Florida real estate fuels First Busey's $38.75 million loss in fourth quarter

URBANA – First Busey Corp. posted a staggering $38.75 million net loss for the fourth quarter of 2008, giving the Urbana-based banking company a $15.3 million loss for the year.

The quarter marked a reversal of fortune for the company, which had $23.4 million in net income in the first nine months of the year before becoming awash in red ink during the fourth quarter.

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