Form 4: CrossFirst Bankshares President and CEO Disposes of Shares and Derivative Securities Following Merger with First Busey Corporation
SEC Form 4
Mike Maddox, President and CEO of CrossFirst Bankshares, reports the disposal of common stock, preferred stock, and derivative securities following the merger with First Busey Corporation.
Summary
- Mike Maddox, President and CEO of CrossFirst Bankshares, filed a Form 4 detailing changes in beneficial ownership.
- The filing reflects transactions occurring on March 1, 2025, related to the merger between CrossFirst Bankshares and First Busey Corporation.
- Maddox disposed of 180,350 shares of common stock and 50 shares of Series A Non-Cumulative Perpetual Preferred Stock directly.
- He also disposed of 7,100 shares of common stock and 100 shares of Series A Non-Cumulative Perpetual Preferred Stock indirectly through his spouse.
- Additionally, Maddox disposed of various restricted stock units and stock-settled appreciation rights.
- These disposals are a result of the merger agreement where CrossFirst Bankshares merged with and into Busey, with Busey surviving.
- CrossFirst Bankshares common stock was converted into the right to receive 0.6675 shares of Busey common stock and cash in lieu of fractional shares.
- CrossFirst Bankshares Series A Non-Cumulative Perpetual Preferred Stock was converted into Busey Series A Non-Cumulative Perpetual Preferred Stock.
- Restricted stock units and stock appreciation rights were converted into similar instruments related to Busey common stock, adjusted by the exchange ratio of 0.6675.
Sentiment
Score: 5
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 transactions.
Future Outlook
The document does not contain any 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 growth. Mergers like this can lead to increased efficiency and market share for the surviving entity.
Stakeholder Impact
- Shareholders of CrossFirst Bankshares have had their shares converted into shares of First Busey Corporation and cash.
- Executives like Mike Maddox have had their equity holdings and derivative securities adjusted to reflect the merger terms.
Key Dates
| Date | Description |
|---|---|
| 01/24/2020 | Date of Stock Settled Appreciation Right |
| 07/26/2021 | Date of Stock Settled Appreciation Right |
| 05/01/2022 | Date of Stock Settled Appreciation Right |
| 02/27/2023 | Date of Stock Settled Appreciation Right |
| 08/26/2024 | Date of Merger Agreement between Issuer and First Busey Corporation |
| 03/01/2025 | Transaction Date |
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