--- schema_version: "secwatch.filing_event.v1" accession: "0001104659-25-019504" form_type: "8-K" ticker: "BUSE" cik: "0000314489" company_name: "FIRST BUSEY CORP /NV/" filed_at: "2025-03-03T23:59:59+00:00" generated_at: "2026-05-25T22:10:56.759264+00:00" event_type: "m_and_a" sentiment: "neutral" materiality_score: 0.85 calibrated_materiality_score: 0.85 confidence: "high" source: SEC EDGAR --- # Busey completes acquisition of CrossFirst Bankshares, effective March 1, 2025 ## Summary - 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. ## SEC filing metadata - accession: 0001104659-25-019504 - form_type: 8-K - ticker: BUSE - cik: 0000314489 - company_name: FIRST BUSEY CORP /NV/ - filed_at: 2025-03-03T23:59:59+00:00 - event_type: m_and_a - sentiment: neutral - materiality_score: 0.85 - calibrated_materiality_score: 0.85 - confidence: high - sec_items: 2.01, 3.03, 5.02, 5.03, 8.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/314489/000110465925019504/0001104659-25-019504-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/314489/000110465925019504/tm257855d1_8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001104659-25-019504 - JSON: https://secwatch.observer/filing/0001104659-25-019504.json - Plain text: https://secwatch.observer/filing/0001104659-25-019504.txt ## Key facts - Executive change Michael J. Maddox was appointed as Director at FIRST BUSEY CORP /NV/. - Action: appointed - Role: Director source text: 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 evidence_url: https://www.sec.gov/Archives/edgar/data/314489/000110465925019504/0001104659-25-019504-index.htm - Executive change 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 source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/314489/000110465925019504/0001104659-25-019504-index.htm - Executive change George Barr resigned as Director at FIRST BUSEY CORP /NV/. - Action: resigned - Role: Director source text: Samuel P. Banks, George Barr, Gregory B. Lykins and Cassandra R. Sanford (the “Resigning Directors”) resigned as members of the Board. evidence_url: https://www.sec.gov/Archives/edgar/data/314489/000110465925019504/0001104659-25-019504-index.htm - Executive change Kevin S. Rauckman was appointed as Director at FIRST BUSEY CORP /NV/. - Action: appointed - Role: Director source text: 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 evidence_url: https://www.sec.gov/Archives/edgar/data/314489/000110465925019504/0001104659-25-019504-index.htm - Executive change Samuel P. Banks resigned as Director at FIRST BUSEY CORP /NV/. - Action: resigned - Role: Director source text: Samuel P. Banks, George Barr, Gregory B. Lykins and Cassandra R. Sanford (the “Resigning Directors”) resigned as members of the Board. evidence_url: https://www.sec.gov/Archives/edgar/data/314489/000110465925019504/0001104659-25-019504-index.htm - Executive change Rodney K. Brenneman was appointed as Director at FIRST BUSEY CORP /NV/. - Action: appointed - Role: Director source text: 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 evidence_url: https://www.sec.gov/Archives/edgar/data/314489/000110465925019504/0001104659-25-019504-index.htm - Executive change Tiffany B. White was appointed as Director at FIRST BUSEY CORP /NV/. - Action: appointed - Role: Director source text: 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) evidence_url: https://www.sec.gov/Archives/edgar/data/314489/000110465925019504/0001104659-25-019504-index.htm - Executive change Scott A. Wehrli was appointed as Director at FIRST BUSEY CORP /NV/. - Action: appointed - Role: Director source text: 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) evidence_url: https://www.sec.gov/Archives/edgar/data/314489/000110465925019504/0001104659-25-019504-index.htm - Executive change Steven W. Caple was appointed as Director at FIRST BUSEY CORP /NV/. - Action: appointed - Role: Director source text: 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 evidence_url: https://www.sec.gov/Archives/edgar/data/314489/000110465925019504/0001104659-25-019504-index.htm - Executive change Gregory B. Lykins resigned as Director at FIRST BUSEY CORP /NV/. - Action: resigned - Role: Director source text: Samuel P. Banks, George Barr, Gregory B. Lykins and Cassandra R. Sanford (the “Resigning Directors”) resigned as members of the Board. evidence_url: https://www.sec.gov/Archives/edgar/data/314489/000110465925019504/0001104659-25-019504-index.htm - Executive change Jennifer M. Grigsby was appointed as Director at FIRST BUSEY CORP /NV/. - Action: appointed - Role: Director source text: 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 evidence_url: https://www.sec.gov/Archives/edgar/data/314489/000110465925019504/0001104659-25-019504-index.htm - Executive change Cassandra R. Sanford resigned as Director at FIRST BUSEY CORP /NV/. - Action: resigned - Role: Director source text: Samuel P. Banks, George Barr, Gregory B. Lykins and Cassandra R. Sanford (the “Resigning Directors”) resigned as members of the Board. evidence_url: https://www.sec.gov/Archives/edgar/data/314489/000110465925019504/0001104659-25-019504-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.