First Busey Corporation Completes Acquisition of CrossFirst Bankshares, Inc. and CrossFirst Bank
First Busey (NASDAQ: BUSE) has completed its acquisition of CrossFirst Bankshares effective March 1, 2025. The merger creates a premier commercial bank with approximately $20 billion in total assets, $17 billion in deposits, $15 billion in loans, and $14 billion in wealth assets under care, serving clients across 77 locations in 10 states.
The holding company will be headquartered in Leawood, Kansas, while Busey Bank's headquarters remains in Champaign, Illinois. CrossFirst Bank will initially operate as a separate banking subsidiary until June 2025, when it will merge with Busey Bank under the Busey brand.
Under the merger terms, CrossFirst shareholders received 0.6675 shares of Busey common stock for each CrossFirst share, representing approximately 36.5% ownership of the combined company. The merged entity continues trading under the 'BUSE' ticker on NASDAQ.
First Busey (NASDAQ: BUSE) ha completato l'acquisizione di CrossFirst Bankshares con effetto dal 1 marzo 2025. La fusione crea una banca commerciale di primo livello con circa 20 miliardi di dollari in attivi totali, 17 miliardi di dollari in depositi, 15 miliardi di dollari in prestiti e 14 miliardi di dollari in beni patrimoniali sotto gestione, servendo clienti in 77 sedi in 10 stati.
La holding avrà sede a Leawood, Kansas, mentre la sede di Busey Bank rimarrà a Champaign, Illinois. CrossFirst Bank opererà inizialmente come una filiale bancaria separata fino a giugno 2025, quando si fonderà con Busey Bank sotto il marchio Busey.
Secondo i termini della fusione, gli azionisti di CrossFirst hanno ricevuto 0,6675 azioni di Busey common stock per ogni azione di CrossFirst, rappresentando circa il 36,5% della proprietà della società combinata. L'entità fusa continuerà a essere quotata con il ticker 'BUSE' su NASDAQ.
First Busey (NASDAQ: BUSE) ha completado la adquisición de CrossFirst Bankshares con fecha efectiva del 1 de marzo de 2025. La fusión crea un banco comercial de primer nivel con aproximadamente 20 mil millones de dólares en activos totales, 17 mil millones de dólares en depósitos, 15 mil millones de dólares en préstamos y 14 mil millones de dólares en activos de riqueza bajo cuidado, sirviendo a clientes en 77 ubicaciones en 10 estados.
La compañía matriz tendrá su sede en Leawood, Kansas, mientras que la sede de Busey Bank permanecerá en Champaign, Illinois. CrossFirst Bank operará inicialmente como una subsidiaria bancaria separada hasta junio de 2025, cuando se fusionará con Busey Bank bajo la marca Busey.
Bajo los términos de la fusión, los accionistas de CrossFirst recibieron 0,6675 acciones de Busey common stock por cada acción de CrossFirst, lo que representa aproximadamente el 36,5% de la propiedad de la empresa combinada. La entidad fusionada continuará cotizando bajo el ticker 'BUSE' en NASDAQ.
퍼스트 뷰시 (NASDAQ: BUSE)는 2025년 3월 1일자로 크로스퍼스트 뱅크셰어스의 인수를 완료했습니다. 이번 합병은 약 200억 달러의 총 자산을 보유한 프리미엄 상업은행을 창출하며, 170억 달러의 예금, 150억 달러의 대출, 140억 달러의 자산을 관리하며 10개 주의 77개 지점에서 고객에게 서비스를 제공합니다.
모회사 본사는 캔자스주 리우드에 위치하며, 뷰시 뱅크 본사는 일리노이주 샴페인에 남아 있습니다. 크로스퍼스트 뱅크는 2025년 6월까지 별도의 은행 자회사로 운영되며, 이후 뷰시 브랜드 아래 뷰시 뱅크와 합병될 예정입니다.
합병 조건에 따라 크로스퍼스트 주주들은 크로스퍼스트 주식 1주당 0.6675주를 받았으며, 이는 합병된 회사의 약 36.5%의 소유권을 나타냅니다. 합병된 법인은 NASDAQ에서 'BUSE' 티커로 계속 거래됩니다.
First Busey (NASDAQ: BUSE) a finalisé l'acquisition de CrossFirst Bankshares à compter du 1er mars 2025. La fusion crée une banque commerciale de premier plan avec environ 20 milliards de dollars d'actifs totaux, 17 milliards de dollars de dépôts, 15 milliards de dollars de prêts et 14 milliards de dollars d'actifs sous gestion, servant des clients dans 77 emplacements dans 10 États.
