First Busey Corp. received regulatory approval to move forward with plans to merge with CrossFirst Bankshares Inc., including the indirect acquisition of CrossFirst’s subsidiary bank, CrossFirst Bank. The combined entity will operate under the Busey brand and have approximately $20 billion in total assets.
Additionally, the Federal Reserve approved a merger between Busey Bank and CrossFirst Bank through which Illinois-based Busey Bank will establish and operate branches at CrossFirst Bank’s locations in Kansas, according to a press release.
Referring to the merger as a strategic partnership, Busey Chairman and CEO Van Dukeman said the goal is to “form a premier commercial bank that maintains the community bank values our customers and communities expect and deserve,” in the release.
“The partnership between our high-quality franchises is a great fit from a strategic, financial and cultural perspective, and we look forward to capitalizing on the many opportunities we see as a combined company in 2025 and beyond,” Dukeman said.
The transition plan for the combined entity calls for a board of directors comprised of 13 members – eight from Busey or Busey Bank and five from CrossFirst. Dukeman will serve as executive chairman and CEO. CrossFirst CEO, President and Director Mike Maddox will serve as president and executive vice chairman. CrossFirst Independent Chairman Rod Brenneman will move into the lead independent director role at the combined company.
“Founded on the ideals of extraordinary, personal service provided by outstanding, local bankers, our dedicated associates at CrossFirst have built strong, trusting relationships with our clients and the markets we serve,” Maddox said. “We believe Busey is the right partner to continue CrossFirst’s customer- and community-focus. Because of our like-minded cultures, our complementary business models and manner in which we operate, we are confident this partnership will create significant benefits for our teams, customers, communities and shareholders.”
The combined company will have 77 full-service locations across 10 states, overseeing approximately $17 billion in total deposits and approximately $13 billion in wealth management assets.
The bank’s partnership will extend Busey’s regional operating model in the high-growth metro markets of Kansas City, Wichita, Dallas/Fort Worth, Denver and Phoenix. The companies also expect it to bolster the bank’s commercial banking relationships and offer additional growth opportunities for its wealth management business and its payment technology subsidiary FirsTech.
“CrossFirst is a natural fit alongside Busey’s established commercial and wealth management offerings and our payment technology solutions business, FirsTech, Inc.,” Dukeman said. “By leveraging CrossFirst’s established presence in attractive markets with compelling growth potential, this partnership is expected to serve as a catalyst for additional commercial banking growth as well as expanded opportunities to grow our existing wealth management and payments businesses.”
The merger has been unanimously approved by each company’s board of directors and is expected to be completed mid-year.