First Busey Completes Merger with CrossFirst Bankshares

CrossFirst Bankshares merges with First Busey, marking a strategic expansion in the banking sector.

March 04, 2025

Merger Finalized, Integration Underway

First Busey Corporation has completed its merger with CrossFirst Bankshares, finalizing a deal that strengthens its position in the banking industry. The transaction, first announced in August 2024, closed on March 1, 2025, with Busey absorbing CrossFirst and continuing as the surviving entity.

Under the merger terms, CrossFirst shareholders received 0.6675 shares of Busey common stock for each CrossFirst share they held. Preferred stockholders saw their shares converted into a newly designated Busey series. The deal, structured as a stock-for-stock transaction, aligns with ongoing industry shifts toward consolidation.

Operational and Leadership Changes

Operational changes are moving forward. CrossFirst Bank, previously a wholly owned subsidiary of CrossFirst, will merge with Busey Bank by June 20, 2025. Once completed, all banking operations will run under the Busey name.

Leadership adjustments are already in place:

• Michael J. Maddox, former President and CEO of CrossFirst, is now Executive Vice Chairman of Busey’s board and President of Busey.


• Amy J. Fauss, CrossFirst’s former Chief Operating Officer, now leads Busey’s technology and information functions.


• Five former CrossFirst board members, including Maddox, have also joined Busey’s board.

Regulatory and Market Implications

CrossFirst’s common stock has been delisted from Nasdaq as of February 28, 2025. Busey has begun the process to deregister CrossFirst’s stock with the SEC, signaling the full transition of corporate structure under the Busey umbrella.

With this merger, Busey expands its market presence and integrates CrossFirst’s client base into its broader banking network. The transition period will focus on aligning operations and ensuring a seamless experience for customers and stakeholders.

Looking Ahead

As Busey works through the final integration steps, the upcoming bank merger in June remains a key milestone. The company aims to consolidate services effectively while maintaining strong client relationships and operational efficiency.