Regional lender First Busey to buy CrossFirst in latest consolidation [Yahoo! Finance Canada]
First Busey Corporation (BUSE)
Last first busey corporation earnings: 4/28 05:00 pm
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Source: Yahoo! Finance Canada
By Arasu Kannagi Basil (Reuters) - Regional lender First Busey has agreed to buy smaller rival CrossFirst Bankshares in a $916.8 million all-stock deal, in yet another consolidation in the industry since the March 2023 turmoil after three banks collapsed last year. U.S. regional lenders have been under immense pressure as elevated interest rates have dampened borrowing and increased competition for deposits, forcing the banks to scale up and diversify. The deal would create a combined bank with $20 billion in total assets and expand Busey's presence into new markets including Kansas City, Wichita, Dallas/Fort Worth, Denver and Phoenix, the banks said on Tuesday. On Tuesday, Old Second Bancorp also said it would buy five Illinois branches from lender First Merchants, bolstering its Southeast Chicago presence. CrossFirst shareholders will receive 0.6675 shares of Busey for each stock held, valuing the lender at $18.28 each, representing a 0.3% discount to the closing price.
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BUSE
Earnings
- 10/22/24 - Beat
BUSE
Sec Filings
- 11/14/24 - Form EFFECT
- 11/13/24 - Form 424B3
- 11/8/24 - Form S-4/A
- BUSE's page on the SEC website