La société holding sera basée à Leawood, Kansas, tandis que le siège de Busey Bank restera à Champaign, Illinois. CrossFirst Bank fonctionnera initialement comme une filiale bancaire séparée jusqu'en juin 2025, date à laquelle elle fusionnera avec Busey Bank sous la marque Busey.
Selon les termes de la fusion, les actionnaires de CrossFirst ont reçu 0,6675 actions ordinaires de Busey pour chaque action CrossFirst, ce qui représente environ 36,5 % de la propriété de l'entreprise combinée. L'entité fusionnée continuera à être cotée sous le ticker 'BUSE' sur NASDAQ.
First Busey (NASDAQ: BUSE) hat die Übernahme von CrossFirst Bankshares mit Wirkung zum 1. März 2025 abgeschlossen. Die Fusion schafft eine erstklassige Geschäftsbank mit etwa 20 Milliarden Dollar an Gesamtvermögen, 17 Milliarden Dollar an Einlagen, 15 Milliarden Dollar an Krediten und 14 Milliarden Dollar an verwalteten Vermögenswerten und bedient Kunden an 77 Standorten in 10 Bundesstaaten.
Die Holdinggesellschaft wird ihren Sitz in Leawood, Kansas, haben, während der Hauptsitz der Busey Bank in Champaign, Illinois, bleibt. CrossFirst Bank wird zunächst bis Juni 2025 als separate Banktochtergesellschaft betrieben, bevor sie unter der Marke Busey mit der Busey Bank fusioniert.
Gemäß den Bedingungen der Fusion erhielten die Aktionäre von CrossFirst 0,6675 Aktien von Busey Common Stock für jede CrossFirst-Aktie, was etwa 36,5% des Eigentums des fusionierten Unternehmens entspricht. Die fusionierte Einheit wird weiterhin unter dem Ticker 'BUSE' an der NASDAQ gehandelt.
- Creation of $20B asset regional bank with expanded market presence
- Strong combined metrics: $17B deposits, $15B loans, $14B wealth assets
- Geographic expansion into high-growth metro markets
- Enhanced commercial banking and wealth management capabilities
- Diversified revenue streams through payment technology solutions
- Integration risks during bank merger transition period
- Potential customer attrition during brand consolidation
- Shareholder dilution for existing BUSE stockholders
Insights
First Busey's completed acquisition of CrossFirst Bankshares marks a transformational expansion that significantly increases the bank's scale and geographic footprint. The combined entity emerges with approximately
The transaction structure gives former CrossFirst shareholders
Particularly notable is the strategic complementarity between the institutions. Busey gains immediate access to high-growth metro markets while leveraging CrossFirst's commercial banking relationships. Meanwhile, CrossFirst clients will benefit from Busey's wealth management platform and FirsTech payment technology capabilities - diversification that strengthens the combined entity's revenue streams beyond traditional banking.
The leadership and governance structure reflects a balanced approach with CrossFirst's former CEO assuming significant roles (Vice Chairman/President of Busey and CEO of Busey Bank) and CrossFirst securing 5 of 13 board seats. This arrangement should facilitate cultural integration while ensuring CrossFirst's markets and clients maintain representation in strategic decisions.
The decision to headquarter the holding company in Leawood, Kansas (central to the combined footprint) while maintaining Busey Bank's headquarters in Champaign signals a thoughtful approach to geographic positioning that acknowledges both institutions' heritage while optimizing for future growth.
CHAMPAIGN, Il. and LEAWOOD, Kan., March 03, 2025 (GLOBE NEWSWIRE) -- First Busey Corporation (“Busey”) (NASDAQ: BUSE), the holding company for Busey Bank, announced today the completion of its acquisition by merger of CrossFirst Bankshares, Inc. (“CrossFirst”) (NASDAQ: CFB), the holding company for CrossFirst Bank, effective March 1, 2025. The transaction was previously jointly announced on August 27, 2024.
Busey will operate CrossFirst Bank as a separate banking subsidiary of Busey until it is merged with Busey Bank, which is expected to occur in June 2025. At the time of the bank merger, CrossFirst Bank’s banking centers will become branches of Busey Bank and operate under the Busey brand, creating a premier full-service commercial bank serving clients from 77 locations across 10 states with combined total assets of approximately
The combination extends Busey’s regional operating model into high-growth metro markets—bolstering its commercial banking relationships and offering additional opportunities to grow its wealth management business and payment technology solutions subsidiary, FirsTech, Inc.
