First Busey Corporation Enters Arizona Through CrossFirst Acquisition

Deal News | Mar 04, 2025 | EIN

First Busey Corporation Enters Arizona Through CrossFirst Acquisition

First Busey Corporation, operating Busey Bank, has completed its acquisition of CrossFirst Bankshares, paving the way for its entrance into the Arizona market along with expansions into other regions such as New Mexico, Oklahoma, Denver, and the Dallas-Fort Worth metroplex. This strategic acquisition, finalized on March 1, increases First Busey Corp's total assets to $20 billion and is part of a larger plan to operate CrossFirst Bank as a separate subsidiary before fully merging it with Busey Bank by June. The merger will result in a full-service commercial bank with $17 billion in total deposits, $15 billion in total loans, and $14 billion in wealth assets under management. CrossFirst Bank has two branches in Arizona, with assets over $317 million, marking a significant expansion for Busey Bank. The transaction was valued at approximately $917 million based on an all-stock arrangement, although recent valuations estimate it at $805 million due to stock price calculations. The headquarters of the holding company will remain in Leawood, Kansas, central to the combined operations and strategic goals of Busey Bank.

Sectors

  • Banking and Financial Services
  • Mergers and Acquisitions
  • Wealth Management

Geography

  • United States – The article specifically notes expansion across various states in the US, including Arizona, New Mexico, Oklahoma, Colorado (Denver), Dallas-Fort Worth, Kansas City, and Illinois, among others.
  • Arizona – The acquisition allows Busey Bank entry into the Arizona market, specifically mentioned in the article in connection with CrossFirst's local branches.

Industry

  • Banking and Financial Services – The primary focus of the article is on the acquisition of CrossFirst Bankshares by First Busey Corporation, illustrating significant market movement within the banking and financial services industry.
  • Mergers and Acquisitions – The article discusses the completed merger and acquisition between Busey Bank and CrossFirst Bankshares, detailing the financial and strategic implications of the transaction.
  • Wealth Management – Part of Busey Bank's strategic growth and service offering post-merger includes wealth assets under management, an integral sector within financial services.

Financials

  • $917 million – The original value of the all-stock transaction for the acquisition of CrossFirst Bankshares by First Busey Corporation.
  • $805 million – The recalculated value of the merger deal as adjudged by Standard & Poor's based on recent share prices.
  • $20 billion – The total assets of First Busey Corporation following the acquisition.
  • $12 billion – Busey Bank's total assets prior to acquisition.

Participants

NameRoleTypeDescription
First Busey CorporationBuyerCompanyA financial holding company that operates Busey Bank, acquiring CrossFirst Bankshares to expand its market presence.
Busey BankAcquirerCompanyThe banking entity under First Busey Corporation acquiring and integrating CrossFirst Bank as part of its operations.
CrossFirst BanksharesTargetCompanyA bank holding company being acquired by First Busey Corporation to expand Busey Bank's market reach.
Van DukemanChairman and CEOPersonChairman and CEO of First Busey Corp. and Chairman of Busey Bank, overseeing the merger process.
Mike MaddoxVice Chairman and PresidentPersonFormer CEO of CrossFirst; now Vice Chairman and President of the holding company and President and CEO of Busey Bank.
Standard & Poor'sFinancial AnalystCompanyPerformed valuation calculations for the merger transaction based on share counts and market data.