CrossFirst Bankshares, Inc. (CFB): History, Ownership, Mission, How It Works & Makes Money

As a savvy investor, how do you defintely value a company like CrossFirst Bankshares, Inc. (CFB) right at the moment of its major transformation?

The answer is in the scale: its merger with First Busey Corporation, which closed in March 2025, created a regional powerhouse with approximately $20 billion in total assets and $17 billion in total deposits. That's a huge shift in market presence.

Before the deal, CFB delivered a record year, showing the strength of its relationship-driven model with 2024 full-year net income of $78.5 million, which is why it was a $916.8 million acquisition target. Understanding its history and mission is crucial for assessing the value now held by the approximately 36.5% of the combined company owned by former CrossFirst shareholders.

CrossFirst Bankshares, Inc. (CFB) History

You're looking for the origin story of CrossFirst Bankshares, Inc., and the key takeaway is that its journey as an independent, publicly-traded entity ended in early 2025, culminating in a major acquisition. The company evolved quickly from a highly-capitalized startup bank in the Midwest to a regional commercial banking force before being acquired by First Busey Corporation in a deal valued at nearly $917 million.

Given Company's Founding Timeline

The bank was launched with an eye toward serving business owners and professionals, which required a significant initial capital base to support its commercial focus.

Year established

CrossFirst Bank was founded in 2007. The holding company, CrossFirst Holdings, LLC, was established in 2008 and later converted to CrossFirst Bankshares, Inc. in 2017.

Original location

The company is headquartered in Leawood, Kansas, which remains the location for the holding company's post-merger leadership.

Founding team members

The bank was organized by a group of financial executives and prominent business leaders. Key early figures included:

• Mike Maddox: Joined in 2008, serving as President and CEO of the Bank, and later CEO of the holding company.
• David O'Toole: Founding stockholder and director, who became the Chief Financial Officer in 2008.

Initial capital/funding

The organizers raised approximately $16.6 million in initial funding, which was a strategic move to start with a strong balance sheet, noted as more than double the typical capital raised for a new bank in Kansas at the time.

Given Company's Evolution Milestones

CrossFirst Bankshares pursued an aggressive growth strategy, expanding its footprint across the Southwest and Midwest through a mix of organic growth and strategic acquisitions before its own sale in 2025.

Given Company's Transformative Moments

The most defintely transformative moment was the 2025 merger, but the groundwork was laid by a series of strategic decisions focused on high-growth metro markets.

The decision to pursue an IPO in 2019 was a major pivot, providing the capital needed to compete with larger regional banks and fund organic expansion. The IPO raised $114 million, which was used to maintain regulatory capital and support growth across its seven full-service offices at the time.

• Aggressive M&A Strategy: The company used its capital to grow its footprint, including the 2022 acquisition of Farmers & Stockmens Bank and the 2023 acquisition of Canyon Community Bank. This expanded its presence into high-growth markets like Arizona, Colorado, and New Mexico.
• The 2025 Merger: The acquisition by First Busey Corporation, completed on March 1, 2025, was a strategic exit and a massive scale-up. CrossFirst Bank, with total assets of $7.7 billion as of December 31, 2024, became a wholly-owned subsidiary, with the combined entity having approximately $20 billion in total assets.
• Leadership Integration: Post-merger, former CrossFirst CEO Mike Maddox took a senior leadership role, becoming Vice Chairman and President of First Busey Corporation and President and CEO of Busey Bank, ensuring the CrossFirst commercial focus and client culture would continue within the larger organization.

If you're interested in the principles that drove this journey, you can review the Mission Statement, Vision, & Core Values of CrossFirst Bankshares, Inc. (CFB).

CrossFirst Bankshares, Inc. (CFB) Ownership Structure

CrossFirst Bankshares, Inc. (CFB) is no longer an independent, publicly traded entity; it was acquired by First Busey Corporation (BUSE) in an all-stock merger that closed on March 1, 2025. This transaction transformed the ownership structure, with former CrossFirst shareholders collectively receiving a significant stake in the now-larger First Busey Corporation.

Given Company's Current Status

The company's status as of November 2025 is that of a wholly-owned subsidiary of First Busey Corporation, a publicly traded financial holding company on the Nasdaq. CrossFirst Bankshares, Inc. stock (CFB) was delisted, and trading ceased on February 28, 2025, with shareholders receiving 0.6675 of a share of First Busey Corporation Class A Common Stock (BUSE) for each share they held.

