First Busey Corporation (BUSE): Business Model Canvas [Dec-2025 Updated]

You're digging into how First Busey Corporation actually makes money, especially now that the CrossFirst integration is done, and frankly, understanding the mechanics behind $18.2 billion in total assets as of Q3 2025 is key to valuing the stock. As someone who has mapped out bank models for years, I can tell you this isn't just about taking deposits; it's a three-pronged play combining premier commercial and retail lending, significant wealth management ($15.0 billion in assets under care), and their proprietary FirsTech payment platform. We need to see how these pieces-from the 78 banking centers to the 2.15% cost of funds-fit together in the Business Model Canvas so you can spot where the real value creation lies. Dive below for the precise breakdown.

First Busey Corporation (BUSE) - Canvas Business Model: Key Partnerships

You're mapping out the strategic alliances First Busey Corporation relies on to execute its business model as of late 2025. These relationships, from regulatory oversight to major shareholders, are critical for stability and growth, especially following major integration efforts.

Merger Integration and Strategic Alliances

A cornerstone partnership in 2025 was the acquisition of CrossFirst Bankshares, Inc., which closed at the holding company level on March 1, 2025, with the bank merger following on June 20, 2025. This move significantly scaled the organization.

• The combined entity achieved total assets of approximately $20 billion as of March 31, 2025.
• Total deposits for the combined entity reached about $17 billion.
• Total loans on the combined balance sheet were approximately $15 billion.
• Wealth assets under care for the combined organization stood at $14 billion at the end of the first quarter of 2025.
• Former CrossFirst shareholders own approximately 36.5% of the combined company on a fully-diluted basis.

Shareholder Base Composition

The alignment with major capital sources is a key partnership element. The structure shows significant influence from institutional capital.

The largest institutional partners, based on recent filings, include major asset managers who help anchor the stock's stability. You see Wellington Management Company, LLP, BlackRock Institutional Trust Company, N.A., and The Vanguard Group, Inc. as top holders.

• Wellington Management Company, LLP held 7,135,906 shares as of 9/30/25.
• BlackRock Institutional Trust Company, N.A. held 5,940,656 shares as of 9/30/25.
• The Vanguard Group, Inc. held 5,050,260 shares as of 9/30/25.
• The total number of institutional owners filing forms was 461.

Regulatory and Oversight Bodies

Operating as a financial holding company and a state-chartered bank means First Busey Corporation and its subsidiaries must maintain compliance across several governmental tiers. These bodies define the operational boundaries.

First Busey Corporation, as the financial holding company, falls under the supervision of the Board of Governors of the Federal Reserve System (Federal Reserve) per the Bank Holding Company Act (BHCA). The Federal Reserve granted approval for the CrossFirst merger in January 2025.

Busey Bank, the primary banking subsidiary, is primarily examined by the State of Illinois Office of Banks and Real Estate (SIOBRE) and secondarily by the Federal Deposit Insurance Corporation (FDIC). Trust operations are also governed by these and other applicable federal and state bodies. Capital adequacy standards must be met as required by the Federal Reserve, SIOBRE, FDIC, and potentially the Office of the Comptroller of the Currency (OCC) or Office of Thrift Supervision (OTS) depending on specific subsidiary charters.

Technology and Payment Solutions Vendors

While core banking systems often involve long-term vendor relationships, First Busey Corporation relies heavily on its wholly-owned subsidiary, FirsTech, Inc., for its payment technology value proposition. This internal partnership is key to delivering modern services.

FirsTech, Inc. specializes in financial technology for small to medium businesses and financial institutions. Its service suite is comprehensive, meaning it acts as a primary technology partner for payment processing.

• FirsTech provides online and mobile bill payments.
• It handles money and data movement services.
• Merchant services and direct debit services are core offerings.
• Lockbox remittance processing for mail payments is supported.
• Walk-in payments at retail agents are facilitated.

The integration of CrossFirst Bank is expected to offer additional opportunities to grow FirsTech's payment technology solutions.

