First Busey Corporation Receives Federal Reserve Approval to Acquire CrossFirst Bankshares, Inc.
First Busey (NASDAQ: BUSE) has received Federal Reserve approval to acquire CrossFirst Bankshares through merger. The transaction, which received shareholder approval on Dec. 20, 2024, is expected to close on March 1, 2025, pending Illinois Department of Financial and Professional Regulation approval.
The merger will create a combined entity with approximately $20 billion in total assets, $17 billion in deposits, $15 billion in loans, and $14 billion in wealth assets under care. The combined company will operate across 77 locations in 10 states, expanding Busey's presence in high-growth metro markets including Kansas City, Wichita, Dallas/Fort Worth, Denver, and Phoenix.
CrossFirst Bank will initially operate as a separate banking subsidiary until its planned merger with Busey Bank in late June 2025. The partnership aims to enhance commercial banking relationships and expand wealth management and payment technology solutions through FirsTech, Inc. The combination is expected to improve net interest margin and efficiency, leading to increased profitability for shareholders.
First Busey (NASDAQ: BUSE) ha ricevuto l'approvazione della Federal Reserve per acquisire CrossFirst Bankshares tramite fusione. La transazione, che ha ricevuto l'approvazione degli azionisti il 20 dicembre 2024, dovrebbe chiudersi il 1 marzo 2025, in attesa dell'approvazione del Dipartimento di Regolamentazione Finanziaria e Professionale dell'Illinois.
La fusione darà vita a un'entità combinata 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 gestiti. La società combinata opererà in 77 sedi in 10 stati, espandendo la presenza di Busey nei mercati metropolitani a forte crescita, tra cui Kansas City, Wichita, Dallas/Fort Worth, Denver e Phoenix.
CrossFirst Bank opererà inizialmente come una filiale bancaria separata fino alla sua fusione pianificata con Busey Bank alla fine di giugno 2025. La partnership mira a migliorare le relazioni bancarie commerciali e ad espandere le soluzioni di gestione patrimoniale e tecnologia dei pagamenti attraverso FirsTech, Inc. La combinazione dovrebbe migliorare il margine d'interesse netto e l'efficienza, portando a una maggiore redditività per gli azionisti.
First Busey (NASDAQ: BUSE) ha recibido la aprobación de la Reserva Federal para adquirir CrossFirst Bankshares a través de una fusión. La transacción, que recibió la aprobación de los accionistas el 20 de diciembre de 2024, se espera que se cierre el 1 de marzo de 2025, pendiente de la aprobación del Departamento de Regulación Financiera y Profesional de Illinois.
La fusión creará una entidad combinada 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 gestión. La compañía combinada operará en 77 ubicaciones en 10 estados, ampliando la presencia de Busey en mercados metropolitanos de alto crecimiento, incluidos Kansas City, Wichita, Dallas/Fort Worth, Denver y Phoenix.
CrossFirst Bank funcionará inicialmente como una subsidiaria bancaria separada hasta su fusión planificada con Busey Bank a finales de junio de 2025. La asociación tiene como objetivo mejorar las relaciones bancarias comerciales y expandir las soluciones de gestión patrimonial y tecnología de pagos a través de FirsTech, Inc. Se espera que la combinación mejore el margen de interés neto y la eficiencia, lo que llevará a un aumento en la rentabilidad para los accionistas.
퍼스트 뷰시 (NASDAQ: BUSE)는 교차퍼스트 뱅크셰어스를 합병을 통해 인수하는 것에 대해 연방준비제도의 승인을 받았습니다. 이 거래는 2024년 12월 20일 주주 승인도 받았으며, 2025년 3월 1일에 일리노이주 재무 및 전문 규제 부서의 승인이 있으면 완료될 예정입니다.
