Junior Subordinated Debt Owed to Unconsolidated Trusts (Tables)
 12 Months Ended
Dec. 31, 2014
Junior Subordinated Debt Owed to Unconsolidated Trusts  
Summary of the outstanding junior subordinated notes and the related trust preferred securities issued by each trust

 

The table below summarizes the outstanding junior subordinated notes and the related trust preferred securities issued by each trust as of December 31, 2014:

 

 

 

First Busey Statutory Trust II

 

First Busey Statutory Trust III

 

First Busey Statutory Trust IV

 

 

 

 

 

 

 

Junior Subordinated Notes:

 

 

 

 

 

 

Principal balance

 

$15,000,000

 

$10,000,000

 

$30,000,000

Annual interest rate(1)

 

3-mo LIBOR + 2.65%

 

3-mo LIBOR + 1.75%

 

3-mo LIBOR + 1.55%

Stated maturity date

 

June 17, 2034

 

June 15, 2035

 

June 15, 2036

 

 

 

 

 

 

 

Trust Preferred Securities:

 

 

 

 

 

 

Face value

 

$15,000,000

 

$10,000,000

 

$30,000,000

Annual distribution rate(1)

 

3-mo LIBOR + 2.65%

 

3-mo LIBOR + 1.75%

 

3-mo LIBOR + 1.55%

Issuance date

 

April 30, 2004

 

June 15, 2005

 

June 15, 2006

Distribution dates(2)

 

Quarterly

 

Quarterly

 

Quarterly

 

 

(1) First Busey Statutory Trust IV maintained a 5-year fixed coupon of 6.94% through June 10, 2011, subsequently converting to a floating 3-month LIBOR +1.55%.

(2) All cash distributions are cumulative.