First Busey Corporation and CrossFirst Bankshares, Inc. have announced that their shareholders have voted to approve the merger, which will see First Busey acquiring CrossFirst. The merger is expected to close in the first or second quarter of 2025, subject to regulatory approvals and other customary closing conditions.
Once completed, the merger will create a premier full-service commercial bank with 77 full-service locations across 10 states and combined total assets of approximately $20 billion, total deposits of $17 billion, total loans of $15 billion, and wealth assets under care of $14 billion.
First Busey Corporation, as of September 30, 2024, was an $11.99 billion financial holding company with Busey Bank, its wholly-owned subsidiary, having total assets of $11.95 billion. Busey Bank operates 62 banking centers in various markets and provides a full range of wealth management services with assets under care totaling $13.69 billion.
The merger is expected to result in significant improvements in key performance metrics, with meaningful enhancements in net interest margin and efficiency, driving increased profitability and returns to shareholders. This is attributed to compatible banking philosophies and cultures, complementary business models, combined capital strength, and increased economies of scale.
The announcement did not provide specific figures on how the key performance metrics have changed since the last period. Following these announcements, the company's shares moved -0.7%, and are now trading at a price of $23.98. If you want to know more, read the company's complete 8-K report here.
