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. Both companies' shareholders approved the transaction on Dec. 20, 2024. The holding company merger is expected to close on March 1, 2025, pending Illinois Department of Financial and Professional Regulation approval.
CrossFirst Bank will initially operate as a separate banking subsidiary until its merger with Busey Bank, anticipated in late June 2025. The combined entity will serve clients from 77 full-service locations across 10 states, with approximately $20 billion in total assets, $17 billion in deposits, $15 billion in loans, and $14 billion in wealth assets under care.
The merger expands Busey's presence in growth markets including Kansas City, Wichita, Dallas/Fort Worth, Denver, and Phoenix. The partnership aims to enhance commercial banking relationships and grow wealth management business and payment technology solutions through FirsTech, Inc.
First Busey (NASDAQ: BUSE) ha ricevuto l'approvazione della Federal Reserve per acquisire CrossFirst Bankshares tramite fusione. Gli azionisti di entrambe le aziende hanno approvato la transazione il 20 dicembre 2024. La fusione della holding è prevista per il 1 marzo 2025, in attesa dell'approvazione del Dipartimento della Regolamentazione Finanziaria e Professionale dell'Illinois.
CrossFirst Bank opererà inizialmente come una sussidiaria bancaria separata fino alla sua fusione con Busey Bank, prevista per la fine di giugno 2025. L'entità combinata servirà i clienti da 77 filiali full-service in 10 stati, 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 fusione amplia la presenza di Busey nei mercati in crescita, inclusi Kansas City, Wichita, Dallas/Fort Worth, Denver e Phoenix. Il partenariato mira a potenziare le relazioni bancarie commerciali e a sviluppare il business della gestione patrimoniale e le soluzioni tecnologiche per i pagamenti attraverso FirsTech, Inc.
First Busey (NASDAQ: BUSE) ha recibido la aprobación de la Reserva Federal para adquirir CrossFirst Bankshares mediante fusión. Los accionistas de ambas compañías aprobaron la transacción el 20 de diciembre de 2024. Se espera que la fusión de la holding se cierre el 1 de marzo de 2025, pendiente de la aprobación del Departamento de Regulación Financiera y Profesional de Illinois.
CrossFirst Bank operará inicialmente como una subsidiaria bancaria separada hasta su fusión con Busey Bank, que está prevista para finales de junio de 2025. La entidad combinada atenderá a los clientes desde 77 ubicaciones de servicio completo en 10 estados, 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 patrimonio bajo gestión.
La fusión amplía la presencia de Busey en mercados en crecimiento, incluidos Kansas City, Wichita, Dallas/Fort Worth, Denver y Phoenix. La asociación tiene como objetivo fortalecer las relaciones bancarias comerciales y hacer crecer el negocio de gestión de patrimonio y las soluciones de tecnología de pagos a través de FirsTech, Inc.
퍼스트 부세이 (NASDAQ: BUSE)가 크로스퍼스트 뱅크셰어즈 인수를 위한 연방준비제도 이사회의 승인을 받았습니다. 두 회사의 주주들은 2024년 12월 20일 이 거래를 승인했습니다. 지주회사 합병은 2025년 3월 1일에 종료될 예정이며, 일리노이주 금융 및 전문 규제부의 승인을 기다리고 있습니다.
크로스퍼스트 은행은 부세이 은행과의 합병이 예정된 2025년 6월 말까지 별도의 은행 자회사로 운영될 것입니다. 통합된 기관은 10개 주에 걸쳐 77개의 종합 서비스 지점에서 고객을 서비스하며, 총 자산이 약 200억 달러, 예금이 170억 달러, 대출이 150억 달러, 관리 자산이 140억 달러에 달합니다.
이번 합병은 부세이의 성장 시장에서의 존재감을 확대하며, 캔자스시티, 위치타, 달라스/포트워스, 덴버, 피닉스를 포함합니다. 파트너십은 상업 은행 관계를 강화하고 FirsTech, Inc.를 통해 자산 관리 비즈니스 및 결제 기술 솔루션을 성장시키는 것을 목표로 합니다.
First Busey (NASDAQ: BUSE) a reçu l'approbation de la Réserve fédérale pour acquérir CrossFirst Bankshares par le biais d'une fusion. Les actionnaires des deux entreprises ont approuvé la transaction le 20 décembre 2024. La fusion de la société mère devrait se clôturer le 1er mars 2025, sous réserve de l'approbation du Département de la régulation financière et professionnelle de l'Illinois.
CrossFirst Bank fonctionnera initialement en tant que filiale bancaire distincte jusqu'à sa fusion avec Busey Bank, prévue pour fin juin 2025. L'entité combinée servira les clients depuis 77 agences de services complets dans 10 États, 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.
La fusion élargit la présence de Busey sur des marchés en croissance, notamment Kansas City, Wichita, Dallas/Fort Worth, Denver et Phoenix. Le partenariat vise à renforcer les relations bancaires commerciales et à développer le secteur de la gestion de patrimoine ainsi que les solutions technologiques de paiement à travers FirsTech, Inc.
First Busey (NASDAQ: BUSE) hat die Genehmigung der Federal Reserve erhalten, CrossFirst Bankshares durch Fusion zu übernehmen. Die Aktionäre beider Unternehmen haben die Transaktion am 20. Dezember 2024 genehmigt. Die Fusion der Holding wird für den 1. März 2025 erwartet, vorbehaltlich der Genehmigung durch das Finanz- und Berufsregulierungsministerium von Illinois.
Die CrossFirst Bank wird zunächst als separate Banktochtergesellschaft operieren, bis sie voraussichtlich Ende Juni 2025 mit der Busey Bank fusioniert. Die kombinierte Einheit wird Kunden von 77 Vollservice-Standorten in 10 Bundesstaaten bedienen, mit insgesamt 20 Milliarden Dollar an Vermögenswerten, 17 Milliarden Dollar an Einlagen, 15 Milliarden Dollar an Krediten und 14 Milliarden Dollar an verwalteten Vermögenswerten.
Die Fusion erweitert die Präsenz von Busey in wachsenden Märkten, darunter Kansas City, Wichita, Dallas/Fort Worth, Denver und Phoenix. Die Partnerschaft zielt darauf ab, geschäftliche Bankbeziehungen zu stärken und das Vermögensverwaltungsgeschäft sowie Zahlungstechnologielösungen über FirsTech, Inc. auszubauen.
- Combined entity will have significant scale: $20B in assets, $17B in deposits, $15B in loans
- Expansion into high-growth metropolitan markets
- Expected improvements in net interest margin and efficiency
- Enhanced operational scale with 77 locations across 10 states
- Diversification of client, loan, and deposit base
- Integration risks between two large financial institutions
- Potential operational challenges during bank merger transition period
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 complete the merger with CrossFirst Bankshares?
What will be the total assets of the combined First Busey-CrossFirst entity?
When will CrossFirst Bank merge with Busey Bank operations?
Which new markets will First Busey enter through the CrossFirst acquisition?
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What regulatory approvals has the First Busey-CrossFirst merger received?
