CHAMPAIGN — First Busey CEO Van Dukeman's salary increased from $495,000 to $550,000 on July 1, 2011, according to the company's recently filed proxy statement.
That 11.1 percent raise followed a 23.75 percent jump in 2010, when his salary increased from $400,000 to $495,000.
During 2011, Dukeman received total compensation of $812,416 from First Busey, the holding company for Busey Bank. That was up from $718,571 in 2010 and $465,328 in 2009.
Total compensation for 2011 included $520,385 in salary, $250,000 in stock awards, $17,015 from change in pension value and nonqualified deferred compensation earnings and $25,016 in other compensation.
"Other compensation" includes life and disability insurance and employer contributions to retirement plans.
Also receiving raises in July 2011 were four other "named executive officers" of First Busey.
Busey Bank CEO Christopher Shroyer, First Busey Chief Financial Officer David B. White and Chief Credit Officer Robert F. Plecki Jr. each saw his salary increase from $250,000 to $275,000.
The salary of Leanne C. Kopischke, the company's chief information officer, was increased from $215,000 to $225,000.
Total compensation in 2011 was $430,495 for White, $418,156 for Plecki, $418,043 for Shroyer and $344,777 for Kopischke.
Also in July 2011, the chairman of First Busey's board of directors, Gregory B. Lykins, received a salary increase from $150,000 to $175,000.
During 2011, Lykins received total compensation of $226,503, of which $161,538 was salary.
Total compensation for other First Busey directors in 2011 included:
— $36,550 for E. Phillips Knox and V.B. Leister Jr..
— $33,550 for George T. Shapland.
— $33,050 for Thomas G. Sloan and Joseph M. Ambrose.
— $31,550 for David J. Downey and August C. Meyer Jr.
David L. Ikenberry, who left the board in May 2011, received $8,633 in compensation for that year.
Shapland and Downey also serve on the board of directors of The News-Gazette Inc., which publishes this newspaper.
Compensation increases for 2012 have not yet been determined, according to the proxy report filed with the Securities and Exchange Commission.
First Busey has scheduled its annual shareholders meeting for 6:30 p.m. May 15 at the Busey Executive Center, 115 N. Neil St., C. At that meeting, shareholders will elect nine directors to one-year terms expiring in 2013. They will also take a nonbinding, advisory vote on whether to approve the compensation package for executive officers.
They'll also decide how often to take such votes on compensation — once a year, once every two years or once every three years.
The proxy statement shows the largest beneficial owners of First Busey stock are Chicago-based Columbia Wanger Asset Management and Norwalk, Conn.-based Thomson, Horstmann & Bryant — each holding 8.5 percent of outstanding shares. They're followed by Boston-based Wellington Management Co., with 7.5 percent, and Elisabeth Kimmel, with 5.9 percent.
Kimmel's father, August C. Meyer Jr., has been a director of the bank — or predecessor banks — since 1962.
First Busey Corp. had $3.4 billion in assets as of Dec. 31, 2011, and net income of $29.9 million in 2011.
Its banking subsidiary, Busey Bank, has 33 offices in Illinois, seven in southwest Florida and one in Indianapolis. The company also has two nonbank subsidiaries, Busey Wealth Management and FirsTech, a payment-processing subsidiary.