First Busey (NASDAQ:BUSE) Receives Regulatory Approval for Merger with CrossFirst Bankshares, Inc.

First Busey Corporation has recently announced that it has obtained regulatory approval from the Board of Governors of the Federal Reserve System for the upcoming merger with CrossFirst Bankshares, Inc. The merger, subject to the terms of the Agreement and Plan of Merger dated August 26, 2024, will see CrossFirst Bankshares merging into First Busey, with the latter continuing as the surviving corporation.

In addition to the merger of the holding companies, there is a proposed merger in place for CrossFirst Bank, the only insured depository institution subsidiary of CrossFirst, to join forces with Busey Bank, the sole depository institution subsidiary of First Busey, with Busey Bank emerging as the surviving entity. The anticipated date for the closure of the merger is on March 1, 2025, with the condition that customary closing requirements are met, including the approval from the Illinois Department of Financial and Professional Regulation, already approved by the Kansas Office of the State Bank Commissioner.

First Busey Corporation and CrossFirst issued a joint press release concerning these developments on January 17, 2025, further affirming their intent to move forward with the merger. This consolidation is expected to enhance Busey’s regional presence in dynamic metro markets such as Kansas City, Wichita, Dallas/Fort Worth, Denver, and Phoenix, with a focus on bringing elevated service offerings to customers and communities across these areas.

Commenting on this significant progress, Van Dukeman, Chairman and CEO of Busey, expressed enthusiasm about expanding Busey’s operating profile into high-growth markets and the potential it holds for service excellence. He emphasized the strategic alignment of cultural values and approach to customer service between the two institutions, signaling confidence in delivering quality service to the expanded customer base.

The merger is slated to bring operational improvements and efficiencies, promoting growth across the wealth management and technology solutions segments. The combined entity is projected to become a leading full-service commercial bank with a wide footprint, spanning 77 locations in 10 states and boasting assets totaling around $20 billion, $17 billion in deposits, $15 billion in loans, and $14 billion in wealth assets under care.

Through coherent philosophies, mutual business synergies, enhanced capital resources, and operational efficiencies, the merger is poised to boost performance metrics, improve net interest margin, enhance efficiency, and amplify returns to shareholders. The convergence of competencies and resources positions the newly amalgamated entity for sustained growth and profitability.

*Please note that the information in this article has been derived from a Form 8-K SEC Filing and subsequent press release. Investors are encouraged to conduct further research and analysis before making any financial decisions.*

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

First Busey Company Profile

First Busey Corporation operates as the bank holding company for Busey Bank that engages in the provision of retail and commercial banking products and services to individual, corporate, institutional, and governmental customers in the United States. It operates through three segments: Banking, Wealth Management, and FirsTech.