHARING PLAN AND TRUST SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR, CONTINUED DECEMBER 31, 2002

FIRST BUSEY CORPORATION PROFIT SHARING PLAN AND TRUST SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR, CONTINUED DECEMBER 31, 2002

(Continued) 12

FIRST BUSEY CORPORATION PROFIT SHARING PLAN AND TRUST SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR, CONTINUED DECEMBER 31, 2002

FIRST BUSEY CORPORATION PROFIT SHARING PLAN AND TRUST PARTY IN INTEREST TRANSACTIONS YEAR ENDED DECEMBER 31, 2002

FIRST BUSEY CORPORATION EMPLOYEES' STOCK OWNERSHIP PLAN FINANCIAL REPORT DECEMBER 31, 2002

FIRST BUSEY CORPORATION EMPLOYEES' STOCK OWNERSHIP PLAN CONTENTS

INDEPENDENT AUDITOR'S REPORT 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 - 10 SUPPLEMENTARY INFORMATION Schedule of assets held for investment purposes at end of year 11 Party in interest transactions 12

(McGladrey & Pullen Letterhead) 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, 2002 and 2001, 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, 2002. 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, 2002 and 2001, and the changes in net assets available for benefits for each of the years in the three-year period ended December 31, 2002, in conformity with accounting principles 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 at end of year and party in interest transactions as of or for the year ended December 31, 2002 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 United States Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The 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 & Pullen, LLP Champaign, Illinois April 8, 2003 1

FIRST BUSEY CORPORATION EMPLOYEES' STOCK OWNERSHIP PLAN STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS DECEMBER 31, 2002 AND 2001 - --------------------------------------------------------------------------------

See Notes to Financial Statements. 2

FIRST BUSEY CORPORATION EMPLOYEES' STOCK OWNERSHIP PLAN STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS YEARS ENDED DECEMBER 31, 2002, 2001 AND 2000 - --------------------------------------------------------------------------------

FIRST BUSEY CORPORATION EMPLOYEES' STOCK OWNERSHIP PLAN NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- NOTE 1. PLAN DESCRIPTION AND BASIS OF PRESENTATION The following brief description of the First Busey Corporation Employees' Stock Ownership Plan (the Plan) is provided for general information purposes only. Participants should refer to the Plan Agreement for complete information. First Busey Corporation (the Corporation) 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 Corporation. First Busey Trust & Investment Co., a subsidiary of the Corporation, is the Plan's Trustee. The Plan purchased Corporation common shares using the proceeds of bank borrowings (see Note 6) guaranteed by the Corporation, and holds the stock in a trust established under the Plan. The borrowings are to be repaid over a five to ten year period by fully deductible Corporation 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 Corporation. The lender has no rights against shares once they are allocated under the ESOP. Accordingly, the financial statements of the Plan for the years 2002 and 2001 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). Eligibility: Employees of the Corporation and its participating subsidiaries are generally eligible to participate in the Plan after attaining the minimum age of twenty-one and after one year of service providing they worked at least 1,000 hours during such Plan year. Participants who do not have at least 1,000 hours of service during such Plan year or are not employed on the last working day of a Plan year are generally not eligible for an allocation of Corporation contributions for such year. Payment of benefits: 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 Corporation and its participating subsidiaries. Distributions are made in the form of Corporation common stock plus cash for any fractional share. 5

FIRST BUSEY CORPORATION EMPLOYEES' STOCK OWNERSHIP PLAN NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- Voting rights: Each participant is entitled to exercise voting rights attributable to the shares allocated to his or her account and is notified by the Trustee prior to the time that such rights are to be exercised. The Trustee is not permitted to vote any share for which instructions have not been given by a participant. The Trustee is required, however, to vote any unallocated shares on behalf of the collective best interests of Plan participants and beneficiaries. Termination: The Corporation 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, the Plan terms and the Code. Upon termination of the Plan, the Corporation 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. In the event of plan termination, participants would become 100 percent vested in their accounts. Participants' accounts: The Plan is a defined contribution plan under which a separate individual account is established for each participant. Each participant's account is credited as of the last day of the Plan year with an allocation of shares of the Corporation's common stock released by the Trustee from the unallocated account and forfeitures of terminated participants' nonvested accounts. Only those participants who are eligible employees of the Corporation as of the last day of the Plan year will receive an allocation. Allocations of common stock are based on the eligible compensation of each participant relative to total eligible compensation. Vesting: Vesting in the participants' accounts is based on years of continuous service with the Corporation and its subsidiaries. A participant is 100 percent vested after seven years of credited service. Diversification: Diversification is offered to participants close to retirement age so that they may have the opportunity to move part of the value of their investment in Corporation stock into investments which are more diversified. Participants who are at least age 55 with at least 10 years of participation in the Plan may elect to diversify a portion of their account. Diversification is offered to each eligible participant over a six-year period. In each of the first five years, a participant may diversify up to 25 percent of the number of post-1986 shares allocated to his or her account, less any shares previously diversified. In the sixth year, the percentage changes to 50 percent. Participants who elect to diversify may receive distributions in the form of Corporation common stock plus cash for any fractional share, receive a cash distribution or contribute cash from the sale of Corporation common stock to another qualified defined contribution plan. 6

