First Busey Corporation Secures Federal Approval for CrossFirst Acquisition
Deal News | Jan 17, 2025 | Globenewswire
First Busey Corporation has received Federal Reserve approval to acquire CrossFirst Bankshares, marking a significant step in expanding its regional operations. The acquisition, subject to final regulatory approvals, is expected to close in March 2025, followed by a merger of the banks in June 2025. This strategic move aims to enhance Busey's presence in high-growth metro areas and expand its commercial banking and wealth management services. The combined entity will operate 77 locations across 10 states, with $20 billion in total assets. The merger promises increased profitability and expanded service offerings, backed by shared banking philosophies and operational synergies. Despite the forward-looking optimism, the merger is contingent on the satisfaction of customary closing conditions and regulatory oversight.
Sectors
- Banking
- Financial Services
Geography
- United States – Both First Busey Corporation and CrossFirst Bankshares operate within the US, with expansion plans in high-growth metro markets across various states.
- Kansas – CrossFirst Bankshares is headquartered in Leawood, Kansas, making it a key geographical location for the acquisition.
- Illinois – First Busey Corporation is headquartered in Champaign, Illinois, and is a central figure in this banking deal.
Industry
- Banking – The article discusses the acquisition and merger of two financial institutions, First Busey Corporation and CrossFirst Bankshares, highlighting the banking sector's operations and expansion strategies.
- Financial Services – The involved entities provide a variety of financial services, including commercial banking and wealth management, which are integral parts of the financial services industry.
Financials
- $20 billion – Total combined assets of the new entity post-merger.
- $17 billion – Total deposits expected after the merger.
- $15 billion – Total loans to be managed by the combined entity.
- $14 billion – Wealth assets under care after the acquisition.
- $11.99 billion – The total assets of First Busey Corporation as of September 30, 2024.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| First Busey Corporation | Acquiring Company | Company | A financial holding company primarily dealing with banking and financial services, headquartered in Champaign, Illinois. |
| CrossFirst Bankshares, Inc. | Target Company | Company | A full-service bank holding company based in Leawood, Kansas, focused on personalized, relationship-based banking. |
| Federal Reserve | Regulatory Authority | Government | The central banking system of the United States that provides approval for banking mergers and acquisitions. |
| Illinois Department of Financial and Professional Regulation | Regulatory Authority | Government | Responsible for overseeing financial regulations in Illinois, where further approval is required for the merger closing. |
| Kansas Office of the State Bank Commissioner | Regulatory Authority | Government | Granted approval for the transaction on behalf of the state of Kansas. |