First Busey Corporation Completes Acquisition of CrossFirst Bankshares, Inc. and CrossFirst Bank

Core Viewpoint - First Busey Corporation has successfully completed its acquisition of CrossFirst Bankshares, enhancing its market presence and operational scale in the banking sector [1][2]. Transaction Details - The merger was effective on March 1, 2025, with CrossFirst shareholders receiving 0.6675 shares of Busey common stock for each share of CrossFirst [5]. - CrossFirst shareholders will own approximately 36.5% of the combined company on a fully-diluted basis [7]. - The combined entity will operate under the Busey brand, with a total of approximately $20 billion in assets, $17 billion in deposits, and $15 billion in loans [2]. Operational Strategy - Busey will maintain CrossFirst Bank as a separate subsidiary until its merger with Busey Bank, expected in June 2025 [2]. - The merger aims to extend Busey's regional operating model into high-growth metro markets, enhancing commercial banking relationships and wealth management opportunities [3]. Leadership and Governance - The Board of Directors will consist of 13 members, with eight from Busey and five from CrossFirst [5]. - Key leadership includes Van Dukeman as Chairman and CEO, and Mike Maddox as Vice Chairman and President [6]. Financial Position - Busey Bank had total assets of $12.01 billion as of December 31, 2024, while CrossFirst Bank had total assets of $7.7 billion [9]. - The combined company will leverage Busey's strong balance sheet, characterized by exceptional credit quality and diversified revenue streams [4]. Market Recognition - Busey Bank has been recognized among the World's Best Banks for 2024 by Forbes and has received multiple accolades for its workplace culture and community engagement [12].