Form 4: CrossFirst Bankshares Director Stephen Swinson Reports Share Disposal Following Merger with First Busey Corporation

Director Stephen K. Swinson reports the disposal of CrossFirst Bankshares common and preferred stock following the merger with First Busey Corporation, converting shares into Busey stock and preferred stock.

Summary

• Stephen K. Swinson, a director of CrossFirst Bankshares, filed a Form 4 detailing changes in his beneficial ownership due to the merger between CrossFirst Bankshares and First Busey Corporation.
• The merger, which became effective on March 1, 2025, resulted in the conversion of CrossFirst Bankshares common stock into 0.6675 shares of First Busey Corporation common stock per share.
• Swinson's holdings of CrossFirst Bankshares common stock were reduced to zero as a result of the merger.
• Similarly, his holdings of Series A Non-Cumulative Perpetual Preferred Stock were converted into an equivalent number of Series A Non-Cumulative Perpetual Preferred Stock of Busey.
• The filing indicates that the transactions were executed according to the terms of the merger agreement dated August 26, 2024.

Sentiment

Score: 7

Explanation: The sentiment is neutral to positive as the document simply reports the completion of a previously announced merger. The merger itself could be viewed positively by investors if it creates synergies and enhances shareholder value.

Future Outlook

The merger between CrossFirst Bankshares and First Busey Corporation is complete, and former CrossFirst Bankshares shareholders now hold shares in First Busey Corporation.

Industry Context

The merger reflects ongoing consolidation trends in the banking industry, where smaller banks seek to gain scale and efficiency by merging with larger institutions.

Comparison to Industry Standards

• Bank mergers are common in the financial industry, with deal terms varying based on the financial health and strategic fit of the merging entities.
• The exchange ratio of 0.6675 shares of First Busey Corporation for each share of CrossFirst Bankshares would be evaluated against comparable bank mergers to assess its fairness.
• Comparable companies include other regional banks that have recently undergone mergers, such as the merger of People's United Financial into M&T Bank.

Stakeholder Impact

• Shareholders of CrossFirst Bankshares now hold shares of First Busey Corporation.
• Employees of CrossFirst Bankshares may experience changes as a result of the merger, such as integration into First Busey Corporation's operations.

Key Dates