Regional lender First Busey to buy CrossFirst Bankshares in $917 mln deal (updated)

First Busey

27/08/2024 13:17

(Adds details throughout)
       Aug 27 (Reuters) - Regional lender First Busey  BUSE.O 
has agreed to buy peer CrossFirst Bankshares  CFB.O  in a deal
valued at $916.8 million, the companies said on Tuesday.
    CrossFirst 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 will create a combined lender with $20 billion in
total assets and underscores the growing consolidation in the
U.S. regional banking industry.
    The deal represents a 0.3% discount to CrossFirst's last
close, and is expected to close in the first or second quarter
of 2025.
    Raymond James and Keefe, Bruyette & Woods served as the
financial advisers to Busey and CrossFirst, respectively.
    

 (Reporting by Arasu Kannagi Basil in Bengaluru; Editing by
Shinjini Ganguli)
 ((ArasuKannagi.Basil@thomsonreuters.com;))