First Busey (BUSE) Announces Exit of TARP
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First Busey Corporation (Nasdaq: 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 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.
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.
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