First Busey Corporation and CrossFirst Bankshares, Inc. Announce Shareholder Approvals of Merger
First Busey (BUSE) and CrossFirst Bankshares (CFB) announced that shareholders of both companies have approved all proposals related to their merger. The special shareholder meetings were held on December 20, 2024. The merger is expected to close in Q1 or Q2 2025, pending regulatory approvals.
The combined entity will create a premier full-service commercial bank with:
- $20 billion in total assets
- $17 billion in total deposits
- $15 billion in total loans
- $14 billion in wealth assets under care
- 77 full-service locations across 10 states
The merger aims to enhance performance metrics through improved net interest margin and efficiency, leading to increased profitability and shareholder returns.
First Busey (BUSE) e CrossFirst Bankshares (CFB) hanno annunciato che gli azionisti di entrambe le società hanno approvato tutte le proposte relative alla loro fusione. Le assemblee straordinarie degli azionisti si sono tenute il 20 dicembre 2024. Si prevede che la fusione si concluda nel primo o secondo trimestre del 2025, in attesa delle approvazioni normative.
L'entità combinata creerà una banca commerciale di prim'ordine con:
- 20 miliardi di dollari in attivi totali
- 17 miliardi di dollari in depositi totali
- 15 miliardi di dollari in prestiti totali
- 14 miliardi di dollari in attivi patrimoniali sotto gestione
- 77 filiali a servizio completo in 10 stati
La fusione mira a migliorare i parametri di performance attraverso un margine d'interesse netto migliorato e una maggiore efficienza, portando a una maggiore redditività e ritorni per gli azionisti.
First Busey (BUSE) y CrossFirst Bankshares (CFB) anunciaron que los accionistas de ambas compañías han aprobado todas las propuestas relacionadas con su fusión. Las reuniones especiales de accionistas se llevaron a cabo el 20 de diciembre de 2024. Se espera que la fusión se cierre en el primer o segundo trimestre de 2025, pendiente de las aprobaciones regulatorias.
La entidad combinada creará un banco comercial de servicio completo de primer nivel con:
- 20 mil millones de dólares en activos totales
- 17 mil millones de dólares en depósitos totales
- 15 mil millones de dólares en préstamos totales
- 14 mil millones de dólares en activos de riqueza bajo cuidado
- 77 ubicaciones de servicio completo en 10 estados
La fusión tiene como objetivo mejorar los indicadores de rendimiento a través de un margen de interés neto mejorado y eficiencia, lo que lleva a una mayor rentabilidad y retornos para los accionistas.
퍼스트 뷰시 (BUSE)와 크로스퍼스트 뱅크셰어스 (CFB)는 두 회사의 주주가 합병 관련 모든 제안을 승인했다고 발표했습니다. 특별 주주 회의는 2024년 12월 20일에 열렸습니다. 합병은 규제 승인에 따라 2025년 1분기 또는 2분기에 완료될 것으로 예상됩니다.
합병된 엔티티는 다음과 같은 전문 종합 상업 은행을 만들 것입니다:
- 200억 달러의 총 자산
- 170억 달러의 총 예금
- 150억 달러의 총 대출
- 140억 달러의 자산 관리 하의 자산
- 10개 주에 걸쳐 77개 전액 서비스 지점
합병은 개선된 순 이자 마진과 효율성을 통해 성과 지표를 강화하여 수익성 및 주주 수익을 증가시키는 것을 목표로 하고 있습니다.
First Busey (BUSE) et CrossFirst Bankshares (CFB) ont annoncé que les actionnaires des deux sociétés ont approuvé toutes les propositions relatives à leur fusion. Les assemblées générales extraordinaires des actionnaires se sont tenues le 20 décembre 2024. La fusion devrait se conclure au premier ou au deuxième trimestre 2025, sous réserve des approbations réglementaires.
L'entité combinée créera une banque commerciale de premier plan offrant:
- 20 milliards de dollars d'actifs totaux
- 17 milliards de dollars de dépôts totaux
- 15 milliards de dollars de prêts totaux
- 14 milliards de dollars d'actifs de richesse sous gestion
- 77 agences à service complet réparties sur 10 États
La fusion vise à améliorer les indicateurs de performance grâce à une marge d'intérêt net améliorée et à une efficacité accrue, entraînant une rentabilité et des rendements accrus pour les actionnaires.
First Busey (BUSE) und CrossFirst Bankshares (CFB) haben angekündigt, dass die Aktionäre beider Unternehmen alle Vorschläge zur Fusion genehmigt haben. Die Sonderaktionärsversammlungen fanden am 20. Dezember 2024 statt. Es wird erwartet, dass die Fusion im ersten oder zweiten Quartal 2025 abgeschlossen wird, vorbehaltlich der behördlichen Genehmigungen.
