First Busey Bank Champaign Illinois

This is Van Duekman, he took $100,000,000 in bailout money which he won’t pay back

He made $718k last year

They might as hire this guy to run the place he can’t be any worse than Van

First Busey Bank Champaign, Ill was founded in 1946.  The bank took $100MM in tax payer funded bailout money and has made no effort to repay the tax payer.  The Texas ratio was 16%.

The company has $3.5B in assets with $2.2B in loans and $378MM in equity.

Problem loans consisted of $26MM in loans 30-90 days past due, there are $83MM in non accrual and $90MM in OREO.

Net income was $23MM in FY10 and ($317MM) in FY09.

The equity position is actually $278MM when you back out the $100M in the tax payer loan, this is debt not equity.  The high level of problem loans could effectively wipe out the equity base.

It is unclear how this bank will ever pay back the $100MM to the tax payer.

Don’t worry at least the executive compensation has not been impacted in FY10.

Van Duekman    was paid $718K

Barbara Harrinton made $280K

Robert Plecki            earned $329K

David White              made $308K.

At $718k a year and a $100MM in tax payer money, Van Duekman is drinking some champagne.

The  market capitalization was $486MM.  This seems high based on the high levels of problem loans.

The question is when are they going to start paying back the tax payer funding, maybe they could use the $23MM in earnings from FY10 to start repaying this debt. How about if the executives take a pay cut!

Do you have money in this  bank?


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2 Responses to “First Busey Bank Champaign Illinois”

  1. Eddy Caberto Says:

    Sweet site, super pattern, very clean and employ pleasant.

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