First Busey, the holding company for Busey Bank, received the approval of the Federal Reserve to acquire by merger CrossFirst Bankshares, the holding company for CrossFirst Bank. Both companies received shareholder approval for the transaction on Dec. 20, 2024.
“We are pleased to have received regulatory approval from the Federal Reserve,” Van Dukeman, chairman and CEO of Busey, said. “This is another significant milestone in completing this transformational business combination. We are excited about expanding Busey’s regional operating model in high-growth metro markets like Kansas City, Wichita, Dallas/Fort Worth, Denver, Phoenix and more, and look forward to bringing these two strong companies together to deliver service excellence to customers and communities across our footprint.”
Busey and CrossFirst intend to close the holding company merger on March 1, 2025, subject to the satisfaction of the remaining customary closing conditions, including the receipt of approval from the Illinois Department of Financial and Professional Regulation. The transaction has also been approved by the Kansas Office of the State Bank Commissioner.
Busey will operate CrossFirst Bank as a separate banking subsidiary of Busey until it is merged with Busey Bank, which is expected to occur in late June 2025. At the time of the bank merger, CrossFirst Bank banking centers will become branches of Busey Bank. Busey and CrossFirst have been actively engaged in integration planning since the announcement of the transaction.
“We’re excited this step in the process has been completed,” Mike Maddox, president and director of CrossFirst, said. “As we have said all along, Busey’s like-minded culture and customer approach are an ideal fit for our teams, along with the customers and communities we serve. This partnership will allow us to continue delivering the products, services and expertise they expect and deserve.”
The partnership will bolster Busey’s commercial banking relationships and offer additional opportunities to grow its wealth management business and its payment technology solutions subsidiary, FirsTech, in new, growing markets. The combined company is expected to create a premier full-service commercial bank serving clients from 77 full-service locations across 10 states with combined total assets of approximately $20 billion, $17 billion in total deposits, $15 billion in total loans and $14 billion in wealth assets under care.
