First Busey Corporation Expands with Acquisition of CrossFirst Bankshares
Deal News | Jan 17, 2025 | Globenewswire
First Busey Corporation has received Federal Reserve approval for its acquisition of CrossFirst Bankshares. This merger marks a significant step in expanding First Busey's footprint into high-growth metro areas such as Kansas City, Wichita, and Dallas/Fort Worth, as well as other key regions. Scheduled to close in March 2025, the merger aims to create a leading commercial bank with approximately $20 billion in assets. Both companies highlight the cultural and operational synergies anticipated from this partnership, with plans for enhanced commercial banking services and wealth management. The transaction has also obtained approvals from requisite state banking regulators. With a focus on integrating operations efficiently, First Busey and CrossFirst plan to finalize their banking merger by mid-2025, further strengthening First Busey's service delivery and financial performance. The merger is expected to significantly boost First Busey's market presence, capital efficiency, and shareholder returns.
Sectors
- Banking
- Financial Services
- Mergers and Acquisitions
Geography
- United States – Both companies are based in the United States, and the merger affects several U.S. states including Illinois, Kansas, Texas, Missouri, and others.
Industry
- Banking – The article revolves around the banking sector, as it discusses the acquisition of a bank holding company, First Busey Corporation, acquiring CrossFirst Bankshares.
- Financial Services – The acquisition includes expansion of services such as commercial banking, wealth management, and financial technology, which are integral to the financial services industry.
- Mergers and Acquisitions – The primary focus of the article is a merger between First Busey Corporation and CrossFirst Bankshares.
Financials
- 20 billion USD – Combined total assets of the merged entity
- 17 billion USD – Projected total deposits post-merger
- 15 billion USD – Projected total loans post-merger
- 14 billion USD – Wealth assets under care for the merged entity
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| First Busey Corporation | Acquirer | Company | A financial holding company headquartered in Champaign, Illinois, involved in acquiring CrossFirst Bankshares. |
| CrossFirst Bankshares, Inc. | Target company | Company | A registered bank holding company headquartered in Kansas, being acquired by First Busey Corporation. |
| Federal Reserve | Regulatory body | Government | Provided the regulatory approval for the acquisition. |
| Van Dukeman | Chairman and CEO of First Busey Corporation | Person | Leading the expansion through the acquisition of CrossFirst Bankshares. |
| Mike Maddox | CEO, President and Director of CrossFirst | Person | Responsible for guiding the merger from CrossFirst's side. |
| Illinois Department of Financial and Professional Regulation | Regulatory body | Government | Pending final approval for the merger. |
| Kansas Office of the State Bank Commissioner | Regulatory approval | Government | Has approved the transaction from the Kansas perspective. |