Form 4: CrossFirst Bankshares Director Bruce George Reports Share Disposals Following Merger with First Busey Corporation

Director Bruce George reports the disposal of CrossFirst Bankshares common and preferred stock due to the merger with First Busey Corporation, where shares were converted into First Busey Corporation stock and cash.

Summary

• Bruce George, a director of CrossFirst Bankshares, filed a Form 4 detailing changes in his beneficial ownership due to the merger between CrossFirst Bankshares and First Busey Corporation.
• The merger, effective as of March 1, 2025, resulted in the conversion of CrossFirst common stock into the right to receive 0.6675 shares of First Busey Corporation common stock and cash in lieu of fractional shares.
• Mr. George's holdings of 72,686 shares of CrossFirst common stock were disposed of as a result of this conversion.
• His holdings of 100 shares of Series A Non-Cumulative Perpetual Preferred Stock were converted into 100 shares of Series A Non-Cumulative Perpetual Preferred Stock of Busey.
• The filing also notes that previously unvested Issuer Restricted Stock Awards vested as of the closing date of the merger.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. The merger is a significant event, and the filing reflects its completion. The vesting of restricted stock is a positive for those employees.

Positives

• The merger provides liquidity to CrossFirst Bankshares shareholders through the conversion of their shares into First Busey Corporation stock and cash.
• The vesting of previously unvested restricted stock awards benefits the holders of those awards.

Future Outlook

The document does not contain specific forward-looking statements beyond the completion of the merger.

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.
• Holders of restricted stock awards in CrossFirst Bankshares benefited from the vesting of their awards.

Key Dates