The bank subsidiary, CrossFirst Bank, was expected to merge into Busey Bank by late June 2025, consolidating its operations under the Busey brand. This merger created a combined entity with approximately $20 billion in total assets. It's a much bigger organization now, so the decision-making power is shared across the new structure.

To understand the current stakeholder interests, you need to look at the ownership of the parent company. Exploring CrossFirst Bankshares, Inc. (CFB) Investor Profile: Who's Buying and Why?

Given Company's Ownership Breakdown

The ownership breakdown reflects the combined First Busey Corporation, which has a market capitalization of approximately $2.03 billion as of November 2025. The former CrossFirst shareholders now represent a substantial portion of the public float.

Here's the quick math: Institutional investors hold the majority stake, but the 36.5% held by former CrossFirst shareholders is a powerful block, defintely influencing strategic decisions.

Given Company's Leadership

The leadership team of the combined First Busey Corporation is a blend of executives from both legacy organizations, ensuring continuity and integrating CrossFirst's expertise in high-growth markets. The new governance structure includes a 13-member Board of Directors, with five directors originating from the former CrossFirst Board.

• Van Dukeman serves as the Executive Chairman and CEO of First Busey Corporation.
• Mike Maddox, the former CEO of CrossFirst Bankshares, Inc., is now the President and Executive Vice Chairman of First Busey Corporation and CEO of Busey Bank.
• Rod Brenneman, the former independent Chairman of CrossFirst, holds the role of Lead Independent Director on the combined company's Board.
• Amy Fauss, formerly the Chief Operating Officer of CrossFirst Bank, transitioned to the role of Chief Information and Technology Officer for the combined organization.
• Randy Rapp, former President of CrossFirst Bank, is now the President of Busey Bank.

This structure means the original CrossFirst leadership maintains a strong voice at the top, particularly in commercial banking and the newly expanded market footprint. The integration of five CrossFirst directors onto the new board ensures stakeholder interests from the acquired entity are represented.

CrossFirst Bankshares, Inc. (CFB) Mission and Values

CrossFirst Bankshares, Inc.'s core identity was built on a foundation of extraordinary, personalized service and a deep commitment to community, which ultimately drove its growth and led to its acquisition by First Busey Corporation in March 2025. This legacy of integrity and relationship-based banking is the cultural DNA that now contributes to the combined entity's strength, which boasts approximately $20 billion in total assets as of 2025.

Given Company's Core Purpose

You're looking for the DNA that made CrossFirst Bankshares a top-performing regional bank, and it boils down to trust and an uncompromising focus on the client. The company's mission and values were the engine for their growth, which is why they were named to the 2024 KBW Bank Honor Roll, placing them among the top 5% of eligible banks nationwide. Honestly, that kind of performance doesn't happen by accident.

Official mission statement

The mission was centered on building deep, lasting relationships, not just transactional ones. It was a commitment to a culture of serving clients and communities in extraordinary ways by providing personalized, relationship-based banking.

• Serve clients and communities in extraordinary ways.
• Provide personalized, relationship-based banking.
• Establish and grow the trust of clients, employees, stakeholders, and communities.

To be fair, this focus translated into real-world impact before the merger: in 2024, the bank originated $69 million in loans specifically for Community Development purposes, plus invested over $524,000 in the community through donations and sponsorships. You can see how this commitment to financial health is a defintely critical component of their operations by reading Breaking Down CrossFirst Bankshares, Inc. (CFB) Financial Health: Key Insights for Investors.

Vision statement

The company's vision was clear and simple: to be the most trusted bank in the markets they serve. This is a powerful, one-line vision that cuts through the noise of the financial sector. They aimed to achieve this by consistently making and keeping extraordinary promises to every stakeholder.

• Be the most trusted bank in the markets served.
• Achieve this by making and keeping extraordinary promises.

Given Company slogan/tagline

While CrossFirst Bankshares didn't use a single, formal slogan plastered everywhere, their operational ethos was consistently summarized in one phrase, which functioned as their unofficial tagline: Serving people in extraordinary ways. That simple phrase was the core differentiator in a crowded banking market.

CrossFirst Bankshares, Inc. (CFB) How It Works

As of November 2025, the former operations of CrossFirst Bankshares, Inc. are fully integrated into First Busey Corporation, operating as a key segment of Busey Bank following the acquisition that closed on March 1, 2025. The business model now works by leveraging CrossFirst's established, high-touch commercial banking relationships in high-growth metro markets and combining them with Busey's broader financial product suite and greater scale.

