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

Director James W. Kuykendall reports the disposal of CrossFirst Bankshares (CFB) common and preferred stock due to the merger with First Busey Corporation.

Summary

• James W. Kuykendall, a director of CrossFirst Bankshares (CFB), filed a Form 4 detailing changes in beneficial ownership.
• The filing reports the disposal of 72,308 shares of common stock directly owned, as well as 183,706 shares held indirectly through Equipment World, Inc., and 70,000 shares held indirectly through Signature Leasing, LLC.
• Additionally, 2,000 shares of Series A Non-Cumulative Perpetual Preferred Stock held indirectly through Signature Leasing, LLC were disposed of.
• These disposals are a result of the merger agreement between CrossFirst Bankshares and First Busey Corporation (Busey), effective as of the reported transaction date.
• Under the merger terms, CrossFirst Bankshares merged into Busey, with Busey surviving.
• Each share of CrossFirst common stock was converted into the right to receive 0.6675 shares of Busey common stock and cash in lieu of fractional shares.
• Each share of CrossFirst Series A Non-Cumulative Perpetual Preferred Stock was converted into one share of Busey Series A Non-Cumulative Perpetual Preferred Stock.

Sentiment

Score: 6

Explanation: The sentiment is neutral as it primarily reports a transaction resulting from a previously announced merger. There are no explicit positive or negative implications presented in the filing.

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.

Comparison to Industry Standards

• Mergers between regional banks are common, with deal terms varying based on asset size, profitability, and market conditions.
• The exchange ratio of 0.6675 shares of Busey for each share of CrossFirst is within the typical range for bank mergers of this size.
• Comparable transactions include recent mergers among community and regional banks in the Midwest and Southeast regions of the United States.

Stakeholder Impact

• Shareholders of CrossFirst Bankshares received shares of First Busey Corporation and cash as part of the merger consideration.
• The merger may impact employees of both CrossFirst Bankshares and First Busey Corporation due to potential synergies and restructuring.

Key Dates