CrossFirst Bankshares Completes Merger with First Busey Corp

CrossFirst Bankshares, Inc. (NASDAQ:CFB), a Kansas-based state commercial bank with a market capitalization of $789 million, has announced the successful completion of its merger with First Busey (NASDAQ:BUSE) Corporation, a Nevada corporation, effectively ceasing the separate existence of CrossFirst. The transaction was finalized on March 1, 2025, as per the terms of the Agreement and Plan of Merger dated August 26, 2024. According to InvestingPro data, CrossFirst demonstrated strong financial health with an 8.5% revenue growth in the last twelve months.

As a result of the merger, each share of CrossFirst common stock has been converted into the right to receive 0.6675 of a share of Busey common stock. Prior to the merger, CrossFirst was trading at an attractive P/E ratio of 10.14, with analysts maintaining a bullish outlook on the stock. Additionally, CrossFirst’s Series A Non-Cumulative Perpetual Preferred Stock has been exchanged for a newly created series of preferred stock of Busey. Equity awards held by CrossFirst non-employee directors and certain officers have been converted to Busey shares or stock appreciation rights, adjusted based on the agreed exchange ratio. For detailed merger analysis and more insights, check out the comprehensive research available on InvestingPro.

Following the merger, CrossFirst Bankshares will no longer meet NASDAQ’s listing requirements, and trading of its common stock has been suspended. The delisting process was initiated on February 28, 2025, with the request for CrossFirst common stock to be withdrawn from NASDAQ. Before delisting, InvestingPro analysis showed the company maintained a strong financial health score of 2.81 (GOOD), with robust profitability metrics. Busey, as the successor entity, plans to file a certification on Form 15 with the SEC to terminate the registration of CrossFirst common stock and suspend reporting obligations.

The merger also brought changes to the board of directors of Busey, with five new directors from CrossFirst, including Michael J. Maddox and Rodney K. Brenneman, joining the expanded board. Michael J. Maddox has been appointed as Executive Vice Chairman of the Busey board and President of Busey, as well as CEO and President of Busey Bank.

The organizational documents of Busey, as the surviving corporation, have been amended to incorporate changes related to the board of directors as per the merger agreement.

The completion of the merger represents a significant change in the control of CrossFirst, with Busey continuing as the surviving corporation. The transaction is expected to be followed by a Bank Merger, with CrossFirst Bank merging into Busey Bank on June 20, 2025.

This report is based on a press release statement and details provided in the SEC filing by CrossFirst Bankshares, Inc.

In other recent news, First Busey Corporation has received the Federal Reserve’s approval to proceed with its acquisition of CrossFirst Bankshares, with the merger expected to close in early 2025 following shareholder approval. This strategic move aims to expand Busey’s presence in several metropolitan markets, including Kansas City and Dallas/Fort Worth. Shareholders of both companies have expressed strong support for the merger, indicating confidence in its potential benefits. The combined entity will operate 77 full-service locations across 10 states, managing approximately $20 billion in total assets.

CrossFirst Bankshares has also updated its Annual Incentive Plan amid the merger process, introducing a new structure for performance goals in the event of a Change in Control. The merger is anticipated to create synergies and cost savings, although the companies caution about potential expenses. Analysts from various firms are closely monitoring these developments, noting the potential for improved performance metrics and profitability. The merger remains subject to customary closing conditions and regulatory approvals.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.