First Busey Corporation, the holding company for Busey Bank, announced it has received Federal Reserve approval to acquire CrossFirst Bankshares, the parent company of CrossFirst Bank.
The holding company merger is set to close March 1, 2025, pending additional approvals, including from the Illinois Department of Financial and Professional Regulation, according to a Jan. 17 release. Shareholders from both companies approved the transaction Dec. 20, 2024, according to a release from CrossFirst Bankshares, Inc.
CrossFirst Bank will operate as a subsidiary of Busey until its integration with Busey Bank, expected by late June 2025, when CrossFirst Bank’s locations will become branches of Busey Bank, according to the release.
Van Dukeman, Busey chairman and CEO highlighted the importance of expanding into high-growth metro markets like Kansas City, Wichita, Dallas/Fort Worth, Denver, and Phoenix in the release. Meanwhile, Mike Maddox, CrossFirst CEO, president and director, highlighted the compatibility between the two companies’ cultures, calling the partnership “an ideal fit.”
The merger is expected to create a full-service commercial bank with 77 locations across 10 states, $20 billion in assets, $17 billion in deposits, $15 billion in loans, and $14 billion in wealth assets under care, according to the release. The expanded scale aims to enhance profitability, improve efficiency, and strengthen offerings, including commercial banking, wealth management, and payment technology solutions through Busey’s subsidiary, FirsTech Inc.
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