First Busey receives Federal Reserve approval to acquire CrossFirst Bancshares

First Busey Corporation (BUSE) has received the approval of the Federal Reserve to acquire by merger CrossFirst Bankshares (CFB). Both companies received shareholder approval for the transaction on Dec. 20, 2024. Busey and CrossFirst intend to close the holding company merger on March 1, 2025, subject to the satisfaction of the remaining customary closing conditions, including the receipt of approval from the Illinois Department of Financial and Professional Regulation. The transaction has also been approved by the Kansas Office of the State Bank Commissioner. Busey will operate CrossFirst Bank as a separate banking subsidiary of Busey until it is merged with Busey Bank, which is expected to occur in late June 2025. At the time of the bank merger, CrossFirst Bank banking centers will become branches of Busey Bank. Busey and CrossFirst have been actively engaged in integration planning since the announcement of the transaction.