First Busey Corporation and CrossFirst Bankshares Shareholder Approvals Signal Merger Progress – Key Details Revealed

The recent 8-K SEC filing by CrossFirst Bankshares, Inc. (NASDAQ: CFB) unveiled pivotal developments regarding a proposed merger with First Busey Corporation (“Busey”). The special meeting of the company’s stockholders held on December 20, 2024, highlighted essential voting outcomes and decisions made in connection with the merger agreement.

As detailed in the filing, as of the record date on November 12, 2024, there were 49,314,753 shares of CrossFirst Bankshares’ common stock eligible for voting at the special meeting. Approximately 73.57% of the total outstanding shares of common stock entitled to vote were represented in person or by proxy at the meeting.

The vote results on the proposed merger, as well as other related matters, are outlined below:
– Proposal 1: CrossFirst Merger Proposal – Approved with 36,036,127 votes for, 25,798 against, and 221,424 abstentions.
– Proposal 2: CrossFirst Compensation Proposal – Approved with 35,070,527 votes for, 869,134 against, and 343,688 abstentions.
– Proposal 3: CrossFirst Adjournment Proposal – Approved with 30,615,617 votes for, 5,544,788 against, and 122,944 abstentions.

Given the affirmative votes received, no adjournment of the Special Meeting was deemed necessary. Consequently, the CrossFirst adjournment proposal was withdrawn.

The filing also mentions that a joint press release issued by CrossFirst Bankshares, Inc. and First Busey Corporation on December 23, 2024, revealed the voting outcomes of the Special Meeting and a similar meeting of Busey’s stockholders held on the same date. The press release highlighted the shareholder approvals received for the proposed merger, bringing the companies one step closer to the completion of the transaction, expected in the first or second quarter of 2025.

Upon completion, the merger is set to create a premier full-service commercial bank with operations spanning 10 states and combined assets estimated at around $20 billion. The union aims to enhance key performance metrics, foster increased profitability, and deliver amplified returns to shareholders through improved efficiency and net interest margin.

With regulatory approvals pending, both entities are strategically positioned to integrate their operations successfully, leveraging complementary business models and shared visions to drive sustained growth and value creation in the financial services industry.

In conclusion, the 8-K SEC filing sheds light on the significant progress made by CrossFirst Bankshares and First Busey Corporation towards finalizing their merger, setting the stage for a transformative union in the banking sector.

This news article encompasses pivotal information extracted from the latest filing, offering insights into the strategic direction and shareholder support propelling the merger process forward.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read CrossFirst Bankshares’s 8K filing here.

About CrossFirst Bankshares

CrossFirst Bankshares, Inc operates as the bank holding company for CrossFirst Bank that provides various banking and financial services to businesses, business owners, professionals, and its personal networks. The company offers commercial and industrial loans, including enterprise value lending; commercial real estate loans; construction and development loans, such as home builder lending; residential real estate, multifamily real estate, energy, SBA, and consumer loans; and credit cards.