8-K
filed March 3, 2025, 6:59 PM ET
ticker BUSE
CIK 0000314489
M&A
confidence high
sentiment neutral
materiality 0.85
FIRST BUSEY CORP /NV/ (BUSE): M&A transaction — Busey completes acquisition of CrossFirst Bankshares, effective March 1, 2025
FIRST BUSEY CORP /NV/
- CrossFirst shareholders received 0.6675 Busey shares per share; Busey authorized shares increased to 200M.
- Board expanded to 13: eight Busey designees, five CrossFirst designees; Samuel Banks, Barr, Lykins, Sanford resigned.
- Michael Maddox named Executive Vice Chairman and President of Busey, CEO/President of Busey Bank; Dukeman remains Executive Chairman and CEO.
- Rodney Brenneman appointed Lead Independent Director; headquarters to be located near Kansas City, MO.
- Retention agreements for Randolph ($2.09M), Powers ($813.5K), Bowe ($1.63M); Phillips employment agreement with $150K retention bonus.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Michael J. Maddox was appointed as Director at FIRST BUSEY CORP /NV/.
- Action
- appointed
- Role
- Director
Exact text from the filing
The five (5) CrossFirst Designated Directors that were appointed by the Board to fill the vacancies resulting from the resignations referred to above and the increase in the size of the Board to thirteen (13) as of the Effective Time, in each case effective from and after the Effective Time, are as follows: Michael J. Maddox, Rodney K. Brenneman, Steven W. Caple, Jennifer M. Grigsby and Kevin S. Rauckman
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Michael J. Maddox was appointed as Executive Vice Chairman of the Board and President of Busey, Chief Executive Officer and President of Busey Bank at FIRST BUSEY CORP /NV/.
- Action
- appointed
- Role
- Executive Vice Chairman of the Board and President of Busey, Chief Executive Officer and President of Busey Bank
Exact text from the filing
Mr. Maddox was appointed to serve as the Executive Vice Chairman of the Board and as the President of Busey, reporting to the Chief Executive Officer of Busey, and as the Chief Executive Officer and President of Busey Bank, reporting to the Executive Chairman of the Bank Board.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
George Barr resigned as Director at FIRST BUSEY CORP /NV/.
- Action
- resigned
- Role
- Director
Exact text from the filing
Samuel P. Banks, George Barr, Gregory B. Lykins and Cassandra R. Sanford (the “Resigning Directors”) resigned as members of the Board.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Kevin S. Rauckman was appointed as Director at FIRST BUSEY CORP /NV/.
- Action
- appointed
- Role
- Director
Exact text from the filing
The five (5) CrossFirst Designated Directors that were appointed by the Board to fill the vacancies resulting from the resignations referred to above and the increase in the size of the Board to thirteen (13) as of the Effective Time, in each case effective from and after the Effective Time, are as follows: Michael J. Maddox, Rodney K. Brenneman, Steven W. Caple, Jennifer M. Grigsby and Kevin S. Rauckman
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Samuel P. Banks resigned as Director at FIRST BUSEY CORP /NV/.
- Action
- resigned
- Role
- Director
Exact text from the filing
Samuel P. Banks, George Barr, Gregory B. Lykins and Cassandra R. Sanford (the “Resigning Directors”) resigned as members of the Board.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Rodney K. Brenneman was appointed as Director at FIRST BUSEY CORP /NV/.
- Action
- appointed
- Role
- Director
Exact text from the filing
The five (5) CrossFirst Designated Directors that were appointed by the Board to fill the vacancies resulting from the resignations referred to above and the increase in the size of the Board to thirteen (13) as of the Effective Time, in each case effective from and after the Effective Time, are as follows: Michael J. Maddox, Rodney K. Brenneman, Steven W. Caple, Jennifer M. Grigsby and Kevin S. Rauckman
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Tiffany B. White was appointed as Director at FIRST BUSEY CORP /NV/.
