Busey to acquire CrossFirst in all-stock merger; exchange ratio 0.6675

FIRST BUSEY CORP /NV/

Busey issues 0.6675 shares per CrossFirst share; CrossFirst Preferred converts to Busey preferred or cash.
Board expands to 13 directors: 8 from Busey (including CEO Dukeman), 5 from CrossFirst (including Maddox, Brenneman).
Succession: Dukeman stays Executive Chairman & CEO; Maddox becomes EV Chairman, President, later CEO after 12-18 mo.
Termination fee of $36.7M payable by either party under certain conditions; deal subject to regulatory and shareholder approvals.
CrossFirst Bank to merge into Busey Bank; combined HQ in Kansas City, MO; Busey Bank main office in Champaign, IL.

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