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First Busey Corporation announced it has received approval from the Federal Reserve to acquire by merger CrossFirst Bankshares, Inc. Photo credit: Will Crow.
Posed January 21, 2025
The Federal Reserve has approved the merger between CrossFirst Bankshares, Inc. and First Busey Corporation.
Following the two companies receiving shareholder approval in December, the Federal Reserve and the Kansas Office of the State Bank Commissioner have provided approval for the merger valued at $917 million.
Busey and CrossFirst intend to close the holding company merger on March 1, according to a release. Busey will operate CrossFirst Bank as a separate banking subsidiary of Busey until it is merged with Busey Bank.
“We’re excited this step in the process has been completed,” CrossFirst president and CEO, Mike Maddox, said in the release. “As we have said all along, Busey’s like-minded culture and customer approach are an ideal fit for our teams, along with the customers and communities we serve. This partnership will allow us to continue delivering the products, services and expertise they expect and deserve.”
The combined company will serve clients from 77 locations across 10 states with combined total assets of approximately $20 billion, $17 billion in total deposits, $15 billion in total loans and $14 billion in wealth assets under care.
The Busey Bank headquarters will remain in Champaign, Illinois and its holding company, First Busey Corp., will move into CrossFirst’s Leawood headquarters.
“We are excited about expanding Busey’s regional operating model in high-growth metro markets like Kansas City, Wichita, Dallas/Fort Worth, Denver, Phoenix and more, and look forward to bringing these two strong companies together to deliver service excellence to customers and communities across our footprint,” Busey Chairman and CEO, Van Dukeman, said in the release.
