Welcome to our dedicated page for First Busey news (Ticker: BUSE), a resource for investors and traders seeking the latest updates and insights on First Busey stock.
First Busey Corporation reports news as a financial holding company centered on Busey Bank, Wealth Management and FirsTech payment technology. Recurring updates cover bank earnings, net interest margin, pre-provision net revenue, asset quality, deposit funding, commercial and consumer banking activity, and the contribution of wealth management and payments services.
Company developments also include integration and synergy updates following the completed CrossFirst acquisition, capital actions such as preferred depositary share offerings and dividends, credit rating actions, and governance changes affecting the holding company and bank leadership.
First Busey (NASDAQ: BUSE) has received Federal Reserve approval to acquire CrossFirst Bankshares through merger. The transaction, which received shareholder approval on Dec. 20, 2024, is expected to close on March 1, 2025, pending Illinois Department of Financial and Professional Regulation approval.
The merger will create a combined entity with approximately $20 billion in total assets, $17 billion in deposits, $15 billion in loans, and $14 billion in wealth assets under care. The combined company will operate across 77 locations in 10 states, expanding Busey's presence in high-growth metro markets including Kansas City, Wichita, Dallas/Fort Worth, Denver, and Phoenix.
CrossFirst Bank will initially operate as a separate banking subsidiary until its planned merger with Busey Bank in late June 2025. The partnership aims to enhance commercial banking relationships and expand wealth management and payment technology solutions through FirsTech, Inc. The combination is expected to improve net interest margin and efficiency, leading to increased profitability for shareholders.
First Busey (BUSE) and CrossFirst Bankshares (CFB) announced that shareholders of both companies have approved all proposals related to their merger. The special shareholder meetings were held on December 20, 2024. The merger is expected to close in Q1 or Q2 2025, pending regulatory approvals.
The combined entity will create a premier full-service commercial bank with:
- $20 billion in total assets
- $17 billion in total deposits
- $15 billion in total loans
- $14 billion in wealth assets under care
- 77 full-service locations across 10 states
The merger aims to enhance performance metrics through improved net interest margin and efficiency, leading to increased profitability and shareholder returns.
First Busey (BUSE) and CrossFirst Bankshares, Inc. (CFB) have announced a merger agreement valued at approximately $916.8 million. The all-stock transaction will create a combined entity with $20 billion in assets, operating under the Busey brand. The merger extends Busey's market presence to Arizona, Colorado, Kansas, New Mexico, Oklahoma, and Texas.
Key highlights:
- Combined company will have $17 billion in deposits and $13 billion in wealth management assets
- Expected to provide 20% EPS accretion for Busey in 2026
- Minimal tangible book value dilution of -0.6% with a 6-month earnback period
- CrossFirst shareholders will receive 0.6675 Busey shares for each CFB share
- Transaction expected to close in Q1 or Q2 2025, subject to approvals
First Busey (Nasdaq: BUSE) reported net income of $27.4 million and diluted EPS of $0.47 for Q2 2024, marking an increase from Q1 2024 but a decrease from Q2 2023. Adjusted net income was $29.0 million, or $0.50 per diluted share. The company's net interest margin rose by 24 basis points to 3.03%. Noninterest income stood at $33.8 million, with a record high in revenue for Wealth Management and FirsTech segments. The acquisition of Merchants & Manufacturers Bank was completed on April 1, 2024, and integrated by June 21, 2024.
Busey's tangible book value per common share rose to $16.97, an 11.3% year-over-year increase. Total assets were $11.97 billion, with portfolio loans reaching $8.00 billion. Noninterest expense rose to $75.5 million, and the allowance for credit losses was $85.2 million. Despite a $2.3 million provision for credit losses, asset quality remains strong, with non-performing assets at 0.08% of total assets.
Summary not available.
Summary not available.
Summary not available.
Summary not available.
Summary not available.
Summary not available.