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

Director Ron Geist reports the disposal of CrossFirst Bankshares common and preferred stock due to the merger with First Busey Corporation, where shares were converted into Busey stock and preferred stock.

Summary

• Ron Geist, a director of CrossFirst Bankshares, filed a Form 4 to report changes in beneficial ownership due to the merger between CrossFirst Bankshares and First Busey Corporation.
• The merger, agreed upon on August 26, 2024, resulted in CrossFirst Bankshares merging into First Busey Corporation.
• As a result of the merger, Geist disposed of 60,579 shares of common stock and 100 shares of Series A Non-Cumulative Perpetual Preferred Stock held directly.
• Additionally, 656,302 shares of common stock and 1,500 shares of Series A Non-Cumulative Perpetual Preferred Stock held indirectly through Starwood Investments, L.P. were disposed of.
• Each share of CrossFirst Bankshares 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.
• Each share of CrossFirst Bankshares Series A Non-Cumulative Perpetual Preferred Stock was converted into one share of First Busey Corporation 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 indications of positive or negative performance, just the execution of a planned event.

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.

Stakeholder Impact

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

Key Dates