First Busey Corp. in Champaign, Ill., has announced plans to raise almost $86 million in capital by selling common stock and preferred shares.

The $3.5 billion-asset company said Wednesday that it has agreed to sell $54 million in common stock to institutional and individual investors, including one of its directors.

The securities sales, which were expected to close last week, priced the stock at $4.25 a share. First Busey also plans to sell $31.9 million in convertible preferred stock. The common stock closed Wednesday at $4.72 a share, up 19 cents.

"Our priorities are balance sheet strength, profitability and growth — in that order," Van Dukeman, the company's president and chief executive, said in a press release. "While we still have work ahead of us improving our asset quality and earnings, it is time to begin to grow again."

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