First Busey Corporation (BUSE) - Canvas Business Model: Key Activities

You're looking at the core engine of First Busey Corporation, the things they absolutely must do well to keep the whole operation running. For a bank holding company like First Busey, these activities center on managing money-lending it out, taking it in, managing it for others, and processing the payments that fuel commerce.

Commercial and retail loan origination and servicing

This is about putting capital to work in loans and managing the risk. The scale of the combined entity post-CrossFirst Bank merger sets the stage for this activity, providing a larger footprint for origination across 10 states.

The focus here is on maintaining a high-quality portfolio, as evidenced by recent credit quality metrics.

• Post-merger combined total loans target: $15 billion.
• Net charge-offs for the third quarter of 2025: 0.17%.
• Loan portfolio and held for sale loan yields contributed +54 basis points to the Net Interest Margin in the second quarter of 2025.

Core deposit gathering and balance sheet management

This is the foundational activity: securing stable, low-cost funding to support lending and investment activities. First Busey Corporation has been actively managing its funding mix, intentionally shedding more expensive liabilities to improve profitability metrics.

The results of this balance sheet optimization are visible in the interest margin expansion and falling cost of funds.

The company is definitely focused on improving its funding profile. If onboarding takes 14+ days, churn risk rises, which is why relationship funding is key here.

Providing wealth management and trust services

This activity generates fee income through managing assets for individuals and businesses. The division has shown consistent growth in assets under care, even with market volatility.

The growth in fees directly reflects the activity level within this segment.

• Assets Under Care (AUC) at end of Second Quarter 2025: $14.10 billion.
• Wealth management fees increased by 5.4% in the second quarter of 2025 compared to the second quarter of 2024.
• Wealth management fees increased by 2.4% in the third quarter of 2025 compared to the second quarter of 2025.
• Post-merger wealth assets under care target: $14 billion.

Operating the FirsTech payment technology platform

FirsTech is the technology arm, providing payment processing solutions. This activity diversifies revenue away from pure net interest income, contributing to the noninterest income stream.

The platform processes substantial transaction volumes annually, supporting various payment types for clients.

Here's the quick math on its contribution to noninterest income:

FirsTech processes millions of payments and billions of dollars per year for customers nationwide. Finance: draft 13-week cash view by Friday.

First Busey Corporation (BUSE) - Canvas Business Model: Key Resources

The core assets underpinning First Busey Corporation's operations are a blend of significant financial scale, specialized technology, and established physical presence, all managed by an integrated leadership structure following recent strategic moves.

The financial foundation is substantial. As of late 2025, the holding company reports significant scale, which is a primary resource for lending and operational stability. This scale is supported by a dedicated wealth management arm, which manages substantial client assets.

Physical and technological infrastructure forms the next layer of critical resources. The physical footprint supports client relationships across a broad geographic footprint, while the proprietary technology subsidiary offers a distinct service capability.

The physical network comprises a significant number of client-facing locations, a key resource for deposit gathering and relationship banking.

• Network of 78 full-service banking centers across 10 states.
• The network includes locations across Illinois, Indiana, Southwest Florida, Arizona, Colorado, Kansas, Missouri, New Mexico, Oklahoma, and Texas following the integration of CrossFirst Bank.

Technologically, First Busey Corporation relies on its wholly-owned subsidiary, FirsTech, Inc. This resource provides specialized payment processing capabilities beyond standard commercial banking services.

• Proprietary FirsTech, Inc. payment technology subsidiary.
• FirsTech offers solutions including Online Bill Pay, Walk-In Payment processing at agent locations, and Payment Concentration Services.

Finally, the human capital and governance structure represent an intangible but vital resource. The successful integration of the CrossFirst acquisition required leveraging the expertise from both organizations.

The experienced leadership team from both Busey and CrossFirst is tasked with managing the combined entity, which includes key figures like Van A. Dukeman, Chief Executive Officer and Chairman of the Board, and Michael J. Maddox, Vice Chairman of the Board and President of the company and Busey Bank, as of 2025.

