First Busey CEO received bonus, 5.7% raise in 2012
CHAMPAIGN — First Busey CEO Van Dukeman received $550,000 in salary and $818,718 in total compensation last year, the bank holding company disclosed in its proxy statement last week.
Dukeman's salary was twice that of the next highest-compensated employee at First Busey. He also received a $90,000 bonus in July based on the company's financial results in 2011 and the first quarter of 2012.
Dukeman's 2012 salary was 5.7 percent higher than the $520,385 salary he received in 2011.
But his total compensation rose less than 1 percent from 2011, when he received $812,416. The smaller rise was due largely to a less generous stock award last year.
Dukeman, 54, has been president and CEO of First Busey since 2007. Before that, he was president and CEO of Main Street Trust Inc. Those two companies merged in 2007.
First Busey's shareholders will cast a nonbinding, advisory vote on the compensation of Dukeman and four other executive officers at the Champaign-based company's annual meeting May 22.
Shareholders will also be asked to re-elect the company's 10 directors at that time.
According to First Busey's proxy statement, three executive officers had salaries of $275,000 in 2012. Those included:
— Robert F. Plecki Jr., chief operating officer and chief credit officer of First Busey.
— Christopher M. Shroyer, president and CEO of Busey Bank.
— David B. White, chief financial officer of First Busey.
All three saw their salary rise 5.1 percent from 2011, when their salary was $261,538.
Total compensation in 2012 was $436,622 for White; $428,842 for Plecki; and $419,202 for Shroyer.
Those amounts included discretionary bonuses, which amounted to $65,000 for Plecki and $55,000 for Shroyer and White.
The fifth executive officer named in the proxy statement — John J. Powers, First Busey's general counsel — received a salary of $229,708 and total compensation of $343,026 in 2012. That included a $50,000 bonus.
The proxy statement identified four beneficial owners holding more than 5 percent of First Busey stock:
— Boston-based Wellington Management Co., with 9.7 percent.
— Chicago-based Columbia Wanger Asset Management, with 8.5 percent.
— Elisabeth M. Kimmel, with 7.5 percent. Kimmel is the daughter of board member August C. Meyer Jr.
— Norwalk, Conn.-based Thomson, Horstmann & Bryant, 6.1 percent.
Altogether, directors and executive officers held 11 percent of First Busey shares, with the largest percentages held by First Busey Chairman Gregory Lykins (3.8 percent), Meyer (1.8 percent) and George T. Shapland (1.3 percent).
Up for re-election to First Busey's board of directors are: Dukeman, Lykins, Meyer, Shapland, Joseph Ambrose, David Downey, Stephen V. King, E. Phillips Knox, V.B. Leister Jr. and Thomas Sloan.
Shapland and Downey also serve on the board of directors of The News-Gazette Inc.
As chairman of First Busey, Lykins received $287,275 in compensation during 2012, of which $186,539 were salary payments.
First Busey, with $3.6 billion in assets, is one of only a few publicly traded companies headquartered in East Central Illinois. As a publicly traded company, it is required to file its proxy statement with the Securities and Exchange Commission.
Its Busey Bank subsidiary has 32 banking centers in Illinois, seven banking centers in southwest Florida and one in Indianapolis.
In 2012, First Busey reported net income of $22.4 million in 2012, down from $29.9 million in 2011 and $23.3 million in 2010.
The company's stock closed 2012 at $4.65 a share, down from $5 at the end of 2011 and $4.70 at the end of 2010.
In a letter to shareholders, Dukeman said that during 2012, the bank's loan portfolio has grown, its nonperforming loans have shrunk and its income from fees has increased.
To curb expenses, the bank closed four full-service and three limited-service offices late last year and early this year, contributing to $2 million a year in savings, he said.