Van Dukeman Extends Contract as CEO of First Busey, Busey Bank to 2029

By Will Crow

Van Dukeman has entered into a contract to extend his role as CEO of First Busey through July 1, 2029. Photo credit: Shutterstock (TippaPatt).

Posted July 17, 2026

First Busey has extended Van Dukeman’s term serving as chief executive officer of the company and its bank for an additional three years.

First Busey announced Dukeman’s extension for approximately three years through July 1, 2029, a decision the board of directors deemed in the best interests of First Busey, according to a filing with the Securities and Exchange Commission.

In January, the First Busey Corporation Board of Directors announced Michael Maddox had separated from the company and its subsidiary Busey Bank. As part of the agreement following the $917 million acquisition of CrossFirst in March 2025, Maddox was planned to assume the role of CEO of the holding company in 2026.

As part of the separation, Maddox received a cash severance of $4.3 million.

Under the contract extension agreement, Dukeman will forgo his annual long-term equity incentive award in 2029 and will be granted a one-time retention award in the form of restricted stock units with an aggregate grant date value of $2.07 million, which will vest on July 1, 2029, according to the SEC filing.

“Profitability is strong with our hallmark, quality balance sheet, valuable core deposit franchise and wealth management practice along with a disciplined relationship banking strategy,” Dukeman said in a release that accompanied the SEC filing. “We are laser focused on executing our go-to-market strategy through our unique regional operating model, with a demonstrated commitment to Busey’s diverse geographic footprint that includes 80 locations across 10 states.”

The agreement also requires that Dukeman continue to hold no less than 300,000 shares of First Busey’s common stock through the second anniversary of his termination of employment.

First Busey Corporation is headquartered in Leawood and is valued at $18.4 billion as of March 31, 2026. Busey Bank, a subsidiary of First Busey, is headquartered in Champaign, Illinois, and operates with offices across Arizona, Colorado, Florida, Illinois, Indiana, Kansas, Missouri, New Mexico, Oklahoma and Texas.