08:41 AM EDT, 08/27/2024 (MT Newswires) -- First Busey ( BUSE ) will acquire CrossFirst Bankshares ( CFB ) in an all-stock deal valued at $916.8 million, creating a combined entity with around $20 billion in assets, the companies said Tuesday.

The transaction, expected to close in Q1 or Q2, will expand Busey's market reach into Arizona, Colorado, Kansas, New Mexico, Oklahoma, and Texas, according to the combined statement.

Under the terms of the deal, CrossFirst shareholders would receive 0.6675 shares of Busey common stock for each share held.

The companies said Busey shareholders will own 63.5% of the merged company, with CrossFirst shareholders holding 36.5%.

The combined company will maintain Busey's name and its headquarters in Champaign, Illinois, while the holding company will be based in Leawood, Kansas, they added.