First Busey dips after CrossFirst deal

First Busey

27/08/2024 14:54

** Shares of First Busey  BUSE.O  falls 1.5% to $26.97 after
regional bank agrees to buy peer CrossFirst Bankshares  CFB.O 
in a $916.8 million all-stock deal
    ** Shares of CFB down 1% to $18.15 in early trade 
    ** The deal would create a combined bank with $20 billion in
total assets and expand Busey's presence into new markets 
    ** CFB shareholders will receive 0.6675 shares of Busey for
each stock held, valuing the lender at $18.28 per share based on
the stock's last close
    ** The deal, expected to close in the first or the second
quarter of 2025, will likely boost Busey's earnings by 20% in
2026 on an adjusted basis, the company said
    ** As of last close, BUSE up ~10% YTD

 (Reporting by Pritam Biswas in Bengaluru)
 ((Pritam.Biswas@thomsonreuters.com))