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

Kevin Rauckman, a director of CrossFirst Bankshares, disposed of common stock and preferred stock due to the merger with First Busey Corporation, as detailed in a Form 4 filing.

Summary

• Kevin Rauckman, a director at CrossFirst Bankshares, filed a Form 4 detailing changes in beneficial ownership.
• The filing reports the disposal of 26,898 shares of common stock and 250 shares of Series A Non-Cumulative Perpetual Preferred Stock on March 1, 2025.
• These disposals are a result of the merger agreement between CrossFirst Bankshares and First Busey Corporation, which was entered into on August 26, 2024.
• Under the merger agreement, 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.
• All remaining previously reported, but unvested Issuer Restricted Stock Awards vested as of the closing date of the merger.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing related to a merger. The sentiment is neutral as it simply reports the transaction.

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 as a result of the merger.
• Employees of CrossFirst Bankshares may experience changes as a result of the integration with First Busey Corporation.

Key Dates