Form 4: CrossFirst Bankshares Officer Nilssen Reports Disposal of Shares Following Merger with First Busey Corporation

Meggin Nilssen, Chief Marketing Officer of CrossFirst Bankshares, reports the disposal of common and preferred stock due to the merger with First Busey Corporation, along with the conversion of restricted stock units.

Summary

• Meggin Nilssen, Chief Marketing Officer of CrossFirst Bankshares, filed a Form 4 detailing changes in beneficial ownership.
• The filing reports the disposal of 4,587 shares of common stock and 25 shares of Series A Non-Cumulative Perpetual Preferred Stock on March 1, 2025, due to the merger with First Busey Corporation.
• The merger agreement stipulated that 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.
• Restricted stock units held by Nilssen were also converted into restricted stock units of Busey common stock, with the number of shares adjusted based on the merger ratio of 0.6675.
• Nilssen now holds 0 shares of common stock, 0 shares of Series A Non-Cumulative Perpetual Preferred Stock, and 0 restricted stock units.

Sentiment

Score: 6

Explanation: The document is a standard regulatory filing related to a merger. It doesn't convey strong positive or negative sentiment, but rather reports factual changes in ownership. The merger itself could be viewed as neutral to slightly positive, depending on the perceived benefits for shareholders.

Future Outlook

The document outlines the immediate impact of the merger on the reporting person's holdings, with no specific forward-looking statements beyond the completion of the merger.

Industry Context

This filing reflects the completion of a merger in the banking sector, a common strategy for consolidation and expansion. Mergers like this can create larger, more competitive financial institutions.

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 merger with First Busey Corporation.

Key Dates