CHAMPAIGN — The founding partner of a Chicago-based private equity firm has been added to the board of directors of Busey Bank's parent company, First Busey Corp.
Stephen V. King of Evanston, who founded Prairie Capital with Bryan Daniels in 1997, became the 10th member of the First Busey board on Jan. 1.
At Prairie Capital, King is responsible for deal generation, oversight of due diligence, deal structuring, negotiations, fund-raising, investor relations and some portfolio management.
Prairie Capital's first four funds invested $525 million in capital in more than 70 companies. Its latest fund is in the process of investing an additional $300 million in capital, according to the company's website.
The firm typically invests in privately held companies with annual revenues of $20 million to $100 million and annual cash flows of $4 million to $12 million.
One company in which Prairie Capital invested was Regency Beauty Institute, which has nearly 90 campuses, including one in Champaign.
King earned a bachelor's degree in finance from the University of Illinois, a master's degree in business administration from the University of Chicago and a law degree from Loyola University.
Other members of the First Busey board are Chairman Gregory B. Lykins, Joseph M. Ambrose, David J. Downey, E. Phillips Knox, V.B. Leister Jr., August C. Meyer Jr., George T. Shapland, Thomas G. Sloan and company CEO Van A. Dukeman.
As with each of the company's other non-employee directors, King is entitled to a base retainer of $20,000 a year, as well as a grant of restricted stock.
The board increased its size from nine to 10 on the recommendation of its Nominating and Corporate Governance Com- mittee, according to a filing First Busey made with the Securities and Exchange Commission.
In December, the company de- clared its regular quarterly cash dividend of 4 cents per share, as well as an additional cash dividend of 4 cents per share.The latter was an acceleration of the quarterly dividend the company would have declared this month.
The combined dividend was paid out Monday to shareholders of record as of Dec. 24.