First Busey Corporation (BUSE) - Canvas Business Model: Value Propositions

First Busey Corporation delivers premier, full-service commercial and retail banking, which forms the foundation of its revenue generation.

Net interest income, the core earning from lending operations, was reported at $155.1 million for the third quarter of 2025, slightly below analyst estimates of $155.9 million, but showing an 88% year-on-year growth. Over the last five years, this lending focus has been significant, with net interest income making up 71.4% of the company's total revenue. The commercial focus is clear, as Commercial Loans represent 80% of the total loan portfolio. The company posted total revenue of $196.3 million for the third quarter of 2025.

You get an integrated platform that combines banking with wealth management and payment solutions. This means clients don't have to go to separate firms for different needs.

• Wealth management services hold $14.10 billion in assets under care as of the second quarter of 2025.
• Payment technology solutions are delivered through the FirsTech, Inc. subsidiary.
• Treasury management services revenue surged 132.2% year-over-year in Q2 2025, partly due to acquisition integration.

The localized service model emphasizes regional leadership autonomy, which is supported by its structure. The bank holding company is headquartered in Leawood, Kansas, while the main bank subsidiary is headquartered in Champaign, Illinois. This structure supports a service model rooted in local communities, tracing its history back to 1868.

The geographic footprint has been enhanced, particularly following the 2025 acquisition of CrossFirst Bankshares, which increased assets to $20 billion, deposits to $17 billion, and loans to $15 billion. As of the second quarter of 2025, the combined entity operates 78 locations spanning 10 states. The operational footprint covers Illinois, Missouri, Florida, and Indiana.

First Busey Corporation (BUSE) - Canvas Business Model: Customer Relationships

You're looking at how First Busey Corporation keeps its clients engaged, and honestly, it looks like they are leaning hard into a dual approach: high-touch service for the big money and scalable digital for everyone else. They are trying to feel local while operating on a much larger footprint now, especially after the recent acquisitions.

Dedicated relationship managers for commercial clients

While I don't have a specific headcount for dedicated relationship managers as of late 2025, the focus on commercial services is clear from the revenue side. Income from treasury management services, which directly relates to commercial client activity, increased by 132.2% compared to the second quarter of 2024, largely due to the addition of CrossFirst commercial services. This growth suggests a significant scaling or integration effort for commercial relationship management.

High-touch, personalized service for wealth management clients

The wealth management division is a core relationship driver, ending the second quarter of 2025 with $14.10 billion in assets under care. This is up from $13.02 billion at the end of the second quarter of 2024. The firm also noted that wealth management fees increased by 5.4% compared to Q2 2024. This sustained growth in Assets Under Care points to successful client retention and acquisition within that high-touch segment.

Community bank feel with large-bank capabilities

First Busey Corporation is clearly operating at a larger scale now, with combined total assets of approximately $20 billion, $17 billion in total deposits, and $14 billion in total loans mentioned post-integration. Yet, they maintain a focus on service quality that earns recognition. For instance, in 2025, Forbes named First Busey Corporation among America's Best Banks and a Best-in-State Bank, specifically citing rankings on customer service. Furthermore, in 2024, they achieved a Net Promoter Score (NPS) of 62.4, which is well above the industry average of 18. They serve over 250,000 individuals across their business lines.

Here's a snapshot of the scale and service quality metrics we have for late 2025:

Digital self-service options for retail customers

The emphasis on digital is validated by the 2025 Forbes recognition for the ease of digital services. While First Busey Corporation specific adoption rates aren't public, the broader market context shows this is where retail customers are. As of 2025, a significant majority, 77 percent, of consumers prefer to manage their bank accounts through a mobile app or a computer. Nationally, over 83% of U.S. adults have used digital banking services as of 2025. This means the expectation for robust digital self-service is high, and First Busey Corporation is being recognized for meeting that need.

