Form 4: First Busey Corp Officer Reports Acquisition of Securities Following Merger with CrossFirst Bankshares

Amy Fauss, Chief Info & Tech Officer of First Busey Corp, reports the acquisition of common stock, preferred stock, and stock appreciation rights following the merger with CrossFirst Bankshares, Inc.

Summary

• Amy Fauss, Chief Info & Tech Officer of First Busey Corp, filed a Form 4 detailing changes in beneficial ownership.
• The report reflects transactions occurring on March 1, 2025, related to the merger between First Busey Corp and CrossFirst Bankshares, Inc.
• Fauss acquired 67,144 shares of common stock, 4,087 restricted stock units, 7,854 performance-based restricted stock units, and 50 shares of Series A Non-Cumulative Perpetual Preferred Stock as a result of the merger.
• She also acquired various stock appreciation rights (SARs) with different expiration dates and exercise prices.
• The acquisitions are a result of the conversion of CrossFirst securities into First Busey securities based on the merger agreement.

Sentiment

Score: 7

Explanation: The sentiment is neutral to positive. The merger is a significant corporate event, and the reporting person's acquisition of securities suggests confidence in the combined entity's future. However, the document itself is simply a regulatory filing and doesn't express explicit optimism.

Positives

• The merger with CrossFirst Bankshares, Inc. has resulted in the acquisition of a significant number of securities by the reporting person, indicating confidence in the combined entity.
• The acquisition of stock appreciation rights provides potential future gains based on the performance of First Busey Corp's common stock.

Future Outlook

The document does not contain explicit forward-looking statements, but the merger suggests an expectation of future benefits from the combined entity.

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 exchange ratio of 0.6675 to similar bank mergers would provide context on whether CrossFirst shareholders received a fair value.
• Analyzing the terms of the stock appreciation rights against industry benchmarks for executive compensation would assess their competitiveness.

Stakeholder Impact

• Shareholders of both First Busey Corp and CrossFirst Bankshares are impacted by the merger, with CrossFirst shareholders receiving First Busey Corp shares and cash.
• Employees of both companies may experience changes as a result of the integration of the two organizations.

Key Dates