Form 4: CrossFirst Bankshares Officer Michael Daley Reports Disposal of Shares and Stock Units Following Merger with First Busey Corporation

Michael Daley, Chief Accounting Officer of CrossFirst Bankshares, reports the disposal of common stock and preferred stock, as well as restricted stock units, due to the merger with First Busey Corporation.

Summary

• Michael Daley, the Chief Accounting Officer of CrossFirst Bankshares, filed a Form 4 detailing changes in beneficial ownership.
• The filing reports the disposal of 12,162 shares of common stock and 100 shares of Series A Non-Cumulative Perpetual Preferred Stock on March 1, 2025, due to the merger with First Busey Corporation.
• Daley also disposed of 1,016 and 2,364 restricted stock units, which were converted into restricted stock units of Busey common stock.
• The merger agreement, dated August 26, 2024, stipulated that CrossFirst Bankshares merged into Busey, with Busey as the surviving entity.
• 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 preferred stock was converted into one share of Busey Series A preferred stock.
• Time-based vesting restricted stock units were assumed and converted into Busey restricted stock units, with the number of shares adjusted by a factor of 0.6675.

Sentiment

Score: 6

Explanation: Neutral sentiment as the document primarily reports a transaction resulting from a previously announced merger. No specific positive or negative implications are highlighted beyond the factual reporting.

Future Outlook

The document outlines the completion of the merger between CrossFirst Bankshares and First Busey Corporation, indicating a shift in the company's structure and ownership.

Industry Context

The merger 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

• Bank mergers are common in the financial industry, often driven by the desire to increase market share and improve efficiency.
• Comparable transactions include recent mergers among regional banks seeking to enhance their competitive position.
• The conversion ratio of 0.6675 shares of Busey common stock for each CrossFirst common share is a key metric for evaluating the fairness of the deal, which is typical in similar transactions.

Stakeholder Impact

• Shareholders of CrossFirst Bankshares received Busey shares and cash as part of the merger agreement.
• Employees of CrossFirst Bankshares may experience changes as a result of the integration with First Busey Corporation.

Key Dates