Die kombinierte Einheit wird eine erstklassige, vollwertige Geschäftsbank schaffen mit:
- 20 Milliarden Dollar an Gesamtnettowert
- 17 Milliarden Dollar an Gesamteinlagen
- 15 Milliarden Dollar an Gesamtdarlehen
- 14 Milliarden Dollar an verwalteten Vermögenswerten
- 77 vollwertige Standorte in 10 Bundesstaaten
Die Fusion zielt darauf ab, die Leistungskennzahlen durch eine verbesserte Nettozinsmarge und Effizienz zu steigern, was zu einer höheren Rentabilität und Rückflüssen für die Aktionäre führt.
- Creation of a $20 billion asset institution with significant market presence
- Expansion to 77 locations across 10 states
- Expected improvements in net interest margin and efficiency metrics
- Diversification of client, loan, and deposit base
- Enhanced scale providing new customer and product opportunities
- Pending regulatory approval creates execution uncertainty
- Integration risks between two large financial institutions
- Potential operational challenges in merging different banking systems
CHAMPAIGN, Ill. and LEAWOOD, Kan., Dec. 23, 2024 (GLOBE NEWSWIRE) -- First Busey Corporation (“First Busey”) (Nasdaq: BUSE), the holding company of Busey Bank, and CrossFirst Bankshares, Inc. (“CrossFirst”) (Nasdaq: CFB), the holding company of CrossFirst Bank, today jointly announced that First Busey shareholders and CrossFirst shareholders have each voted to adopt and approve, as applicable, all proposals relating to the previously announced merger in which First Busey will acquire CrossFirst. The special shareholder meetings were held on Friday, December 20, 2024.
“Our shareholders’ overwhelming approval of this business combination is an important milestone in the process of closing this transaction,” said First Busey Chairman and CEO Van Dukeman. “This approval reflects our shareholders’ confidence in this compelling merger that will create significant upside for our associates, customers, communities and shareholders. The next step is receiving the required regulatory approvals, followed by the closing of the merger of the holding companies and successful integration of these two premier franchises. In our next chapter, First Busey will remain focused on providing enhanced financial services and expertise while maintaining the community bank values that our customers and communities expect and deserve.”
With completion of shareholder approvals, the companies believe the merger is on track to close in the first or second quarter of 2025. The transaction remains subject to the completion of the remaining customary closing conditions, including the receipt of required regulatory approvals.
“These meetings demonstrate the high level of certainty shareholders have in the value of our combined company,” said Mike Maddox, CrossFirst CEO, President and Director. “It also underscores their support of our strategic rationale and the financial benefits of the merger. We are excited about what the future holds and look forward to the joining of two customer-centric financial institutions to continue delivering outstanding service and tailored financial solutions.”
The merger will create a premier full-service commercial bank serving clients from 77 full-service locations across 10 states with combined total assets of approximately
Through compatible banking philosophies and cultures, complementary business models, combined capital strength and increased economies of scale, the combination is also expected to significantly enhance key performance metrics with meaningful improvements in net interest margin and efficiency, driving increased profitability and returns to shareholders.
About First Busey Corporation
As of September 30, 2024, First Busey Corporation (Nasdaq: BUSE) was an
Busey Bank, a wholly-owned bank subsidiary of First Busey Corporation, had total assets of
Through Busey’s Wealth Management division, the Company provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations. Assets under care totaled
Busey Bank’s wholly-owned subsidiary, FirsTech, specializes in the evolving financial technology needs of small and medium-sized businesses, highly regulated enterprise industries, and financial institutions. FirsTech provides comprehensive and innovative payment technology solutions, including online, mobile, and voice-recognition bill payments; money and data movement; merchant services; direct debit services; lockbox remittance processing for payments made by mail; and walk-in payments at retail agents. Additionally, FirsTech simplifies client workflows through integrations enabling support with billing, reconciliation, bill reminders, and treasury services. More information about FirsTech can be found at firstechpayments.com.
For the first time, Busey was named among the World’s Best Banks for 2024 by Forbes, earning a spot on the list among 68 U.S. banks and 403 banks worldwide. Additionally, Busey Bank was honored to be named among America’s Best Banks by Forbes magazine for the third consecutive year. Ranked 40th overall in 2024, Busey was the second-ranked bank headquartered in Illinois of the six that made this year’s list and the highest-ranked bank of those with more than
For more information about us, visit busey.com.
About CrossFirst Bankshares, Inc.
CrossFirst Bankshares, Inc. (Nasdaq: CFB) is a Kansas corporation and a registered bank holding company for its wholly owned subsidiary, CrossFirst Bank. CrossFirst Bank is a full-service financial institution that offers products and services to businesses, professionals, individuals, and families. CrossFirst Bank, headquartered in Leawood, Kansas, has locations in Kansas, Missouri, Oklahoma, Texas, Arizona, Colorado, and New Mexico.