The firm's digital focus includes:

• Mobile app usage is a primary channel for many consumers.
• Recognition for ease of digital services in 2025 rankings.
• General U.S. digital banking usage at over 83% of adults in 2025.
• Millennials, a key demographic, show 80 percent preference for digital banking.

If onboarding takes 14+ days, churn risk rises.

Finance: draft 13-week cash view by Friday

First Busey Corporation (BUSE) - Canvas Business Model: Channels

You're looking at how First Busey Corporation gets its services-from traditional deposits to cutting-edge payments-into the hands of its customers as of late 2025. The channel strategy is clearly a hybrid, balancing a physical footprint with significant digital investment, especially following the March 1, 2025, acquisition of CrossFirst Bankshares, Inc..

The physical presence is anchored by a network of 78 full-service locations spanning 10 states, a number solidified after the CrossFirst merger. This physical network supports the core Banking division, which reported net interest income of $153.2 million in the second quarter of 2025.

Digital and mobile banking platforms are essential for modern service delivery. First Busey Corporation emphasizes continuous technological enhancements, aligning with industry shifts toward digital ecosystems. The FirsTech subsidiary specifically provides payment technology solutions, including online and mobile bill payments, which are key digital channels for business clients.

For specialized services, the channels shift to direct engagement. The Wealth Management division, which ended the second quarter of 2025 with $14.10 billion in assets under care, relies on its direct sales force and advisory teams to deliver fiduciary, estate planning, and asset management services. The commercial banking segment also leverages its direct sales force for lending and treasury management solutions.

Here's a look at the scale of the key channel components based on the latest reported figures from the second and third quarters of 2025:

The digital and mobile platforms support the entire client base, offering services like electronic bill payment and merchant services through FirsTech. FirsTech itself expanded its physical processing channel in 2025 by opening a Lockbox capture facility in Leawood, Kansas, to better serve the western United States.

The channels are designed to feed into the overall revenue structure. For instance, wealth management fees showed a year-over-year increase of 11.7% compared to the first quarter of 2024. The combined structure aims for efficiency; the adjusted efficiency ratio for the second quarter of 2025 was 55.3%.

You can see the channel mix reflected in the income sources:

• Physical/Lending: Drives Net Interest Income, which was $153.2 million in Q2 2025.
• Digital/Payment Tech: Contributes to Adjusted Noninterest Income, reported at $38.9 million in Q2 2025.
• Direct Sales/Advisory: Supports Wealth Management fees, which grew 5.4% over Q2 2024.

Finance: draft 13-week cash view by Friday.

First Busey Corporation (BUSE) - Canvas Business Model: Customer Segments

First Busey Corporation serves a diversified set of clients across its banking, wealth management, and payment technology divisions. As of September 30, 2025, First Busey Corporation was an $18.19 billion financial holding company.

The core customer groups are segmented by their primary service needs:

• Commercial and small-to-midsize business clients
• Retail consumers across a 10-state footprint
• High-net-worth individuals and families needing wealth management
• Corporate and government entities utilizing FirsTech payment solutions

The scale of the business, particularly following the CrossFirst Bank merger, supports this broad customer base. The combined Busey Bank is positioned to serve clients from 77 locations across 10 states.

The financial scale associated with the Wealth Management and FirsTech segments provides concrete data points for these customer groups. For context, over the last five years, net interest income made up 71.4% of total revenue, meaning fee-based services like wealth management and payments accounted for the remaining portion.

The Wealth Management division specifically caters to individuals, businesses, and foundations, offering asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services.

FirsTech, Inc., the wholly-owned subsidiary, focuses on the financial technology needs of small and medium-sized businesses, highly regulated enterprise industries, and financial institutions. FirsTech's service offerings include:

• Online, mobile, and voice-recognition bill payments
• Money and data movement
• Merchant services
• Direct debit services
• Lockbox remittance processing
• Walk-in payments at retail agents

The growth in wealth management fees shows direct engagement with this segment; wealth management fees increased by 5.4% compared to the second quarter of 2024. Conversely, payment technology solutions revenue saw a slight decrease compared to the fourth quarter of 2024.

