US-based bank holding company First Busey Corp. (NASDAQ: BUSE), the holding company for Busey Bank, has received the approval of the Federal Reserve to acquire by merger CrossFirst Bankshares, Inc, the holding company for CrossFirst Bank, the company said.

Both companies received shareholder approval for the transaction on Dec. 20, 2024.

Busey and CrossFirst intend to close the holding company merger on March 1, 2025, subject to the satisfaction of the remaining customary closing conditions, including the receipt of approval from the Illinois Department of Financial and Professional Regulation.

The transaction has also been approved by the Kansas Office of the State Bank Commissioner.

Busey will operate CrossFirst Bank as a separate banking subsidiary of Busey until it is merged with Busey Bank, which is expected to occur in late June 2025.

At the time of the bank merger, CrossFirst Bank banking centers will become branches of Busey Bank. Busey and CrossFirst have been actively engaged in integration planning since the announcement of the transaction.

The partnership will bolster Busey's commercial banking relationships and offer additional opportunities to grow its wealth management business and its payment technology solutions subsidiary, FirsTech, Inc., in new, growing markets.

The combined company is expected to create a premier full-service commercial bank serving clients from 77 full-service locations across 10 states with combined total assets of approximately USD 20bn, USD 17bn in total deposits, USD 15bn in total loans and USD 14bn in wealth assets under care.

With a diversified client, loan and deposit base, this scale provides opportunities to augment business models through new customer and product channels.

Through compatible banking philosophies and cultures, complementary business models, combined capital strength and increased economies of scale, the combination is also expected to significantly enhance key performance metrics with meaningful improvements in net interest margin and efficiency, driving increased profitability and returns to our shareholders.

As of September 30, 2024, First Busey Corp. (NASDAQ: BUSE) was an USD 11.99bn financial holding company headquartered in Champaign, Illinois.

Busey Bank, a wholly-owned bank subsidiary of First Busey Corp., had total assets of USD 11.95bn as of September 30, 2024, and is headquartered in Champaign, Illinois.

Busey Bank currently has 62 banking centers, with 21 in Central Illinois markets, 17 in suburban Chicago markets, 20 in the St. Louis Metropolitan Statistical Area, three in Southwest Florida, and one in Indianapolis.

Through Busey's Wealth Management division, the company provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations.

Assets under care totaled USD 13.69bn as of September 30, 2024.

Busey Bank's wholly-owned subsidiary, FirsTech, specializes in the evolving financial technology needs of small and medium-sized businesses, highly regulated enterprise industries, and financial institutions.

FirsTech provides comprehensive and innovative payment technology solutions, including online, mobile, and voice-recognition bill payments; money and data movement; merchant services; direct debit services; lockbox remittance processing for payments made by mail; and walk-in payments at retail agents.

Additionally, FirsTech simplifies client workflows through integrations enabling support with billing, reconciliation, bill reminders, and treasury services.

For the first time, Busey was named among the World's Best Banks for 2024 by Forbes, earning a spot on the list among 68 US banks and 403 banks worldwide.

Additionally, Busey Bank was honored to be named among America's Best Banks by Forbes magazine for the third consecutive year.

Ranked 40th overall in 2024, Busey was the second-ranked bank headquartered in Illinois of the six that made this year's list and the highest-ranked bank of those with more than USD 10bn in assets.

CrossFirst Bankshares, Inc. (NASDAQ: CFB) is a Kansas corporation and a registered bank holding company for its wholly owned subsidiary, CrossFirst Bank.

CrossFirst Bank, headquartered in Leawood, Kansas, has locations in Kansas, Missouri, Oklahoma, Texas, Arizona, Colorado, and New Mexico.