- Action
- appointed
- Role
- Director
Exact text from the filing
The eight (8) Busey Designated Directors that continue to serve on the Board (or in the case of Scott A. Wehrli and Tiffany B. White, were appointed to the Board)
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Scott A. Wehrli was appointed as Director at FIRST BUSEY CORP /NV/.
- Action
- appointed
- Role
- Director
Exact text from the filing
The eight (8) Busey Designated Directors that continue to serve on the Board (or in the case of Scott A. Wehrli and Tiffany B. White, were appointed to the Board)
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Steven W. Caple was appointed as Director at FIRST BUSEY CORP /NV/.
- Action
- appointed
- Role
- Director
Exact text from the filing
The five (5) CrossFirst Designated Directors that were appointed by the Board to fill the vacancies resulting from the resignations referred to above and the increase in the size of the Board to thirteen (13) as of the Effective Time, in each case effective from and after the Effective Time, are as follows: Michael J. Maddox, Rodney K. Brenneman, Steven W. Caple, Jennifer M. Grigsby and Kevin S. Rauckman
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Gregory B. Lykins resigned as Director at FIRST BUSEY CORP /NV/.
- Action
- resigned
- Role
- Director
Exact text from the filing
Samuel P. Banks, George Barr, Gregory B. Lykins and Cassandra R. Sanford (the “Resigning Directors”) resigned as members of the Board.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Jennifer M. Grigsby was appointed as Director at FIRST BUSEY CORP /NV/.
- Action
- appointed
- Role
- Director
Exact text from the filing
The five (5) CrossFirst Designated Directors that were appointed by the Board to fill the vacancies resulting from the resignations referred to above and the increase in the size of the Board to thirteen (13) as of the Effective Time, in each case effective from and after the Effective Time, are as follows: Michael J. Maddox, Rodney K. Brenneman, Steven W. Caple, Jennifer M. Grigsby and Kevin S. Rauckman
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Cassandra R. Sanford resigned as Director at FIRST BUSEY CORP /NV/.
- Action
- resigned
- Role
- Director
Exact text from the filing
Samuel P. Banks, George Barr, Gregory B. Lykins and Cassandra R. Sanford (the “Resigning Directors”) resigned as members of the Board.
View on SEC.gov
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
FIRST BUSEY CORP /NV/: Amended articles of incorporation to increase authorized shares of common stock from 100 million to 200 million.
- Change
- charter amendment
Exact text from the filing
Busey filed (i) a Certificate of Amendment with the Nevada Secretary of State in order to amend its articles of incorporation (as amended, the “Articles”) to increase the number of authorized shares of Busey Common Stock from 100 million to 200 million (the “Articles Amendment”)
View on SEC.gov
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
FIRST BUSEY CORP /NV/: Amended bylaws to set board size, director designations, leadership roles, and committee composition post-merger.
- Change
- bylaw amendment
Exact text from the filing
effective as of the Effective Time, the Second Amended and Restated Bylaws of Busey were amended to provide for certain arrangements related to the Board and the Bank Board (such amendment, the “Bylaw Amendment,”
View on SEC.gov
M&A Transactions
SEC 8-K Item 2.01/5.01
confidence 0.9
FIRST BUSEY CORP /NV/ completed an acquisition involving CrossFirst Bankshares, Inc. for 0.6675 of a share of Busey Common Stock (closed 2025-03-01).
- Action
- acquisition
- Counterparty
- CrossFirst Bankshares, Inc.
- Consideration
- 0.6675 of a share of Busey Common Stock
- Closing
- 2025-03-01
Exact text from the filing
Nevada corporation (“Busey”), completed its previously announced merger (the “Merger”) with CrossFirst Bankshares, Inc., a Kansas corporation (“CrossFirst”), pursuant to the Agreement and Plan of Merger, dated as of August 26, 2024 (the “Merger
View on SEC.gov
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