Given Company's Product/Service Portfolio

The core offerings of the former CrossFirst Bank, now delivered through Busey Bank's service centers, focus on a relationship-driven model for businesses and affluent individuals, generating revenue primarily through interest income on loans and fees from specialized services like Treasury Management.

Given Company's Operational Framework

The operational framework is now defined by the successful integration of the two entities, which was largely completed by mid-2025, with all former CrossFirst Bank locations becoming Busey Bank service centers by June 2025. The goal was to blend CrossFirst's 'branch-light, technology-focused' approach with Busey's diversified model.

Here's the quick math: the combined entity has approximately $20 billion in total assets, which dramatically increases the lending capacity available to former CrossFirst clients. This scale allows for larger loan participations and a more stable funding base. The focus is on three key operational drivers:

• Relationship-Based Service: Maintaining the high-quality, personalized service model that CrossFirst was known for, especially in commercial banking.
• Technology Integration: Successful conversion of core systems by June 20, 2025, ensuring a seamless technological experience. This includes leveraging Busey's digital banking enhancements.
• Revenue Diversification: Utilizing Busey's payment technology subsidiary, FirsTech, Inc., which processes approximately $12 billion in payments annually, to offer a more comprehensive suite of non-interest income services to the former CrossFirst commercial client base.

The combined company reported net interest income of $103.7 million in the first quarter of 2025, reflecting the immediate impact of the larger, combined loan portfolio of approximately $15 billion. You can read more about the foundational values that drove this model at Mission Statement, Vision, & Core Values of CrossFirst Bankshares, Inc. (CFB).

Given Company's Strategic Advantages

The company's market success, now under the First Busey Corporation umbrella, stems from a few clear, strategic advantages that the CrossFirst business brought to the table. This is defintely not a simple sum of parts; it's a strategic combination of strengths.

• High-Growth Market Footprint: CrossFirst had a strategic focus along the I-35 corridor and in high-growth metro areas like Kansas City, Dallas, and Phoenix, which are crucial for future commercial loan growth.
• Commercial Banking Expertise: Deep skill set and commitment to commercial banking, which significantly bolsters the combined company's ability to serve this profitable segment.
• Enhanced Scale and Capital: The merger created a premier full-service commercial bank with a fortress balance sheet, featuring approximately $17 billion in total deposits and capital ratios significantly above 'well-capitalized' thresholds. This scale provides a competitive edge against smaller regional banks.
• Diversified Revenue Streams: The integration of FirsTech's payment processing capabilities with the commercial client base of CrossFirst creates a powerful cross-selling opportunity, bolstering non-interest income.

What this estimate hides is the ongoing work of cultural and operational alignment, but the financial benefits-like the expected earnings per share accretion for Busey-show the strategy is sound.

CrossFirst Bankshares, Inc. (CFB) How It Makes Money

CrossFirst Bankshares, Inc., before its acquisition by First Busey Corporation (BUSE) in the first quarter of 2025, operated as a commercial bank primarily generating revenue from the interest spread between the loans it originated and the interest it paid on customer deposits. This core banking model is now integrated into the larger, diversified financial engine of First Busey Corporation, which continues to rely heavily on net interest income but benefits from CrossFirst's high-growth, relationship-based commercial lending and deposit base.

First Busey Corporation's Revenue Breakdown (Post-CFB Acquisition, Q3 2025)

You need to look at the combined entity's performance to understand the current financial engine. The table below reflects the consolidated revenue streams of First Busey Corporation for the third quarter of 2025, which includes the operations of the former CrossFirst Bankshares. Here's the quick math: total revenue for the quarter was approximately $196.34 million, combining net interest income and noninterest income.

Business Economics

The profitability of the combined bank hinges on two main economic fundamentals: the Net Interest Margin (NIM) and the stability of its deposit base. The CrossFirst acquisition was strategic, adding a high-quality commercial loan portfolio and a strong presence in high-growth markets like Texas and Arizona to First Busey Corporation's existing footprint.

• Net Interest Margin (NIM): For Q3 2025, the NIM for the combined entity expanded to 3.58%, a 9 basis point increase from the previous quarter. This expansion is a direct result of managing the cost of funds, which is the interest paid on deposits and borrowings.
• Deposit Cost Management: First Busey Corporation intentionally ran off $794.6 million in high-cost, non-relationship deposits during Q3 2025, which had a weighted average cost of 4.45%. This is a clear, decisive action to improve profitability.
• Fee-Based Diversification: The noninterest income stream, which makes up about 21.0% of total revenue, provides a crucial buffer against interest rate volatility. Key drivers here include wealth management fees, wealth management referral fees, and payment technology solutions, which collectively contributed 56.4% of the adjusted noninterest income in Q2 2025. That's where the growth opportunity lies outside of traditional lending.