이번 합병으로 약 200억 달러의 총 자산, 170억 달러의 예금, 150억 달러의 대출, 140억 달러의 관리 자산을 가진 통합 법인이 설립됩니다. 통합 회사는 10개 주에서 77개의 지점에서 운영되며, 캔자스시티, 위치타, 달라스/포트워스, 덴버, 피닉스 등 성장 잠재력이 큰 대도시 시장에서 뷰시의 존재감을 확대합니다.
CrossFirst Bank는 2025년 6월 말에 계획된 Busey Bank와의 합병까지 별도의 은행 자회사로 운영될 것입니다. 이 파트너십은 상업 은행 관계를 강화하고 FirsTech, Inc.를 통해 자산 관리 및 결제 기술 솔루션을 확장하는 것을 목표로 합니다. 이 조합은 순이자 마진과 효율성을 개선하여 주주들에게 더 높은 수익성을 제공할 것으로 기대됩니다.
First Busey (NASDAQ: BUSE) a reçu l'approbation de la Réserve fédérale pour acquérir CrossFirst Bankshares par le biais d'une fusion. La transaction, qui a reçu l'approbation des actionnaires le 20 décembre 2024, devrait être finalisée le 1er mars 2025, sous réserve de l'approbation du Département de la régulation financière et professionnelle de l'Illinois.
La fusion créera une entité combinée 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 patrimoniaux sous gestion. L'entreprise combinée opérera dans 77 lieux dans 10 États, élargissant la présence de Busey sur les marchés métropolitains à forte croissance, y compris Kansas City, Wichita, Dallas/Fort Worth, Denver et Phoenix.
CrossFirst Bank fonctionnera initialement en tant que filiale bancaire séparée jusqu'à sa fusion prévue avec Busey Bank fin juin 2025. Le partenariat vise à renforcer les relations bancaires commerciales et à élargir les solutions de gestion de patrimoine et de technologies de paiement via FirsTech, Inc. Cette combinaison devrait améliorer la marge d'intérêt nette et l'efficacité, entraînant une rentabilité accrue pour les actionnaires.
First Busey (NASDAQ: BUSE) hat die Genehmigung der Federal Reserve erhalten, um CrossFirst Bankshares durch eine Fusion zu übernehmen. Die Transaktion, die am 20. Dezember 2024 die Genehmigung der Aktionäre erhielt, wird voraussichtlich am 1. März 2025 abgeschlossen, vorbehaltlich der Genehmigung durch das Illinois Department of Financial and Professional Regulation.
Die Fusion wird eine kombinierte Einheit mit ungefähr 20 Milliarden Dollar an Gesamtvermögen, 17 Milliarden Dollar an Einlagen, 15 Milliarden Dollar an Krediten und 14 Milliarden Dollar an verwaltetem Vermögen schaffen. Das kombinierte Unternehmen wird in 77 Standorten in 10 Bundesstaaten tätig sein und die Präsenz von Busey in schnell wachsenden Metropolregionen wie Kansas City, Wichita, Dallas/Fort Worth, Denver und Phoenix erweitern.
CrossFirst Bank wird zunächst als separate Banktochtergesellschaft agieren, bis die geplante Fusion mit Busey Bank Ende Juni 2025 erfolgt. Die Partnerschaft zielt darauf ab, die Handelsbankbeziehungen zu verbessern und die Vermögensverwaltung sowie Zahlungstechnologielösungen über FirsTech, Inc. auszubauen. Die Kombination wird voraussichtlich die Nettozinsspanne und die Effizienz verbessern, was zu einer höheren Rentabilität für die Aktionäre führen sollte.
- Creation of a $20B asset institution with significant market presence
- Expansion into high-growth metropolitan markets across 10 states
- Expected improvements in net interest margin and operational efficiency
- Combined strength of $17B in deposits and $15B in loans
- Enhanced wealth management business with $14B in assets under care
- Integration costs and risks associated with merging two large institutions
- Regulatory complexity with multiple approvals still pending
- Potential operational challenges during transition period
Insights
The Federal Reserve's approval of Busey's acquisition of CrossFirst marks a pivotal moment in regional banking consolidation. The $20 billion combined asset base positions the merged entity as a formidable player in high-growth metropolitan markets. The strategic value lies in the complementary geographical footprint and business synergies.