FIRST BUSEY CORPORATION EMPLOYEES' STOCK OWNERSHIP PLAN NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- 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 the Corporation. Dividends on common stock not allocated to participants' accounts are distributed directly to the Plan to offset interest and administrative expenses. Forfeited accounts and forfeitures: Employer contributions and Plan forfeitures are allocated to each participant's account based upon the relation of the participant's compensation to total compensation for the Plan year. Forfeitures of terminated nonvested account balances allocated to remaining participants at December 31, 2002 and 2001 totaled $67,819 and $16,548, respectively. Plan earnings are allocated to each participant's account based on the ratio of the participant's beginning of the year account balance to all participant's beginning of the year account balances. NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of accounting: The financial statements of the Plan are prepared using the accrual method of accounting. Use of estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates. Investment valuation and income recognition: The common stock of the Corporation is valued at fair value on December 31, 2002 and 2001. The Corporation'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. 7

FIRST BUSEY CORPORATION EMPLOYEES' STOCK OWNERSHIP PLAN NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- NOTE 3. EMPLOYER CONTRIBUTIONS The Corporation is obligated to make contributions in cash to the Plan which, when aggregated with the Plan's dividends and interest earnings, are equal to the amount necessary to enable the Plan to make its regularly scheduled payments of principal and interest due on its term loans. The Corporation may also make discretionary contributions in cash to the Plan. The Corporation made a discretionary contribution of $81,147, $162,000 and $170,000 for the Plan years ended December 31, 2002, 2001 and 2000, respectively. 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 loans, which are reimbursed to the Trustee through contributions as determined by the Corporation. Certain administrative functions are performed by officers or employees of the Corporation 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. INVESTMENTS The Plan's investments consist solely of First Busey Corporation common stock as follows:

As of December 31, 2002, the interest rates on the above notes payable are at one year LIBOR plus 1.40%. The effective rate was 3.6875% at December 31, 2002 and 6.73% at December 31, 2001. Interest on the above notes is paid quarterly. As of December 31, 2002, the scheduled maturities of the notes payable are as follows:

NOTE 7. TAX STATUS The Internal Revenue Service has determined and informed the Corporation 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 and the Plan's tax counsel believe that the Plan is currently designed and is being operated in compliance with the applicable requirements of the Code. Therefore, they believe that the Plan was qualified and the related trust was tax-exempt as of the financial statement date. 9

FIRST BUSEY CORPORATION EMPLOYEES' STOCK OWNERSHIP PLAN NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- 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 association 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 for each of the years in the three year period ended December 31, 2002. 10

FIRST BUSEY CORPORATION EMPLOYEES' STOCK OWNERSHIP PLAN SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR December 31, 2002 - --------------------------------------------------------------------------------

FIRST BUSEY CORPORATION EMPLOYEES' STOCK OWNERSHIP PLAN PARTY IN INTEREST TRANSACTIONS Year Ended December 31, 2002

SIGNATURES The Plan, pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. June 30, 2003 /s/ R. Scott MacAdam -------------------------------------- First Busey Corporation Profit Sharing Plan and Trust The Plan, pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. June 30, 2003 /s/ R. Scott MacAdam -------------------------------------- First Busey Corporation Employee Stock Ownership Plan 13

EXHIBIT 23.1 (MCGLADREY & PULLEN LOGO) 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 April 8, 2003 on our audits of the financial statements of First Busey Corporation Profit Sharing Plan and Trust as of December 31, 2002 and 2001, and for each of the years in the three year period ended December 31, 2002 and supporting schedules as of December 31, 2002, which is included in the Annual Report on Form 11-K for the year ended December 31, 2002. /s/ MCGLADREY & PULLEN, LLP McGladrey & Pullen, LLP Champaign, Illinois June 30, 2003 McGladrey & Pullen, LLP is an independent member firm of RSM International, an affiliation of independent accounting and consulting firms.

EXHIBIT 23.2 (MCGLADREY & PULLEN LOGO) 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 April 8, 2003 on our audits of the financial statements of First Busey Corporation Employee Stock Option Plan as of December 31, 2002 and 2001, and for each of the years in the three year period ended December 31, 2002 and supporting schedules as of December 31, 2002, which is included in the Annual Report on Form 11-K for the year ended December 31, 2002. /s/ MCGLADREY AND PULLEN, LLP /s/ McGladrey and Pullen, LLP Champaign, Illinois June 30, 2003 McGladrey & Pullen, LLP is an independent member firm of RSM International, an affiliation of independent accounting and consulting firms.

EX 99.1 CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 CERTIFICATION By signing below, each of the undersigned officers hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to his or her knowledge, (i) this Annual Report on Form 11-K of the First Busey Profit Sharing Plan and Trust (the Plan) complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in this report fairly presents, in all material respects, the financial condition and results of operations of the Plan. Signed this 30th day of June, 2003. /s/ R. Scott MacAdam - ------------------------------------------- (Signature of Authorized Officer) R. Scott MadAdam - ------------------------------------------- (Typed Name) Plan Administrator - ------------------------------------------- (Title)

EX 99.2 CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 CERTIFICATION By signing below, each of the undersigned officers hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to his or her knowledge, (i) this Annual Report on Form 11-K of the First Busey Employee Stock Ownership Plan complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in this report fairly presents, in all material respects, the financial condition and results of operations of the Plan. Signed this 30th day of June, 2003. /s/ R. Scott MacAdam - ------------------------------------------- (Signature of Authorized Officer) R. Scott MacAdam - ------------------------------------------- (Typed Name) Plan Administrator - ------------------------------------------- (Title)