First Busey Corporation Receives Federal Reserve Approval for Acquisition of CrossFirst Bankshares, Inc.

CrossFirst Bankshares, Inc. (NASDAQ: CFB) and First Busey Corporation (“Busey”) have successfully received regulatory approval from the Board of Governors of the Federal Reserve System for the proposed merger, as stated in CrossFirst’s recent 8-K filing. This approval marks a significant step towards the merger of CrossFirst Bankshares into Busey, with the latter expected to continue as the surviving corporation after the merger is finalized.

The merger, which was announced on August 26, 2024, will also include the consolidation of CrossFirst Bank (the sole insured depository institution subsidiary of CrossFirst) with Busey Bank (the sole depository institution subsidiary of Busey), with Busey Bank emerging as the surviving bank post-merger. Both CrossFirst and Busey are looking to complete the merger by March 1, 2025, pending satisfaction of the remaining customary closing conditions, including obtaining approval from the Illinois Department of Financial and Professional Regulation.

In addition to the Federal Reserve’s approval, the transaction has also received the green light from the Kansas Office of the State Bank Commissioner. A joint press release issued by CrossFirst and Busey on January 17, 2025, highlighted the key details of the merger and the anticipated benefits to be realized through this strategic combination.

The merger is expected to allow Busey to broaden its regional operating presence in thriving metro markets such as Kansas City, Wichita, Dallas/Fort Worth, Denver, Phoenix, and more. It is envisioned that the combined entity will enhance service delivery to customers and communities across their expanded footprint.

Upon the completion of the holding company merger on March 1, 2025, CrossFirst Bank will continue to operate as a separate banking subsidiary of Busey until it merges with Busey Bank, projected to occur in late June 2025. Following the bank merger, CrossFirst Bank’s banking centers will transition into branches of Busey Bank.

The executives of both organizations expressed their enthusiasm about the upcoming merger, emphasizing the alignment in culture and customer-centric approach that will fortify their joint operations. The partnership is anticipated to boost Busey’s commercial banking relationships, provide growth opportunities in wealth management and payment technology solutions, and create a premier full-service commercial bank serving clients across 10 states with combined total assets of approximately $20 billion.

The 8-K filing underscored the importance of exercising caution in placing undue reliance on forward-looking statements, given the uncertain nature of the factors that could impact the merger’s outcomes. Both Busey and CrossFirst underscored the dynamic and evolving nature of the business landscape and pledged to continue updating stakeholders on relevant developments.

As the merger progresses towards completion, market participants will closely monitor the finalization of the transaction and its subsequent impact on the financial landscape.

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This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read CrossFirst Bankshares’s 8K filing here.

About CrossFirst Bankshares

CrossFirst Bankshares, Inc operates as the bank holding company for CrossFirst Bank that provides various banking and financial services to businesses, business owners, professionals, and its personal networks. The company offers commercial and industrial loans, including enterprise value lending; commercial real estate loans; construction and development loans, such as home builder lending; residential real estate, multifamily real estate, energy, SBA, and consumer loans; and credit cards.