Form 4: CrossFirst Bankshares Director Humphreys Reports Disposal of Shares Following Merger with First Busey Corporation

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

Summary

• Lance Humphreys, a director of CrossFirst Bankshares, filed a Form 4 detailing changes in beneficial ownership.
• The filing reports transactions occurring on March 1, 2025, related to the merger between CrossFirst Bankshares and First Busey Corporation.
• Humphreys disposed of 24,567 shares of common stock directly owned.
• He also disposed of 31,912 shares held indirectly through 410 Investments, LLC, and 137,394 shares held indirectly through 640 Legacy Partners, LLC.
• Additionally, 25 shares of Series A Non-Cumulative Perpetual Preferred Stock held indirectly through the Lance Humphreys Trust u/t/a, 12/15/2010 were converted.
• The disposals and conversion were a result of the merger agreement where CrossFirst Bankshares merged into Busey.
• Each share of CrossFirst common stock was converted into 0.6675 shares of Busey common stock plus cash for fractional shares.
• Each share of CrossFirst Series A Preferred Stock was converted into one share of Busey Series A Preferred Stock.

Sentiment

Score: 7

Explanation: The document is a routine regulatory filing related to a previously announced merger. The sentiment is neutral as it simply reports the execution of the merger agreement. The merger itself could be viewed positively or negatively depending on individual shareholder perspectives.

Future Outlook

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

Industry Context

This announcement reflects ongoing consolidation trends within the banking industry, where smaller banks merge with larger entities to achieve economies of scale and expand market reach.

Comparison to Industry Standards

• Merger and acquisition activity is common in the banking sector, with deal terms varying based on the financial health and strategic fit of the involved companies.
• The conversion ratio of 0.6675 shares of Busey common stock per share of CrossFirst common stock would be compared to similar bank mergers to assess the fairness of the deal for CrossFirst shareholders.
• Comparable companies that have undergone similar mergers could include institutions like Commerce Bancshares and UMB Financial Corporation, although specific deal terms would need to be analyzed for a direct comparison.

Stakeholder Impact

• Shareholders of CrossFirst Bankshares will receive Busey stock and cash as a result of the merger.
• The merger may impact employees of both CrossFirst Bankshares and First Busey Corporation due to potential synergies and restructuring.

Key Dates