Key financial metrics paint a compelling picture: $17 billion in deposits, $15 billion in loans and $14 billion in wealth assets under care. This diversification across revenue streams, particularly in commercial banking and wealth management, should enhance the bank's resilience to market cycles. The expansion into growth markets like Dallas/Fort Worth and Phoenix presents significant opportunities for organic growth and market share capture.
The planned June 2025 operational merger timeline allows for methodical integration, minimizing execution risks. The emphasis on efficiency improvements and net interest margin enhancement suggests potential cost synergies and revenue optimization opportunities that could materially improve profitability metrics.
The strategic expansion into high-growth metropolitan markets represents a calculated move to tap into demographic trends favoring economic expansion. The merger's footprint now spans 10 states with 77 locations, creating a powerful regional banking presence that bridges multiple high-potential markets.
The timing is particularly advantageous given the current banking landscape where scale and technological capabilities are increasingly critical for competitiveness. The addition of FirsTech's payment technology solutions across new markets could provide a significant competitive advantage in attracting and retaining commercial clients.
The combination of Busey's established presence with CrossFirst's market positioning in growing metropolitan areas creates a compelling growth story. The expanded geographical diversification should help mitigate regional economic risks while providing multiple avenues for market share expansion.
CHAMPAIGN, Ill. and LEAWOOD, Kan., Jan. 17, 2025 (GLOBE NEWSWIRE) -- First Busey Corporation (“Busey”) (NASDAQ: BUSE), the holding company for Busey Bank, today announced it has received the approval of the Federal Reserve to acquire by merger CrossFirst Bankshares, Inc. (“CrossFirst”), the holding company for CrossFirst Bank. Both companies received shareholder approval for the transaction on Dec. 20, 2024.
“We are pleased to have received regulatory approval from the Federal Reserve,” said Van Dukeman, Busey Chairman and CEO. “This is another significant milestone in completing this transformational business combination. We are excited about expanding Busey’s regional operating model in high-growth metro markets like Kansas City, Wichita, Dallas/Fort Worth, Denver, Phoenix and more, and look forward to bringing these two strong companies together to deliver service excellence to customers and communities across our footprint.”
Busey and CrossFirst intend to close the holding company merger on March 1, 2025, subject to the satisfaction of the remaining customary closing conditions, including the receipt of approval from the Illinois Department of Financial and Professional Regulation. The transaction has also been approved by the Kansas Office of the State Bank Commissioner.
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 late June 2025. At the time of the bank merger, CrossFirst Bank banking centers will become branches of Busey Bank. Busey and CrossFirst have been actively engaged in integration planning since the announcement of the transaction.
“We’re excited this step in the process has been completed,” said Mike Maddox, CrossFirst CEO, President and Director. “As we have said all along, Busey’s like-minded culture and customer approach are an ideal fit for our teams, along with the customers and communities we serve. This partnership will allow us to continue delivering the products, services and expertise they expect and deserve.”
The partnership will bolster Busey’s commercial banking relationships and offer additional opportunities to grow its wealth management business and its payment technology solutions subsidiary, FirsTech, Inc., in new, growing markets. The combined company is expected to 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 our 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 conditions to the closing are not satisfied on a timely basis or at all, or are obtained subject to conditions that are not anticipated; 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 First Busey (BUSE) complete the merger with CrossFirst Bankshares?
What is the total asset size of the combined First Busey-CrossFirst entity?
How many locations will First Busey (BUSE) operate after the CrossFirst merger?
Which new markets will First Busey (BUSE) enter through the CrossFirst acquisition?
What regulatory approvals are still needed for the BUSE-CrossFirst merger?
