CFB Overview

Acquisition Announcement: First Busey Corporation has successfully completed its acquisition of CrossFirst Bankshares, effective March 1, 2025, with plans to merge CrossFirst Bank into Busey Bank by June 2025, creating a larger banking institution with approximately $20 billion in total assets.

Leadership and Future Plans: The combined company will be governed by a new Board of Directors and aims to enhance its commercial banking relationships and wealth management services, leveraging the strengths of both organizations to expand its market presence across the Midwest and Southwestern U.S.

CFO Departure: First Busey announced the unexpected departure of CFO Jeff Jones, which was not related to any disagreements regarding the company's financials or operations, nor the acquisition of CrossFirst.

Market Reaction: Piper Sandler expressed surprise at Jones' exit but maintained an Overweight rating on First Busey stock with a price target of $28, noting that Jones was enthusiastic about the merger with CrossFirst.

Earnings Report: CrossFirst Bankshares, Inc. announced its operating results for the fourth quarter and full year ending December 31, 2024.

Company Overview: CrossFirst Bankshares is a Kansas-based bank holding company that operates CrossFirst Bank, providing financial services across several states including Kansas, Missouri, Oklahoma, Texas, Arizona, Colorado, and New Mexico.

Merger Approval: First Busey Corporation and CrossFirst Bankshares have received shareholder approval for their merger, which is expected to close in the first or second quarter of 2025, pending regulatory approvals.

Enhanced Banking Services: The merger will create a full-service commercial bank with approximately $20 billion in total assets, aiming to improve financial services and profitability while maintaining community banking values.

Merger Approval: First Busey Corporation and CrossFirst Bankshares have received shareholder approval for their merger, which is expected to close in early to mid-2025.

Combined Financials: The merger will result in combined assets of approximately $20 billion, including $17 billion in deposits and $15 billion in loans.

Legal Investigations: Monteverde & Associates PC is investigating proposed mergers involving Manitex International, Crossfirst Bankshares, and Village Bank and Trust Financial Corp, with shareholder votes scheduled for December 19 and 20, 2024.

Firm's Credentials: The firm, recognized as a Top 50 Firm by ISS Securities Class Action Services, emphasizes its successful track record in recovering money for shareholders and encourages potential clients to inquire about their legal services.