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Shareholders Approve First Busey, CrossFirst Merger

First Busey Corporation will acquire CrossFirst Bankshares following a special shareholder meeting approving the merger.

Posted December 26, 2024

Shareholders from First Busey Corporation and CrossFirst Bankshares, Inc. have announced a merger agreement for the two companies.

The merger will create a full-service commercial bank operating 77 locations across 10 states, with total assets of approximately $20 billion, $17 billion in deposits, $15 billion in loans, and $14 billion in wealth assets under care, according to a Monday release.

Special shareholder meetings were held on Friday, Dec. 20, where First Busey and CrossFirst shareholders voted to adopt all proposals relating to the previously announced merger in August.

“These meetings demonstrate the high level of certainty shareholders have in the value of our combined company,” CrossFirst CEO Mike Maddox said in a release. “It also underscores their support of our strategic rationale and the financial benefits of the merger.”

First Busey and CrossFirst believe the merger will close in the first or second quarter of 2025.

“This approval reflects our shareholders’ confidence in this compelling merger that will create significant upside for our associates, customers, communities and shareholders,” First Busey Chairman and CEO Van Dukeman said in the release. “The next step is receiving the required regulatory approvals, followed by the closing of the merger of the holding companies and successful integration of these two premier franchises.”