secwatch.observer — SEC 8-K summary
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Issuer:     FIRST BUSEY CORP /NV/ (BUSE)
CIK:        0000314489
Form:       8-K
Filed at:   2024-08-27T23:59:59+00:00
Accession:  0001104659-24-093098
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.85
Item codes: 1.01, 5.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/314489/000110465924093098/0001104659-24-093098-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/314489/000110465924093098/tm2422366d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-093098

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