Busey Bank Rantoul IL News and Branch Closures

Busey Bank closed its Rantoul, IL branch in 2020 due to the COVID-19 pandemic.

The closure was part of a larger effort by the bank to reduce costs and adapt to changing market conditions.

The Rantoul branch was one of several branches closed by Busey Bank in 2020, highlighting the challenges faced by community banks during the pandemic.

Busey Bank has continued to serve the Rantoul community through its remaining branches and online banking services.

Busey Bank plans to close its offices in downtown Rantoul and in Thomasboro on May 15.

The accounts at those branches will be transferred to Busey's remaining office in Rantoul at 1231 E. Grove Ave.

Busey Bank has had a presence in Rantoul since 1993, when it acquired the deposits of Eagle Bank of Champaign County.

The bank has two offices in Rantoul, but one of them will be closed, leaving only the office at 1231 E. Grove Ave.

Busey Bank has 45 banking centers in downstate Illinois, plus a banking center in Indianapolis and a loan production office in Florida.

The company recently announced a $39 million quarterly loss, much of which was attributed to real estate loans in Florida.

Busey Bank has a loan production office in Fort Myers, Fla., and another First Busey banking subsidiary – Busey Bank, N.A. – is based in Fort Myers.

The company plans to seek more "cost efficiencies" this year, which may involve closing or consolidating existing offices.

Busey has had a presence in Thomasboro since 1985, when it acquired First National Bank of Thomasboro.

Busey Bank plans to close its offices in downtown Rantoul and in Thomasboro on May 15.

The accounts at those branches will be transferred to Busey's remaining office in Rantoul at 1231 E. Grove Ave.

Busey Bank has a history in Rantoul, dating back to 1993 when it acquired the deposits of Eagle Bank of Champaign County. Today, Busey has two offices in Rantoul, but one of them will be closing.

In March 2009, Busey received $100 million from the U.S. Treasury through the Troubled Asset Relief Program (TARP) in exchange for Busey stock.

Busey paid $12.4 million in dividends on the stock, which is a significant amount of money.

The company subsequently returned $27.4 million to the Treasury in August 2011, showing a commitment to paying back their loans.

This exchange of TARP funds for Small Business Lending Fund (SBLF) funds has been criticized by the TARP Inspector General and members of Congress.

The SBLF has fewer restrictions, but some argue that banks can use this approach to reduce their small business lending.

Busey Bank plans to close its offices in downtown Rantoul and in Thomasboro on May 15.

Accounts at those branches will be transferred to Busey's remaining office in Rantoul at 1231 E. Grove Ave.

The bank's recent merger with Main Street Bank & Trust has led to the closure of these branches.

Busey Bank has a loan production office in Fort Myers, Fla., and another First Busey banking subsidiary – Busey Bank, N.A. – is based in Fort Myers.

The bank has had a tough financial year, with a $39 million quarterly loss and a $25 million loss in the fourth quarter.

Busey Bank has 45 banking centers in downstate Illinois, plus a banking center in Indianapolis and a loan production office in Florida.

Busey has had a presence in Thomasboro since 1985, when it acquired First National Bank of Thomasboro.

The community of Rantoul will still be served by several other banks, including Bank of Rantoul, First Bank, Credit Union 1, and Community Plus Federal Credit Union.