Form 4: CrossFirst Bankshares Director, Jennifer M. Grigsby, Reports Disposal of Shares Following Merger with First Busey Corporation

Jennifer M. Grigsby, a director of CrossFirst Bankshares, reported the disposal of common stock and deferred shares due to the merger with First Busey Corporation, where CrossFirst merged into Busey.

Summary

• On March 1, 2025, Jennifer M. Grigsby, a director of CrossFirst Bankshares, reported the disposal of common stock due to the merger with First Busey Corporation.
• The merger, effective March 1, 2025, resulted in CrossFirst Bankshares merging into First Busey Corporation.
• Grigsby disposed of 27,612 shares of common stock directly held and 38,408 shares held indirectly through the Jennifer M. Grigsby Living Trust.
• Each deferred share under the CrossFirst 2018 Directors' Deferred Fee Plan was converted into the right to receive 0.6675 shares of First Busey Corporation common stock.
• Each share of CrossFirst common stock was converted into the right to receive 0.6675 shares of First Busey Corporation common stock and cash in lieu of fractional shares.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing related to a merger. It doesn't convey strong positive or negative sentiment, but rather reports factual information about the transaction.

Future Outlook

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

Industry Context

This announcement reflects ongoing consolidation trends within the banking industry, where smaller banks are merging with larger entities to achieve economies of scale and expand their market presence. This is a common strategy to enhance competitiveness and navigate the evolving regulatory landscape.

Comparison to Industry Standards

• Mergers between regional banks are common, with deal terms often involving a combination of stock and cash.
• The exchange ratio of 0.6675 shares of First Busey for each CrossFirst share is within the typical range observed in similar transactions.
• Comparable transactions include recent mergers among community and regional banks seeking to expand their footprint and service offerings.

Stakeholder Impact

• Shareholders of CrossFirst Bankshares received shares of First Busey Corporation and cash in lieu of fractional shares.
• The merger may impact employees of both CrossFirst Bankshares and First Busey Corporation due to potential restructuring and synergies.

Key Dates