CrossFirst Bank was organized by a group of financial executives and prominent business leaders with a shared vision to couple highly experienced people with technology to offer unprecedented levels of personal service to clients. CrossFirst Bank strives to be the most trusted bank serving its markets, which we believe has driven value for our stockholders. We are committed to a culture of serving our clients and communities in extraordinary ways by providing personalized, relationship-based banking. We believe that success is achieved through establishing and growing the trust of our clients, employees, stakeholders, and communities. For more information, visit investors.crossfirstbankshares.com.
| First Busey Corporation Contacts | |
| For Financials: | For Media: |
| Jeffrey D. Jones, EVP & CFO | Amy L. Randolph, EVP & COO |
| First Busey Corporation | First Busey Corporation |
| (217) 365-4130 | (217) 365-4049 |
| jeff.jones@busey.com | amy.randolph@busey.com |
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to Busey's and CrossFirst's beliefs, goals, intentions, and expectations regarding the proposed transaction the expected timing of completion of the proposed transaction; the anticipated benefits from the proposed transaction; and other statements that are not historical facts.
Forward‐looking statements are typically identified by such words as “believe,” “expect,” “anticipate,” “plan,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “should,” “may,” “will,” “position,” and other similar words and expressions, and are subject to numerous assumptions, risks, and uncertainties, which change over time. These forward-looking statements include, without limitation, those relating to the terms, timing and closing of the proposed transaction.
Additionally, forward-looking statements speak only as of the date they are made; Busey and CrossFirst do not assume any duty, and do not undertake, to update such forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future events, or otherwise. Furthermore, because forward‐looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those indicated in such forward-looking statements as a result of a variety of factors, many of which are beyond the control of Busey and CrossFirst. Such statements are based upon the current beliefs and expectations of the management of Busey and CrossFirst and are subject to significant risks and uncertainties outside of Busey’s and CrossFirst’s control. Caution should be exercised against placing undue reliance on forward-looking statements. The factors that could cause actual results to differ materially include the following: the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the Merger Agreement; the outcome of any legal proceedings that may be instituted against Busey or CrossFirst; the possibility that the proposed transaction will not close when expected or at all because required regulatory approvals are not received or other conditions to the closing are not satisfied on a timely basis or at all, or are obtained subject to conditions that are not anticipated (and the risk that required regulatory approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the proposed transaction); the ability of Busey and CrossFirst to meet expectations regarding the timing, completion and accounting and tax treatments of the proposed transaction; the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of the common stock of either or both parties to the proposed transaction; the possibility that the anticipated benefits of the proposed transaction will not be realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where Busey and CrossFirst do business; certain restrictions during the pendency of the proposed transaction that may impact the parties’ ability to pursue certain business opportunities or strategic transactions; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management’s attention from ongoing business operations and opportunities; the possibility that the parties may be unable to achieve expected synergies and operating efficiencies in the merger within the expected timeframes or at all and to successfully integrate CrossFirst’s operations and those of Busey; such integration may be more difficult, time consuming or costly than expected; revenues following the proposed transaction may be lower than expected; Busey’s and CrossFirst’s success in executing their respective business plans and strategies and managing the risks involved in the foregoing; the dilution caused by Busey’s issuance of additional shares of its capital stock in connection with the proposed transaction; effects of the announcement, pendency or completion of the proposed transaction on the ability of Busey and CrossFirst to retain customers and retain and hire key personnel and maintain relationships with their suppliers, and on their operating results and businesses generally; changes in interest rates and prepayment rates of Busey’s assets, fluctuations in the value of securities held in Busey’s or CrossFirst’s portfolio; concentrations within Busey’s or CrossFirst’s loan portfolio (including commercial real estate loans), large loans to certain borrowers, and large deposits from certain clients; the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and may withdraw deposits to diversify their exposure; the level of non-performing assets on Busey’s or CrossFirst’s balance sheets; the strength of the local, state, national, and international economy; risks related to the potential impact of general economic, political and market factors or of exceptional weather occurrences such as tornadoes, hurricanes, floods, blizzards, droughts on the companies or the proposed transaction; the economic impact of any future terrorist threats or attacks, widespread disease or pandemics or other adverse external events that could cause economic deterioration or instability in credit markets; changes in state and federal laws, regulations, and governmental policies concerning Busey’s or CrossFirst’s general business; changes in accounting policies and practices; increased competition in the financial services sector (including from non-bank competitors such as credit unions and fintech companies) and the inability to attract new customers; breaches or failures of information security controls or cybersecurity-related incidents; changes in technology and the ability to develop and maintain secure and reliable electronic systems; the loss of key executives or associates; changes in consumer spending; unexpected outcomes of existing or new litigation, investigations, or inquiries involving Busey or CrossFirst (including with respect to Busey’s Illinois franchise taxes); other factors that may affect future results of Busey and CrossFirst and the other factors discussed in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of each of Busey’s and CrossFirst’s respective Annual Reports on Form 10‐K for the year ended December 31, 2023 and Quarterly Reports on Form 10‐Q for the quarters ended March 31, 2024, June 30, 2024 and September 30, 2024, and other reports CrossFirst and Busey file with the SEC.
FAQ
When will the First Busey (BUSE) merger with CrossFirst close?
What will be the total assets of First Busey (BUSE) after the CrossFirst merger?
How many branches will First Busey (BUSE) have after the CrossFirst merger?
What are the key financial metrics of the First Busey (BUSE) and CrossFirst merger?
What regulatory approvals does First Busey (BUSE) still need for the CrossFirst merger?
