Form 4: CrossFirst Bankshares Director Stogner Reports Share Conversion Following Merger with First Busey Corporation

Director Grey Stogner reports the conversion of CrossFirst Bankshares common and preferred stock into First Busey Corporation stock and preferred stock, respectively, following the merger agreement.

Summary

• Grey Stogner, a director of CrossFirst Bankshares, filed a Form 4 detailing changes in beneficial ownership due to the merger between CrossFirst Bankshares and First Busey Corporation.
• The merger, effective March 1, 2025, resulted in the conversion of CrossFirst common stock into the right to receive 0.6675 shares of First Busey Corporation common stock plus cash in lieu of fractional shares.
• Stogner's holdings of 74,586 shares of CrossFirst common stock were disposed of as a result of this conversion.
• Additionally, 500 shares of Series A Non-Cumulative Perpetual Preferred Stock of CrossFirst were converted into an equivalent number of Series A Non-Cumulative Perpetual Preferred Stock of Busey.
• The transactions were executed pursuant to the merger agreement dated August 26, 2024.

Sentiment

Score: 7

Explanation: The document reflects a completed merger, which is generally a positive event for shareholders, although the immediate impact is already priced into the stock. The sentiment is neutral to slightly positive.

Future Outlook

The document does not contain explicit forward-looking statements beyond the completion of the merger.

Industry Context

The merger reflects a trend of consolidation 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 for fractional shares.
• The merger may impact employees of both companies due to potential synergies and restructuring.

Key Dates