First Busey Corporation Announces Shareholder Approval of Merger with CrossFirst Bankshares

On December 20, 2024, First Busey Corporation (NASDAQ: BUSE) conducted a special meeting of its stockholders to discuss and vote on the proposed merger with CrossFirst Bankshares, Inc. The meeting was held virtually and facilitated the active participation of stockholders in this significant decision-making process.

A detailed summary of the stockholder representation during the Special Meeting indicated that out of the 56,878,232 shares of common stock entitled to vote, a substantial portion totaling 46,493,572 shares, representing approximately 81.74%, were either presented or represented by proxy.

During the Special Meeting, stockholders of First Busey Corporation voted on and approved three key proposals related to the proposed merger with CrossFirst Bankshares, Inc. The fourth proposal was subsequently withdrawn. The specifics of each proposal were outlined in the joint proxy statement/prospectus of First Busey and CrossFirst, dated November 13, 2024, and additionally supplemented by the Current Report on Form 8-K filed by First Busey on December 13, 2024.

The results of the voting on the proposals were as follows:
1. Proposal 1 – Busey merger proposal: 39,500,271 votes for, 366,151 votes against, 357,578 abstentions, and 6,269,572 broker non-votes.
2. Proposal 2 – Busey articles amendment proposal: 44,943,048 votes for, 1,186,596 votes against, 363,928 abstentions, and no broker non-votes.
3. Proposal 3 – Busey compensation proposal: 37,826,705 votes for, 1,893,587 votes against, 503,708 abstentions, and 6,269,572 broker non-votes.
4. Proposal 4 – Busey adjournment proposal: Withdrawn due to satisfactory votes cast on the Busey merger proposal.

Following the Special Meeting, on December 23, 2024, First Busey and CrossFirst jointly issued a press release announcing the positive outcomes of the Special Meeting and the simultaneous special meeting of CrossFirst’s stockholders held on December 20, 2024. The companies expressed gratitude to the shareholders for their support and approval of the merger.

With the shareholder approvals in place, the merger process is expected to progress towards closing, anticipated in the first or second quarter of 2025, subject to the fulfillment of customary closing conditions, including obtaining necessary regulatory approvals.

First Busey Corporation and CrossFirst Bankshares are enthusiastic about the prospect of joining forces to create a premier full-service commercial bank spanning 10 states. The merger is set to consolidate assets, deposits, loans, and wealth assets under care, positioning the combined entity for enhanced growth opportunities and improved financial performance.

The completion of this merger will mark a significant strategic move for both companies, fostering increased operational efficiencies, strategic synergies, and the shared objective of delivering superior financial services.

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

First Busey Company Profile

First Busey Corporation operates as the bank holding company for Busey Bank that engages in the provision of retail and commercial banking products and services to individual, corporate, institutional, and governmental customers in the United States. It operates through three segments: Banking, Wealth Management, and FirsTech.