Form 4: First Busey Corp Executive Reports Changes in Beneficial Ownership Following Merger

John Joseph Powers, EVP & General Counsel of First Busey Corp, reports changes in beneficial ownership of common stock following the merger with CrossFirst Bankshares, Inc.

Summary

• On March 1, 2025, John Joseph Powers, EVP & General Counsel of First Busey Corp, filed a Form 4 to report changes in beneficial ownership.
• The filing reflects transactions related to the merger between First Busey Corp and CrossFirst Bankshares, Inc., which was agreed upon on August 26, 2024.
• As a result of the merger, 6,918 Issuer ROATCE PSU's were deemed earned based on performance through December 31, 2024.
• Powers directly acquired 6,918 shares of common stock at $0.
• Following the reported transactions, Powers directly owns 99,972 shares of common stock.
• Powers also indirectly owns 21,349 shares through a 401(K) & P/S Plan and 15,720.8218 shares through an Employee Stock Purchase Plan.

Sentiment

Score: 7

Explanation: The document primarily reflects procedural reporting related to a merger. The vesting of performance-based units suggests positive performance, but the overall sentiment is neutral.

Positives

• The vesting of performance-based restricted stock units indicates that the company achieved certain performance goals related to Core Return on Average Tangible Common Equity (ROATCE) through December 31, 2024.

Future Outlook

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

Industry Context

The merger between First Busey Corp and CrossFirst Bankshares reflects ongoing consolidation trends in the banking industry, where companies seek to achieve greater scale and efficiency.

Stakeholder Impact

• Shareholders are impacted by the merger and the resulting changes in ownership structure.
• Employees holding Issuer ROATCE PSU's are impacted by the vesting of these units.

Key Dates