Form 4: First Busey Corp Director Reports Acquisition of Shares and Stock Appreciation Rights Following Merger with CrossFirst Bankshares

Following the merger between First Busey Corp and CrossFirst Bankshares, Director Mike Maddox reports the acquisition of common stock, preferred stock, and stock appreciation rights.

Summary

• Mike Maddox, a director and President of First Busey Corp, filed a Form 4 detailing changes in beneficial ownership following the merger with CrossFirst Bankshares.
• The reported transactions occurred on March 1, 2025.
• Maddox acquired 120,383 shares of common stock, 16,302 restricted stock units, 30,770 performance stock units, and 50 shares of Series A Non-Cumulative Perpetual Preferred Stock directly.
• Additionally, Maddox acquired 4,739 shares of common stock and 100 shares of Series A Non-Cumulative Perpetual Preferred Stock indirectly through a spouse.
• Maddox also acquired stock appreciation rights (SARs) with varying exercise prices and expiration dates: 17,292 SARs at $14.01 expiring on June 1, 2030, 38,142 SARs at $9.37 expiring on January 24, 2028, 40,050 SARs at $21.35 expiring on July 26, 2033, and 15,257 SARs at $11.24 expiring on May 1, 2028.
• These acquisitions are a result of the merger agreement where CrossFirst merged into First Busey, and CrossFirst securities were converted into First Busey securities.

Sentiment

Score: 7

Explanation: The document primarily reflects the completion of a merger, which is generally viewed positively. The acquisitions of shares and stock appreciation rights by a director suggest confidence in the combined entity's future performance.

Positives

• The acquisitions reflect the completion of the merger between First Busey and CrossFirst Bankshares, potentially creating synergies and growth opportunities.
• The conversion of CrossFirst equity awards into First Busey equity awards aligns the interests of former CrossFirst employees with First Busey's performance.

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 achieve economies of scale and expand their market presence.

Comparison to Industry Standards

• Comparing the merger terms to similar bank mergers would require analyzing the deal multiples (e.g., price-to-book, price-to-earnings) and assessing whether they are in line with industry averages.
• Analyzing the performance of First Busey's stock post-merger relative to its peers (e.g., regional banks with similar asset sizes) would provide insights into the market's perception of the deal's success.
• Companies like Commerce Bancshares and UMB Financial Corporation could be considered regional peers for comparison.

Stakeholder Impact

• Shareholders of CrossFirst Bankshares received First Busey shares and/or cash as part of the merger agreement.
• Employees of CrossFirst Bankshares had their equity awards converted into First Busey equity awards.
• The merger may lead to changes in the combined company's operations, potentially affecting customers and suppliers.

Key Dates