First Busey Corporation (BUSE) - Canvas Business Model: Cost Structure

The cost structure for First Busey Corporation is heavily influenced by funding costs and the integration of the recent CrossFirst acquisition.

Interest expense on deposits is a primary cost component, with the cost of funds for deposits in the third quarter of 2025 reported at 2.15%. This reflects a strategic optimization, as the total deposit cost of funds decreased from 2.21% during the second quarter of 2025.

Noninterest expenses represent a significant portion of operating costs. Total noninterest expense for the second quarter of 2025 was $127.8 million. This figure includes costs associated with the integration of the acquired entity. To better understand the core operating costs, the adjusted noninterest expense-which excludes acquisition and restructuring expenses and amortization of intangible assets-was $106.6 million in the second quarter of 2025.

You're looking at the expense base that supports the combined footprint. Personnel costs are tied to supporting the operations across the expanded network, which now includes 78 locations spanning 10 states following the CrossFirst merger. These costs cover the staff supporting the core banking operations as well as specialized business lines like wealth management and FirsTech, Inc. payment technology solutions.

The integration of CrossFirst Bankshares has introduced specific, one-time costs to the structure. Management had projected pre-tax merger related costs associated with the transaction to total $75.3 million, with $42.1 million recognized at the time of close. Furthermore, the acquisition added an estimated $81.8 million of finite-lived intangible assets, which are being amortized; for example, amortization was $2.4 million in the second quarter of 2025.

The cost structure is being actively managed for efficiency gains, primarily through expected synergies from the merger. Targeted annual pre-tax expense synergies resulting from the CrossFirst acquisition remain on track at $25.0 million. The realization schedule anticipates 50% of these identified synergies to be realized in 2025, with the full 100% expected in 2026.

Here's a look at the reported noninterest expense components for recent periods, showing the impact of the merger activity:

The ongoing expense management strategy also involves optimizing the funding mix, which impacts the interest expense side of the structure. The company has been executing on strategies to reduce high-cost deposits, which contributed positively to the net interest margin in Q3 2025.

Key cost drivers and related figures include:

• Targeted Annual Pre-Tax Expense Synergies: $25.0 million
• Synergy Realization Expected in 2025: 50%
• Total Locations Post-Merger: 78
• Q2 2025 Total Noninterest Expense: $127.8 million
• Q3 2025 Cost of Funds (Deposits): 2.15%

First Busey Corporation (BUSE) - Canvas Business Model: Revenue Streams

First Busey Corporation generates revenue primarily through its core banking operations, which is the interest earned on its assets, supplemented by a growing portfolio of fee-based services across its segments.

The primary driver remains Net Interest Income (NII), which was reported at $153.2 million in Q2 2025. This is the foundation of the revenue model, earned by charging higher rates on loans than paid on deposits. For context on overall profitability, the GAAP Net Income for the third quarter of 2025 was $57.1 million.

Fee-based businesses provide revenue diversification, with wealth management and payment technology solutions being key contributors to noninterest income. Here's a look at the components of noninterest income from the first quarter of 2025, which gives a clear picture of the fee structure:

You see the direct revenue from the Wealth Management division, which ended Q2 2025 with $14.10 billion in assets under care. The payment technology solutions revenue comes from FirsTech, Inc., which handles services like bill payments and merchant processing for businesses and financial institutions.

The revenue streams are clearly segmented across the business operations:

• Net Interest Income (NII), which was $153.2 million in Q2 2025.
• Noninterest income from wealth management fees, totaling $17.364 million in Q1 2025.
• Fees for customer services, including deposit and treasury management, which totaled $8.128 million in Q1 2025.
• Payment technology solutions revenue via FirsTech, Inc., which was $5.073 million in Q1 2025.
• The overall profitability metric, Q3 2025 GAAP Net Income, was $57.1 million.

For the third quarter of 2025, First Busey Corporation reported total noninterest income of $41.198 million, showing the fee-based segment's contribution alongside the core NII.