CrossFirst Bankshares (CFB) just unveiled an update.
CrossFirst Bankshares, Inc. and First Busey Corporation have announced a definitive merger agreement that will result in CrossFirst merging into Busey, with Busey emerging as the surviving corporation. This strategic move, unanimously approved by both companies’ Boards of Directors, will also see the subsequent merger of their respective subsidiary banks. The terms of the merger dictate that CrossFirst shareholders will receive 0.6675 shares of Busey stock for each CrossFirst share they hold, with cash compensation for fractional shares. The agreement includes provisions for the conversion of CrossFirst’s equity awards to Busey’s stock, and detailed plans for executive management roles and succession. The merger is subject to standard closing conditions, including shareholder and regulatory approvals.
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