SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

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                                    FORM 8-K
                                 CURRENT REPORT

                     Pursuant to Section 13 or 15 (d) of the
                         Securities Exchange Act of 1934

         Date of Report (Date of earliest event reported) - May 4, 2004

                             FIRST BUSEY CORPORATION
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             (Exact name of registrant as specified in its charter)

            Nevada                    0-15959                   37-1078406
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        (State of other             (Commission               (IRS Employer
        jurisdiction of             File Number)            Identification No.)
        incorporation)

201 West Main Street, Urbana, Illinois                             61801
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(Address of principal executive offices)                         (Zip Code)

Registrant's telephone number, including area code: (217) 365-4513




ITEM 5. Other Events

      On Tuesday, May 4, 2004, the Registrant issued a press release. The press
release is incorporated herein by reference and is attached as Exhibit 99.1.

      The press release made a part of this Form includes forward looking
statements that are intended to be covered by the safe-harbor provisions of the
Private Securities Litigation Reform Act of 1995. These forward looking
statements include but are not limited to comments with respect to the
objectives and strategies, financial condition, results of operations and
business of the Registrant.

      These forward looking statements involve numerous assumptions, inherent
risks and uncertainties, both general and specific, and the risk that
predictions and other forward looking statements will not be achieved. The
Registrant cautions you not to place undue reliance on these forward looking
statements as a number of important factors could cause actual future results to
differ materially from the plans, objectives, expectations, estimates and
intentions expressed in such forward looking statements.

ITEM 7. Financial Statements and Exhibits

EXHIBIT 99.1   Press Release, dated May 4, 2004


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                                    SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                                    FIRST BUSEY CORPORATION

Date: May 4, 2004                                   By:    /s/ Douglas C. Mills
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                                                    Name:  Douglas C. Mills
                                                    Title: Chairman of the Board


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                                  EXHIBIT INDEX

99.1        Press Release, dated May 4, 2004.