Kansas City Set to Welcome New Banking Services with Busey Bank Acquisition
Exciting news is brewing in Kansas City as Busey Bank is gearing up to expand its footprint in the area after announcing its plans to acquire CrossFirst Bank. This deal, valued at a whopping $917 million in an all-stock transaction, is currently pending regulatory approval. With expectations to wrap things up in the first quarter of 2024, it seems that Kansas City residents will soon benefit from a host of new banking services.
Busey Bank: A Brief History
Originating from Urbana, Illinois, Busey Bank boasts a rich history that dates back to 1868. With an impressive portfolio of acquisitions under its belt over the past decade, including banks in St. Louis, Chicago, and even more, Busey has grown rapidly and consistently. As of now, the bank holds around $12 billion in assets and operates a total of 62 branches primarily in Illinois.
A New Beginning for CrossFirst Bank
Founded in 2007, CrossFirst Bank has been carving out its niche in the banking industry with approximately $8 billion in assets and a presence in states such as Arizona, Colorado, and Missouri. With its three branches in the Kansas City area, the merger with Busey Bank will mean that CrossFirst will become the sole representation of Busey in the region, paving the way for new services to come.
The Big Plans Ahead
What does this mean for the everyday customer? For starters, Busey is looking to enhance customer services significantly. After the merger, all of CrossFirst’s customers will gain access to an array of new and exciting banking services, including wealth management, investment management, financial planning, and estate planning. Additionally, Busey offers specialized payment services like FirsTech, which adds a whole new dimension for customers who are used to doing things the old-fashioned way.
Job Opportunities Galore!
As part of the merger, Busey Bank plans to expand its workforce not only in Kansas City but also in other markets like Phoenix, Dallas, and Denver. With no existing employees in Kansas City, Busey is excited about its potential to recruit new talent. “This deal wasn’t predicated on eliminating positions,” said Mike Maddox, the CEO of CrossFirst Bank, who will continue on as CEO of Busey post-merger. “We’re going to have to hire people not only in Kansas City but in our other markets as well.”
Strategic Growth Plans
While Busey Bank isn’t planning to build an extensive network of branches as some banks have done in the past, they are not ruling out the possibility of expanding their locations over time. “Great people and technology can help us grow efficiently without needing an excessive number of branches,” Maddox shared.
Looking Towards the Future
Van Dukeman, chairman and CEO of Busey Bank’s parent company, emphasized the commitment to customer satisfaction, stating that while size matters, “it’s not important how big we are, but how good we are at serving our customers’ needs.” Busey Bank has had its sights on Kansas City for a while now, and both Dukeman and Maddox are optimistic about what lies ahead. They foresee potential opportunities for future mergers and acquisitions in the area, which could further enhance the banking landscape in Kansas City.
In Conclusion
The acquisition of CrossFirst Bank represents not just a shift for Busey Bank but a chance for Kansas City residents to experience a whole new level of banking services. With a combination of solid experience, strong leadership, and a commitment to customer service, the future seems bright for Busey Bank and its new Kansas City adventure.
