Form 4: CrossFirst Bankshares COO Reports Disposal of Shares and Derivative Securities Following Merger with First Busey Corporation

Amy Fauss, COO of CrossFirst Bankshares, reports the disposal of common stock, preferred stock, and derivative securities due to the merger with First Busey Corporation.

Summary

• Amy Fauss, the COO of CrossFirst Bankshares, filed a Form 4 detailing changes in beneficial ownership following the merger between CrossFirst Bankshares and First Busey Corporation.
• The report indicates the disposal of 100,591 shares of common stock and 50 shares of Series A Non-Cumulative Perpetual Preferred Stock.
• These disposals are a result of the merger agreement where CrossFirst Bankshares merged into Busey, with Busey as the surviving entity.
• Common stock was converted into the right to receive 0.6675 shares of Busey common stock and cash for fractional shares.
• Preferred stock was converted into an equivalent number of Busey's Series A Non-Cumulative Perpetual Preferred Stock.
• Restricted stock units and stock-settled appreciation rights were also converted to reflect Busey common stock, adjusted by the exchange ratio of 0.6675.

Sentiment

Score: 5

Explanation: Neutral sentiment as the document primarily reports transactions related to a previously announced merger.

Future Outlook

The merger between CrossFirst Bankshares and First Busey Corporation has been completed, leading to the conversion of CrossFirst securities into Busey securities.

Industry Context

This filing reflects the completion of a merger within the banking sector, a common occurrence as financial institutions seek to expand their market presence and achieve economies of scale.

Stakeholder Impact

• Shareholders of CrossFirst Bankshares have had their shares converted into shares of First Busey Corporation.
• Employees with restricted stock units and stock appreciation rights will have their awards adjusted to reflect Busey common stock.

Key Dates