First Busey Corporation ("First Busey") (NASDAQ: BUSE) and CrossFirst Bankshares, Inc. ("CrossFirst") (NASDAQ: CFB) have announced the approval of their merger by their respective shareholders. The merger, which is expected to close in the first or second quarter of 2025, will create a premier full-service commercial bank with approximately $20 billion in total assets, $17 billion in total deposits, $15 billion in total loans, and $14 billion in wealth assets under care.
As of September 30, 2024, First Busey Corporation was an $11.99 billion financial holding company with its wholly-owned bank subsidiary, Busey Bank, having total assets of $11.95 billion. Busey Bank currently operates 62 banking centers across various markets. Furthermore, Busey's wealth management division had assets under care totaling $13.69 billion as of the same date.
The merger is expected to significantly enhance key performance metrics, with meaningful improvements in net interest margin and efficiency. This is projected to drive increased profitability and returns to shareholders. The combined entity will serve clients from 77 full-service locations across 10 states.
The press release mentions that Busey was named among the world’s best banks for 2024 by Forbes and was honored to be named among America’s best banks by Forbes magazine for the third consecutive year. Additionally, the company has received several other accolades, including being recognized as one of the best places to work in various regions.
The merger is seen as an important milestone, with both companies expressing excitement about the future and the potential for delivering outstanding service and tailored financial solutions to their clients. Following these announcements, the company's shares moved -0.5%, and are now trading at a price of $15.45. For the full picture, make sure to review CrossFirst Bankshares's 8-K report.
