CrossFirst Bank Acquisition, Valuation, Funding & Investors

CrossFirst Bank was acquired by First Busey for $917M in August 2024, a 3.7x multiple on $251M of revenue.

CrossFirst Bank acquisition price

$917M

Acquired by First Busey · Aug 2024

CrossFirst Bank revenue at acquisition

$251M

Last twelve months · Aug 2024

CrossFirst Bank revenue multiple at acquisition

3.7x

EV/Revenue · Aug 2024

Cumulative funding CrossFirst Bank raised

$34M

across 7 funding rounds

CrossFirst Bank Overview

About CrossFirst Bank

CrossFirst Bank is a Leawood, Kansas-headquartered institution operating 15 branches in Kansas, Oklahoma, Missouri, and Texas that delivers commercial lending, treasury management, and personal banking to businesses and professionals. Established in 2007, it manages over $7 billion in assets, focusing on real estate financing and agricultural loans in the Midwest region.


Founded

2007

HQ

United StatesKansas City, KS

Status

Acquired

Customer focus

B2C & B2B

Revenue model

Services

Revenue

$251M (Aug 2024)

Valuation

$917M (acquired Aug 2024)

CrossFirst Bank Acquisition

CrossFirst Bank was acquired by First Busey for $917M on 26 August 2024.

The acquisition price implies a 3.7x revenue multiple on $251M of revenue.

Before the acquisition CrossFirst Bank had raised $34M across 7 funding rounds.

CrossFirst Bank, founded in 2007 and headquartered in Leawood, Kansas, operates 16 branches in high-growth metro markets including Kansas City, Wichita, Dallas/Fort Worth, Denver, and Phoenix, with a strong focus on commercial banking. First Busey Corporation, parent of Busey Bank headquartered in Champaign, Illinois, completed its $917 million all-stock acquisition of CrossFirst Bankshares, Inc., the holding company for CrossFirst Bank, effective March 1, 2025, following the original announcement on August 27, 2024. Under the merger terms, each share of CrossFirst common stock converted into 0.6675 shares of Busey common stock. Post-acquisition, CrossFirst Bank operates as a distinct subsidiary of First Busey until its integration with Busey Bank in June 2025, after which all locations rebrand under Busey, forming a commercial bank with 77 branches across 10 states in the Midwest and Southwest U.S. The combined entity holds approximately $20 billion in total assets, $17 billion in deposits, $15 billion in loans, and $14 billion in wealth assets under management. This marks Busey's largest transaction in its 157-year history, expanding its footprint into rapidly growing metropolitan markets to enhance commercial banking, wealth management, and its payment technology subsidiary FirsTech. Strategic rationale centers on leveraging CrossFirst's metro market presence and commercial expertise to bolster Busey's scale, diversified revenue streams, exceptional credit quality, and liquidity, positioning the enlarged firm to capitalize on growth opportunities amid strong market conditions.

CrossFirst Bank acquisition details
AcquirerDateTypePriceEV/Revenue
26 Aug 2024Strategic M&A$917M3.7x

CrossFirst Bank Funding History

CrossFirst Bank has raised a total of $34M across 7 funding rounds.

CrossFirst Bank's first fundraising round was a $17M undisclosed-stage round in August 2013. The most recent completed round was a $5M Series A in April 2018.

CrossFirst Bank funding rounds

CrossFirst Bank funding rounds
DateStageRaised
Apr 2018Series A$5M
Apr 2017Series A$7M
Oct 2016Seed$1M
Sep 2015Pre-seed$700K
Nov 2014Pre-seed$700K
Sep 2013Seed$3M
Aug 2013Undisclosed stage$17M

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Acquisitions by CrossFirst Bank

CrossFirst Bank has acquired 3 companies to date.

Last acquisition by CrossFirst Bank was on April 21st 2023. CrossFirst Bank acquired Canyon Community Bank for $15M.


