First Busey Corporation (NASDAQ: BUSE) Announces Supplemental Disclosures and Legal Actions

On December 13, 2024, First Busey Corporation, a Nevada corporation, filed a Form 8-K with the U.S. Securities and Exchange Commission (SEC), providing updates on recent events, including legal actions and supplemental disclosures related to a proposed merger.

In August 2024, First Busey Corporation entered into an Agreement and Plan of Merger with CrossFirst Bankshares, Inc., a Kansas corporation. This Merger Agreement detailed the merger process, with First Busey as the surviving corporation. Additional actions were planned, involving the merger of CrossFirst Bank with Busey Bank, following the Merger.

To facilitate the proposed transaction, Busey filed a Registration Statement on Form S-4 with the SEC in October 2024. This filing included a joint proxy statement/prospectus. Following these filings, purported stockholders of CrossFirst filed lawsuits against the companies, alleging violations, breached fiduciary obligations, and negligence regarding the registration statement related to the Merger.

First Busey and CrossFirst consider the claims unfounded and believe supplemental disclosures are not required. However, in an effort to prevent any delays or adverse effects on the Merger, the companies are updating the joint proxy statement/prospectus with additional disclosures, denying any wrongdoing or liability.

Supplemental disclosures include various clarifications on pages 56, 59, 83, 88, 89, 90, 91, 92, 93, 94 of the joint proxy statement/prospectus. These updates reflect key financial analyses and background information related to the proposed transaction.

First Busey Corporation emphasizes in its filing that all statements made are forward-looking and subject to uncertainties, as outlined in the “Risk Factors” section of its prior reports. The Corporation disclaims any obligation to update forward-looking statements beyond the current date.

Furthermore, First Busey Corporation clarifies that the Merger Agreement remains on track, subject to necessary approvals. Additional details and updates on the merger process will be provided as the situation progresses.

Investors and shareholders are advised to consider the information provided in the Registration Statement and joint proxy statement/prospectus, which are available on the SEC’s website. Updates on this matter will be released accordingly.

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

About First Busey

First Busey Corporation operates as the bank holding company for Busey Bank that engages in the provision of retail and commercial banking products and services to individual, corporate, institutional, and governmental customers in the United States. It operates through three segments: Banking, Wealth Management, and FirsTech.