The Bank Slate


First Busey sells Visa shares, sells AFS securities

First Busey in Champaign, Ill., used the sale of Visa Class B shares to offset the costs of a balance sheet restructuring.


The $12.3 billion-asset company disclosed in a regulatory filing that it sold $110 million of available-for-sale securities with a 1.56% yield at a $5.3 million pretax loss. Proceeds were deposited into an interest-bearing account at the Federal Reserve yielding 5.4%.


The company said it plans to eventually reinvest the proceeds into higher-yielding organic growth opportunities.


Separately, First Busey sold all of its remaining Visa shares for a pretax gain of $5.5 million.


The moves should increase annual net interest income by $4.3 million.

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