Latest Acquisitions by CrossFirst Bank

Canyon Community Bank
Central Bank & Trust
Farmers & Stockmens Bank
Description
Canyon Community Bank is a Lubbock-headquartered community bank serving West Texas with checking, savings, loans, and mortgage products. The independent institution operates branches in Plainview and Post, offering agricultural lending and online banking. Canyon Community Bank holds assets exceeding $200 million and supports local businesses in cotton farming and energy.
Central Bank & Trust is a Denver-headquartered community bank offering commercial loans, treasury management, and personal banking through nine branches in Colorado. It provides SBA lending up to $5 million for small businesses and mortgage products for residential properties in the Front Range. The bank integrates online platforms with mobile deposit and Zelle transfers. Founded in 1994, Central Bank & Trust manages $1.2 billion in assets serving sectors like real estate and healthcare.
Farmers & Stockmens Bank is a Cotulla-headquartered institution in South Texas offering personal checking, savings, loans, agricultural credit, and commercial financing. It operates branches in La Salle, Dimmit, and Webb counties, supporting ranchers with cattle financing and crop loans for cotton and sorghum. Home equity lines and mortgages complement its services for Maverick County residents, with online and mobile banking access.
HQ CountryUnited StatesUnited StatesUnited States
HQ City
Tucson, AZ
Colorado Springs, CO
Clayton, NC
Deal Date21 Apr 20237 Nov 202213 Jun 2022
Valuation$15M$75M$75M
EV/Revenue
EV/EBITDA

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CrossFirst Bank Competitors

CrossFirst Bank competitors include listed companies like First Financial, GCB Bank, Bank ABC and Farmers National Banc, and private ones like WeBank and China Wanxiang Holding.

Public and private companies comparable to CrossFirst Bank
CompanyHQStatusRevenueValuationRevenue Multiple
First FinancialUnited StatesUnited StatesPublicly listed$262M$917M3.2x
GCB BankGhanaGhanaPublicly listed$547M$918M1.4x
Bank ABCBahrainBahrainPublicly listed$1.4B$913M-
Farmers National BancUnited StatesUnited StatesPublicly listed$189M$928M3.8x
WeBankChinaShenzhenPrivate-$941M-
China Wanxiang HoldingChinaHangzhouPrivate-$819M-

CrossFirst Bank Public Comps

CrossFirst Bank is no longer listed, but its public comps include First Financial, GCB Bank, Bank ABC, Farmers National Banc, Mid Penn Bancorp, Capricorn Group, Southside Bancshares, Fidelity Bank, SmartFinancial and Safwa Islamic Bank.

Last FYEV/RevenueEV/EBITDA
RevenueLast FYLTM2027ELast FYLTM2027E
First Financial$262M3.5x3.2x--
GCB Bank$547M1.7x1.4x--
Bank ABC$1.4B0.6x---
Farmers National Banc$189M4.9x3.8x--
Mid Penn Bancorp$223M4.2x3.4x--
Capricorn Group$342M2.6x---
Southside Bancshares$237M4.0x3.3x--
Fidelity Bank$610M1.5x0.8x--

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Common questions about CrossFirst Bank

When was CrossFirst Bank founded?CrossFirst Bank was founded in 2007.
Where is CrossFirst Bank headquartered?CrossFirst Bank is headquartered in Kansas City, KS, United States.
Is CrossFirst Bank publicly listed?No, CrossFirst Bank was acquired by First Busey in August 2024.
Who acquired CrossFirst Bank?CrossFirst Bank was acquired by First Busey in August 2024.
How much was CrossFirst Bank acquired for?CrossFirst Bank was acquired for $917M in August 2024, a 3.7x revenue multiple.
How much funding has CrossFirst Bank raised?CrossFirst Bank has raised $34M across 7 funding rounds.
What was CrossFirst Bank's last funding round?CrossFirst Bank's last funding round was a $5M Series A in April 2018.
Which companies are comparable to CrossFirst Bank?Companies comparable to CrossFirst Bank include First Financial, GCB Bank, Bank ABC, Farmers National Banc, WeBank and China Wanxiang Holding.
How many companies has CrossFirst Bank acquired?CrossFirst Bank has acquired 3 companies, including Canyon Community Bank, Central Bank & Trust and Farmers & Stockmens Bank.
What was the largest acquisition by CrossFirst Bank?The $75M acquisition of Central Bank & Trust in November 2022 is the largest acquisition CrossFirst Bank has made to date.

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