CrossFirst Bankshares raises $7.75M via Series A Preferred Stock at 8% dividend

CROSSFIRST BANKSHARES, INC.

Sold $7.75M of Series A Non-Cumulative Perpetual Preferred Stock; $6.15M from directors and senior leadership.
Preferred stock pays 8% annual non-cumulative dividend, $1,000 liquidation preference, perpetual, no conversion.
Proceeds for general corporate purposes including capital support for CrossFirst Bank.
Preferred stock qualifies as Tier 1 capital; callable at option after March 2028.
Restrictions on common stock dividends if preferred dividends not paid.

item 1.01 item 3.02 item 3.03 item 5.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

CROSSFIRST BANKSHARES, INC.: Filed Certificate of Designations establishing Series A Preferred Stock (effective 2023-03-29).

Change: charter amendment
Effective: 2023-03-29

Exact text from the filing

On March 29, 2023, the Company filed the Certificate of Designations with the Secretary of State of the State of Kansas, which was effective upon filing.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

CROSSFIRST BANKSHARES, INC. entered into Purchase Agreement with certain investors qualified as 'accredited investors' valued at aggregate purchase price of $7,750,000 (effective 2023-03-29).

Action: entry
Agreement: equity purchase
Counterparty: certain investors qualified as 'accredited investors'
Value: aggregate purchase price of $7,750,000
Effective: 2023-03-29

Exact text from the filing

On March 29, 2023, CrossFirst Bankshares, Inc. (the “Company”) entered into a Securities Purchase Agreement (the "Purchase Agreement") with certain investors qualified as "accredited investors," as such term is defined in Rule 501(a) of Regulation D ("Regulation D") promulgated under the Securities Act of 1933, as amended (the "Securities Act"), pursuant to which the Company offered and sold shares of its Series A Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share (the "Series A Preferred Stock"), for an aggregate purchase price of $7,750,000.

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Source: SEC EDGAR

accession 0001562762-23-000151

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