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 *
MILLS DOUGLAS C
  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
3. Date of Earliest Transaction (Month/Day/Year)
10/29/2009
(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               894,813 I Linda M. Mills Trust dtd 12/18/1989, Douglas C. Mills, Trustee
Common Stock               1,565,000 I Mills Investment LP
Common Stock               39,924 I ESOP Plan
Common Stock               15,812 I Profit Sharing 401(k) Plan
Common Stock               936,300 I Douglas C. Mills Trust dtd 12/18/1989, Douglas C. Mills, Trustee
Common Stock               41,000 I Mills Family Foundation
Common Stock               481,737 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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 $ 20.16             01/26/2009 12/15/2011 Stock Option 15,000   15,000 D  
Common Stock $ 14.56             04/16/2005 12/16/2010 Stock Option 45,000   45,000 D  
Common Stock $ 17.12             05/01/2009 12/15/2015 Stock Option 7,500   7,500 D  
Common Stock $ 7.53             06/01/2010 06/30/2019 Stock Option 7,500   7,500 D  
Series A Convertible Preferred Stock (1) 10/29/2009   P   5.622     (1)   (1) Common (1) $ 100,000 5.622 I Mills Investment LP
Series A Convertible Preferred Stock (2) 10/29/2009   P   8.063     (2)   (2) Common (2) $ 100,000 8.063 I Linda M. Mills Marital Trust
Series A Convertible Preferred Stock (3) 10/29/2009   P   1.314     (3)   (3) Common (3) $ 100,000 1.314 I Linda M. Mills GST Marital Trust

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
MILLS DOUGLAS C
100 WEST UNIVERSITY
CHAMPAIGN, IL 61820
  X      

Signatures

 /s/ Douglas C. Mills   11/02/2009
**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 October 29, 2009, the identified entity purchased 5.622 shares of Series A Convertible Preferred Stock ("Preferred Stock") from the Company. The Preferred Stock is perpetual and each share has a liquidation preference of $100,000. The Preferred Stock is mandatorily convertible into shares of common stock at a conversion price of $4.00. The shares of Preferred Stock will convert automatically following Stockholder approval of the conversion. The Company is holding a Special Meeting of Stockholders on December 2, 2009 for that purpose. Therefore, if Stockholder approval is received at the Special Meeting, the identified entity will receive 140,552 shares of common stock upon the conversion of the Preferred Stock.
(2) On October 29, 2009, the identified entity purchased 8.063 shares of Series A Convertible Preferred Stock ("Preferred Stock") from the Company. The Preferred Stock is perpetual and each share has a liquidation preference of $100,000. The Preferred Stock is mandatorily convertible into shares of common stock at a conversion price of $4.00. The shares of Preferred Stock will convert automatically following Stockholder approval of the conversion. The Company is holding a Special Meeting of Stockholders on December 2, 2009 for that purpose. Therefore, if Stockholder approval is received at the Special Meeting, the identified entity will receive 201,596 shares of common stock upon the conversion of the Preferred Stock.
(3) On October 29, 2009, the identified entity purchased 1.314 shares of Series A Convertible Preferred Stock ("Preferred Stock") from the Company. The Preferred Stock is perpetual and each share has a liquidation preference of $100,000. The Preferred Stock is mandatorily convertible into shares of common stock at a conversion price of $4.00. The shares of Preferred Stock will convert automatically following Stockholder approval of the conversion. The Company is holding a Special Meeting of Stockholders on December 2, 2009 for that purpose. Therefore, if Stockholder approval is received at the Special Meeting, the identified entity will receive 32,852 shares of common stock upon the conversion of the Preferred Stock.

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