Form 4: First Busey Corp Director Brenneman Reports Acquisition of Shares Following Merger with CrossFirst Bankshares

Director Rod Brenneman reports acquiring shares of First Busey Corp common and preferred stock due to the merger with CrossFirst Bankshares, Inc.

Summary

• Director Rod Brenneman filed a Form 4 detailing changes in beneficial ownership of First Busey Corp securities.
• The transactions occurred on March 1, 2025, and are related to the merger between First Busey Corp and CrossFirst Bankshares, Inc.
• Brenneman acquired 31,836 shares of common stock, 2,456 shares of restricted stock, and 1,292 deferred shares of common stock as a result of the merger agreement.
• These shares were acquired at a price of $0.
• Brenneman also acquired 132,421 shares of common stock and 100 shares of Series A Non-Cumulative Perpetual Preferred Stock through the Brenneman Living Trust.
• The merger consideration included 0.6675 shares of First Busey common stock for each share of CrossFirst common stock, as well as cash in lieu of fractional shares.
• CrossFirst restricted stock awards and deferred shares were also converted into First Busey common stock based on the same ratio.
• CrossFirst Series A Preferred Stock was converted into First Busey Series A Preferred Stock on a 1:1 basis.

Sentiment

Score: 7

Explanation: The sentiment is neutral to positive. The merger has been completed, which is a positive step. The director's increased holdings suggest confidence. However, this is a standard regulatory filing, so the sentiment is not overly enthusiastic.

Positives

• The merger with CrossFirst Bankshares has been completed, resulting in the acquisition of shares by the reporting person.
• The reporting person now holds a significant number of First Busey Corp shares, indicating confidence in the company's future.

Future Outlook

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

Industry Context

The merger reflects a trend of consolidation in the banking industry, where companies seek to expand their market presence and improve efficiency through strategic acquisitions.

Comparison to Industry Standards

• Comparing the merger terms to similar bank mergers would require analyzing the deal's financial metrics (e.g., price-to-book ratio, deposit premiums) against industry averages.
• For example, similar sized banks such as Old National Bancorp and Klein Financial have recently completed mergers with similar terms.
• The 0.6675 share exchange ratio can be compared to other recent bank mergers to assess its relative value.
• The conversion of preferred stock on a 1:1 basis is a standard practice in mergers involving preferred equity.

Stakeholder Impact

• Shareholders of CrossFirst Bankshares received First Busey Corp shares and cash as part of the merger consideration.
• The merger may lead to synergies and cost savings, potentially benefiting shareholders of the combined entity.
• Employees of both companies may experience changes as a result of the integration.

Key Dates