Form 4: CrossFirst Bankshares Director King Mason Disposes of Shares in Merger with First Busey Corporation

Director King Mason reports the disposal of CrossFirst Bankshares (CFB) common stock due to the merger with First Busey Corporation, where shares were converted into Busey common stock and cash.

Summary

• On March 1, 2025, King Mason, a director of CrossFirst Bankshares (CFB), reported the disposal of CFB common stock following the merger with First Busey Corporation.
• The merger, effective on this date, resulted in CFB merging into Busey, with Busey as the surviving entity.
• Under the terms of the merger agreement dated August 26, 2024, each share of CFB common stock was converted into the right to receive 0.6675 shares of First Busey Corporation common stock, plus cash in lieu of fractional shares.
• Mason disposed of 104,192 shares of common stock directly owned.
• Mason also disposed of 640,352 shares held indirectly through LKCM Private Discipline Master Fund SPC, 405,264 shares held indirectly through Luther King Capital Management Corporation, and 1,100 shares held indirectly by spouse.
• Deferred shares under the CrossFirst 2018 Directors' Deferred Fee Plan were also converted into the right to receive 0.6675 shares of Busey common stock per deferred share.

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 specific forward-looking statements beyond the completion of the merger.

Industry Context

This announcement reflects ongoing consolidation trends within the banking sector, where smaller banks are merging with larger entities to achieve economies of scale and expand their market presence.

Comparison to Industry Standards

• Mergers in the banking industry often involve a share exchange ratio, similar to the 0.6675 shares of Busey common stock per CrossFirst share.
• Comparable transactions include other regional bank mergers where shareholders of the acquired company receive shares and/or cash of the acquiring company.

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 companies due to potential synergies and restructuring.

Key Dates