First Busey in Champaign, Ill., disclosed that it has a new leader for its payments unit.
The $12.3 billion-asset company said in a press release that Robin Elliott replaced Farhan Yasin as president and CEO of FirsTech late in the fourth quarter.
Elliott is also president and CEO of Busey Bank.
First Busey said the leadership change reflects a “continued commitment to scaling and growing the business.”
The company incurred one-time severance-related costs of $2.4 million in the fourth quarter, reflecting the leadership change and a previously disclosed efficiency plan that included the closure of 15 branches.
The efficiency plan is expected to generate annual salary and benefits savings of $4 million to $4.1 million. The plan is to reinvest the savings into other growth initiatives over the next few quarters.