You can't just rely on the loan-to-deposit spread; you need strong, recurring fee revenue. Exploring CrossFirst Bankshares, Inc. (CFB) Investor Profile: Who's Buying and Why?

First Busey Corporation's Financial Performance (Post-CFB Acquisition, Q3 2025)

The post-merger performance shows a stronger, more efficient bank, which is the whole point of a strategic acquisition. The Q3 2025 results, reported in late October 2025, reflect the initial success of integrating CrossFirst's operations and assets.

• Net Income: The company reported net income of $57.1 million for Q3 2025, a significant increase from $47.4 million in the prior quarter.
• Earnings Per Share (EPS): Diluted EPS was $0.58, with adjusted diluted EPS reaching $0.64, beating analyst expectations.
• Return on Assets (ROAA): Annualized ROAA was 1.21% (adjusted to 1.33%), indicating a better use of assets compared to the previous quarter.
• Return on Tangible Common Equity (ROATCE): Annualized ROATCE was 11.96% (adjusted to 13.20%), showing a solid return for common shareholders on tangible equity.
• Credit Quality: Asset quality improved, with classified assets as a percentage of capital falling to 7.0% and net charge-offs at 0.17%. This suggests the acquired loan portfolio is defintely performing well post-merger.

What this estimate hides is the one-time acquisition and restructuring costs that were incurred, which are generally excluded from the adjusted (non-GAAP) metrics, but the core profitability metrics are moving in the right direction.

CrossFirst Bankshares, Inc. (CFB) Market Position & Future Outlook

CrossFirst Bankshares, Inc. (CFB) no longer operates as an independent, publicly traded entity, having been acquired by First Busey Corporation in a merger that closed on March 3, 2025. The former CrossFirst Bank is now fully integrated into Busey Bank as of June 23, 2025, transforming Busey into a premier full-service commercial bank with a significantly expanded footprint across the high-growth I-35 corridor and a combined $20 billion in total assets for the 2025 fiscal year.

The strategic value of the former CrossFirst Bankshares lies in its specialty commercial lending, technology-driven model, and strong presence in markets like Kansas City, Dallas/Fort Worth, Denver, and Phoenix, which are now key growth engines for the combined organization.

Competitive Landscape

The competitive analysis for the former CrossFirst Bankshares now focuses on the regional banking market where the combined First Busey Corporation operates, leveraging the former CFB's specialized commercial and wealth management focus. The combined entity's $20 billion in total assets positions it as a significant regional player, though still smaller than national giants.

Here's the quick math: The combined entity's $20 billion in assets represents a small fraction of the total US banking market, which is why market share figures are low, but its strength is hyper-regional. For context, the combined entity's total assets of $20 billion are dwarfed by a national player like Truist, which holds over $530 billion in assets.

Opportunities & Challenges

The future trajectory is defined by the successful integration of the two banks and the ability to capitalize on the new geographic reach. The merger is expected to generate significant earnings per share accretion for First Busey Corporation in 2026, which is the ultimate measure of success for the combined entity.

Industry Position

The former CrossFirst Bankshares' position is now a strategic component of a larger, more diversified regional bank, First Busey Corporation, which operates across 10 states.

The combined bank's primary strength is its enhanced focus on commercial banking and wealth management, moving beyond a simple regional bank model. The integration created a combined entity with $17 billion in total deposits and $14 billion in wealth assets under care as of the 2025 fiscal year.

To be fair, the combined entity is now better positioned to compete with larger regional banks by offering a broader service set, including Busey's payment technology solutions. This scale provides a defintely stronger foundation for weathering economic shifts than CrossFirst Bankshares had on its own. You can get a deeper dive into the financial health of the combined entity by reading Breaking Down CrossFirst Bankshares, Inc. (CFB) Financial Health: Key Insights for Investors.

• Leverage the former CrossFirst Bankshares' 'branch-light' model to drive efficiency.
• Target a higher-value client base (professionals, business owners) for sticky, low-cost deposits.
• Maintain the strong credit quality CrossFirst Bankshares demonstrated before the merger.

The market views the merger as strategically sound, creating a bank with the scale to invest in technology and the geographic diversity to mitigate localized economic downturns.