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

Amy C. Abrams, General Counsel & Corporate Secretary of CrossFirst Bankshares, reports the disposal of common stock and restricted stock units due to the merger with First Busey Corporation.

Summary

• Amy C. Abrams, an officer of CrossFirst Bankshares, filed a Form 4 detailing changes in beneficial ownership.
• The report indicates the disposal of 5,255 shares of common stock and 30 shares of Series A Non-Cumulative Perpetual Preferred Stock on March 1, 2025, due to the merger with First Busey Corporation.
• Abrams also disposed of restricted stock units representing 1,284, 3,743, and 1,667 shares of CrossFirst common stock, which were converted into restricted stock units of Busey common stock.
• The merger agreement, dated August 26, 2024, stipulated that CrossFirst would merge into Busey, with Busey surviving.
• 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 same terms and conditions.

Sentiment

Score: 6

Explanation: Neutral sentiment as it is a standard regulatory filing related to a previously announced merger.

Future Outlook

The document outlines the completion of the merger between CrossFirst Bankshares and First Busey Corporation, with CrossFirst ceasing to exist as an independent entity.

Industry Context

This announcement reflects ongoing consolidation trends within the banking industry, where smaller banks are merging with larger institutions to achieve economies of scale and expand their market presence.

Stakeholder Impact

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

Key Dates