First Busey Exits TARP and Announces Small Business Lending Fund Investment

First Busey Corporation BUSE, the parent corporation of Busey Bank, Busey Wealth Management and FirsTech, has exited the Troubled Asset Relief Program and announces investment of approximately $72.6 million in preferred stock from the Small Business Lending Fund (SBLF) to be used to further enhance its business lending efforts. The approximately $72.6 million SBLF investment, combined with Busey's payment of approximately $27.4 million, was used to exit TARP and pay accrued dividends. The SBLF is a U.S. Department of the Treasury lending program that encourages qualified community banks to partner with small businesses and entrepreneurs to create jobs and promote economic development in local communities. Business loans of up to $10 million to companies with up to $50 million in annual revenue are included in the SBLF's definition of small business lending. For community banks like Busey, this definition captures a high percentage of the business loans we fund for our customers.