In a significant move within the banking sector, First Busey Corporation (NASDAQ:BUSE), the parent company of Busey Bank, and CrossFirst Bankshares (NASDAQ:CFB), the holding company for CrossFirst Bank, have announced a definitive agreement for a merger valued at approximately $916.8 million.
The all-stock transaction, based on Busey's closing stock price of $27.39 as of August 26, 2024, will result in CrossFirst merging into Busey.
Upon completion, the merged entity will operate under the Busey brand and is expected to boast around $20 billion in total assets, $17 billion in total deposits, and $13 billion in wealth management assets under care.
This strategic consolidation aims to enhance their commercial banking, wealth management, and payment technology solutions, leveraging both banks' robust market presences.
Van Dukeman, Chairman and CEO of Busey, expressed enthusiasm about the merger, stating, "The partnership between our high-quality franchises is a great fit from a strategic, financial, and cultural perspective. We anticipate that this merger will be a catalyst for further growth in commercial banking and expanding our existing wealth management and payments businesses."
The merger is anticipated to close in the first or second quarter of 2025.