“This is a transformational partnership that advances our organization and will ultimately benefit each of our Pillars—associates, customers, communities and shareholders,” said Van Dukeman, Chairman and CEO of Busey and Chairman of Busey Bank. “Over the past few years, we have been keenly focused on maintaining Busey’s fortress balance sheet—featuring exceptional credit quality, strong liquidity, excess capital and diversified revenue streams buttressed by our wealth management and payments processing businesses—to be well positioned to capitalize on a financially and strategically compelling opportunity of size and scale. This is that opportunity and we look forward to fully integrating our banks while leveraging the talent, expertise, increased scale and market presence to benefit our Pillars.”
“Taking our organization to new heights, this partnership combines our growing commercial bank with the power of Busey’s core deposit franchise, exceptional wealth management platform and the impressive payment tech solutions at FirsTech, Inc.,” said Mike Maddox, former CrossFirst CEO, President and Director who now serves as Vice Chairman and President of Busey and President and CEO of Busey Bank. “We firmly believe our strong metro market footprint, commercial focus and growth potential will help elevate the combined company to be a leading regional banking institution throughout the Midwest and Southwestern regions of the U.S. We look forward to building upon the strong legacy of outstanding service and community engagement that both organizations have developed to create even more opportunities for our teams and clients.”
Board of Directors
Effective immediately, Busey and Busey Bank will be governed by a Board of Directors comprised of 13 directors, eight from Busey or Busey Bank and five from CrossFirst:
- Van Dukeman, Chairman and CEO
- Mike Maddox, Vice Chairman and President
- Rod Brenneman, Lead Independent Director
- Stan Bradshaw
- Steve Caple
- Michael Cassens
- Jennifer Grigsby
- Karen Jensen
- Fred Kenney
- Steve King
- Kevin Rauckman
- Scott Wehrli
- Tiffany White
Transaction Details
Under the terms of the merger agreement, at the effective time of the merger on March 1, 2025, each share of CrossFirst’s common stock was converted into the right to receive 0.6675 of a share of Busey common stock, with CrossFirst shareholders receiving cash in lieu of fractional shares. Former CrossFirst common shareholders are eligible to receive Busey’s ongoing dividends as declared. With the transaction now complete, former CrossFirst shareholders own approximately
Shares of CrossFirst common stock ceased trading after the closing of the NASDAQ stock market on February 28, 2025. The combined company’s common shares will continue trading on the NASDAQ under the “BUSE” ticker symbol.
About First Busey Corporation
As of December 31, 2024, First Busey Corporation (Nasdaq: BUSE) was a
Busey Bank, a wholly-owned bank subsidiary of First Busey Corporation, had total assets of
Through its Wealth Management division, Busey Bank 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, Inc., 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 Bank 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 Bank was the second-ranked bank headquartered in Illinois of the six banks that made this year’s list and the highest-ranked bank of those with more than
For more information about us, visit busey.com.
| First Busey Corporation Contacts For Financials: Scott Phillips, Interim CFO First Busey Corporation (239) 689-7167 scott.phillips@busey.com | For Media: Amy L. Randolph, EVP & COO First Busey Corporation (217) 365-4049 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. These forward-looking statements are covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. These statements, which are based on certain assumptions and estimates and describe Busey’s future plans, strategies, and expectations, can generally be identified by the use of the words “may,” “will,” “should,” “could,” “would,” “goal,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target,” “aim” and similar expressions. These forward-looking statements include statements relating to Busey’s projected growth, anticipated future financial performance, financial condition, credit quality, and management’s long-term performance goals, as well as statements relating to the anticipated effects on results of operations and financial condition from expected developments or events, business and growth strategies, and any other statements that are not historical facts.
These forward-looking statements are subject to significant risks, assumptions, and uncertainties, and could be affected by many factors. Factors that could have a material adverse effect on Busey’s financial condition, results of operations, and future prospects can be found under the “Special Cautionary Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors” sections of Busey's Annual Report on Form 10-K for the year ended December 31, 2024, and other reports Busey files with the U.S. Securities and Exchange Commission (the "SEC").
Because of those risks and other uncertainties, Busey’s actual future results, performance, achievement, or industry results, may be materially different from the results indicated by these forward-looking statements. In addition, Busey’s past results of operations are not necessarily indicative of its future results.
You should not place undue reliance on any forward-looking statements, which speak only as of the dates on which they were made. Busey does not undertake an obligation to update these forward-looking statements, even though circumstances may change in the future, except as required under federal securities law. Busey qualifies all of its forward-looking statements by these cautionary statements.
FAQ
What is the exchange ratio for CrossFirst shares in the BUSE merger?
When will CrossFirst Bank merge with Busey Bank operations?
What are the total assets of the combined First Busey-CrossFirst entity?
How many locations will the merged BUSE-CrossFirst bank operate?
What percentage of the combined company will former CrossFirst shareholders own?
