Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
SLOAN THOMAS G
   2. Issuer Name and Ticker or Trading Symbol
FIRST BUSEY CORP /NV/ [BUSE] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
100 WEST UNIVERSITY AVENUE		 3. Date of Earliest Transaction (Month/Day/Year)
12/29/2010
(Street)

CHAMPAIGN, IL 61820		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock               136,883 D  
Common Stock               496 I Decatur Directors' Deferred Compensation Plan
Common Stock               1,645 I Spouse

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Common Stock $ 11.29             03/21/2001 03/20/2011 Stock Option 8,138   8,138 D  
Common Stock $ 12             03/20/2002 03/19/2012 Stock Option 7,750   7,750 D  
Common Stock $ 16             03/19/2003 03/18/2013 Stock Option 7,750   7,750 D  
Common Stock $ 19.74             02/18/2004 02/17/2014 Stock Option 7,750   7,750 D  
Common Stock $ 19.09             02/16/2005 02/15/2015 Stock Option 7,750   7,750 D  
Common Stock $ 19.41             02/22/2006 02/21/2016 Stock Option 7,750   7,750 D  
Common Stock $ 19.35             07/18/2007 07/17/2017 Stock Option 4,650   4,650 D  
Series B Convertible Preferred Stock (1) 12/29/2010   P   21.25     (1)   (1) Common (1) $ 100,000 21.25 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
SLOAN THOMAS G
100 WEST UNIVERSITY AVENUE
CHAMPAIGN, IL 61820		   X      

Signatures

 /s/ Thomas G. Sloan   12/31/2010
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) On December 29, 2010, the reporting person purchased 21.25 shares of Series B Convertible Preferred Stock (the "Preferred Stock") from the Company. The Preferred Stock is perpetual and each share has a liquidation amount of $100,000. The Preferred Stock is mandatorily convertible into shares of common stock at a conversion price of $4.25. The shares of Preferred Stock will convert automatically following stockholder approval of the conversion. The Company intends to hold a Special Meeting of stockholders in February 2011 for that purpose. Therefore, if stockholder approval is received at the Special Meeting, the reporting person will receive 500,000 shares of common stock upon the conversion of the Preferred Stock.

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