**CrossFirst Bankshares Provides Supplemental Disclosures in Connection with Proposed Merger**

CrossFirst Bankshares, Inc. (NASDAQ: CFB) recently disclosed supplemental information regarding its proposed merger with First Busey Corporation in a filing with the Securities and Exchange Commission (SEC). The company, a Kansas corporation, entered into an Agreement and Plan of Merger on August 26, 2024, with Busey, a Nevada corporation, outlining the merger terms where CrossFirst will merge with Busey, with Busey emerging as the surviving corporation.

As part of the merger process, Busey filed a Registration Statement on Form S-4 with the SEC on October 18, 2024, which was declared effective on November 13, 2024. Subsequently, CrossFirst and Busey provided their shareholders with a joint proxy statement/prospectus. However, following these filings, purported stockholders of CrossFirst initiated legal action, filing two lawsuits against CrossFirst, individual board members, and/or Busey, alleging breaches in fiduciary obligations and violations under state law.

CrossFirst and Busey have responded, stating that the claims presented in the lawsuits lack merit, and they do not believe that further disclosures are warranted by law. However, to mitigate any potential adverse impacts on the merger process, CrossFirst and Busey have decided to augment the joint proxy statement/prospectus with additional details as specified in the recent report to the SEC.

The updated disclosures provided in the filing on December 13, 2024, include specifics related to the background of the merger, financial analysis, and certain details intended to further inform shareholders about the proposed transaction. CrossFirst and Busey emphasized that they maintain their stance that the allegations made against them are unsubstantiated and have not admitted any wrongdoing or liability.

Investors and stakeholders have been encouraged to review the updated information and the initial registration statement and joint proxy statement/prospectus, which are available on the SEC’s website and the respective company websites. The companies underscored the importance of considering all relevant materials before making any decisions regarding the proposed merger.

In conclusion, CrossFirst Bankshares remains committed to transparency and ensuring that shareholders have access to comprehensive information as the merger process continues.

This article is based on an 8-K SEC filing by CrossFirst Bankshares, Inc. and is intended to provide an overview of recent developments related to the company’s proposed merger with First Busey Corporation.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read CrossFirst Bankshares’s 8K filing here.

About CrossFirst Bankshares

CrossFirst Bankshares, Inc operates as the bank holding company for CrossFirst Bank that provides various banking and financial services to businesses, business owners, professionals, and its personal networks. The company offers commercial and industrial loans, including enterprise value lending; commercial real estate loans; construction and development loans, such as home builder lending; residential real estate, multifamily real estate, energy, SBA, and consumer loans; and credit cards.