First Busey to Acquire CrossFirst in a $916.8 Million All-Stock Merger

First Busey Corporation (BUSE) on August 27, 2024, entered a merger agreement to acquire regional lender CrossFirst Bankshares, Inc. (CFB) in an all-stock deal valued at $916.8 million.

Details of the Merger:

Under the terms of the merger agreement, CrossFirst shareholders will receive 0.6675 shares of Busey common stock for each share held of CrossFirst common stock, at about $18.28 per share, representing a discount of 0.26% from the stock’s last close.

Company Profile:

CrossFirst Bankshares is a Kansas-based company that owns CrossFirst Bank, which offers loans, deposit accounts, and other banking services through branches and online across several states.

First Busey is a $12 billion bank holding company based in Champaign, Illinois. It provides banking services, wealth management, and payment technology through its main bank, Busey Bank, and its tech subsidiary, FirsTech, Inc. First Busey acquired Pulaski Financial for $210.7 million in 2015 and First Community Financial Partners for $235.8 million in 2017.

Deal Details and Timeline:

The combined company, operating under the Busey brand, will have about $20 billion in assets, $17 billion in deposits, and $13 billion in wealth management assets.

CrossFirst Bankshares’ current Price/Book (TTM) ratio is 1.24, below the sector median of 1.25.

The partnership will help Busey grow in the rapidly expanding metro areas of Kansas City, Wichita, Dallas/Fort Worth, Denver, and Phoenix. It will also strengthen its commercial banking connections and provide more chances to expand its wealth management business and its payment technology company, FirsTech, Inc.

After the deal is completed, which is expected in the first or second quarter of 2025, Busey’s shareholders will own about 63.5% of the new company, and CrossFirst’s shareholders will own around 36.5%.

Busey CEO Van Dukeman will stay on as Executive Chairman and CEO of Busey and Executive Chairman of Busey Bank. CrossFirst CEO Mike Maddox will take on the roles of President and Executive Vice Chairman of Busey and CEO of Busey Bank. Maddox will become the CEO of Busey either one year or 18 months after the merger, while Dukeman will continue as Executive Chairman of both Busey and Busey Bank.

Deal Metrics:

To explore further details about this M&A transaction, please visit the Deal Metrics page here:

Deal Metrics for the acquisition of CrossFirst Bankshares, Inc. (CFB) by First Busey Corporation (BUSE)

The Deal Metrics page for each merger or acquisition includes:

• A spread history chart of the merger from announcement through eventual completion or failure.
• Updates on every event as the merger progresses through the expiration of the HSR period, various regulatory approvals, shareholder votes, etc.
• News and SEC filings.
• A history of deal updates.
• And much more.

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Editor’s Note: Baranjot Kaur contributed to this article