Form 4: CrossFirst Bankshares Chief Risk Officer Jennifer M. Payne Reports Disposition of Shares and Restricted Stock Units Following Merger with First Busey Corporation

Jennifer M. Payne, Chief Risk Officer of CrossFirst Bankshares, reports the disposition of common stock and restricted stock units due to the merger with First Busey Corporation, where shares were converted into Busey common stock and cash.

Summary

• Jennifer M. Payne, Chief Risk Officer of CrossFirst Bankshares, filed a Form 4 on March 4, 2025, reporting changes in beneficial ownership.
• The report details the disposition of 5,593 shares of CrossFirst Bankshares common stock and several restricted stock unit awards as a result of the merger with First Busey Corporation, effective March 1, 2025.
• The merger agreement stipulated that each share of CrossFirst common stock would be converted into 0.6675 shares of First Busey common stock plus cash in lieu of fractional shares.
• Time-based vesting restricted stock units were converted into restricted stock units of First Busey common stock, maintaining the same terms and conditions.
• The number of Busey shares was calculated by multiplying the number of CrossFirst shares subject to the restricted stock unit award by 0.6675, with any fractional shares rounded to the nearest whole share.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive as the document reports the completion of a merger, which is generally viewed as a positive event for shareholders, although it results in the disposition of existing shares.

Future Outlook

The merger between CrossFirst Bankshares and First Busey Corporation is complete, with CrossFirst merging into Busey. The future outlook involves the integration of CrossFirst into Busey.

Industry Context

The merger reflects a trend of consolidation in the banking industry, where smaller banks are merging with larger institutions to achieve economies of scale and expand their market presence.

Stakeholder Impact

• Shareholders of CrossFirst Bankshares received shares of First Busey Corporation and cash in exchange for their shares.
• Employees of CrossFirst Bankshares may experience changes as a result of the integration with First Busey Corporation.

Key Dates