Shareholders of First Busey, the holding company of Busey Bank, and CrossFirst Bankshares, the holding company of CrossFirst Bank, have each voted to adopt and approve, as applicable, all proposals relating to the previously announced merger in which First Busey will acquire CrossFirst. The special shareholder meetings were held on Friday, Dec. 20, 2024.
“Our shareholders’ overwhelming approval of this business combination is an important milestone in the process of closing this transaction,” Van Dukeman, chairman and CEO of First Busey, said. “This approval reflects our shareholders’ confidence in this compelling merger that will create significant upside for our associates, customers, communities and shareholders. The next step is receiving the required regulatory approvals, followed by the closing of the merger of the holding companies and successful integration of these two premier franchises. In our next chapter, First Busey will remain focused on providing enhanced financial services and expertise while maintaining the community bank values that our customers and communities expect and deserve.”
With completion of shareholder approvals, the companies believe the merger is on track to close in Q1/25 or Q2/25. The transaction remains subject to the completion of the remaining customary closing conditions, including the receipt of required regulatory approvals.
“These meetings demonstrate the high level of certainty shareholders have in the value of our combined company,” Mike Maddox, CEO, president and director of CrossFirst, said. “It also underscores their support of our strategic rationale and the financial benefits of the merger. We are excited about what the future holds and look forward to the joining of two customer-centric financial institutions to continue delivering outstanding service and tailored financial solutions.”
