CrossFirst Bankshares, Inc. completed the acquisition of Canyon Bancorporation, Inc. for $15.2 million.
August 31, 2023
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CrossFirst Bankshares, Inc. (NasdaqGS:CFB) entered into a definitive merger agreement to acquire Canyon Bancorporation, Inc. for $15.1 million on April 21, 2023. In accordance with the agreement, CrossFirst Bankshares has agreed to pay up to 50% of the merger consideration in the form of CrossFirst Bankshares common stock based on the election of the target stockholders and subject to certain conditions. CrossFirst Bankshares expects to issue up to approximately 621,000 shares common of its stock at closing assuming an aggregate merger consideration of $17.5 million. The aggregate transaction value is estimated at $15.1 million based on the current CrossFirst stock price. The business combination transaction will result in the mergers of Canyon Bancorporation with and into CrossFirst and Canyon?s bank subsidiary, Canyon Community Bank, N.A. merging with and into CrossFirst?s bank subsidiary, CrossFirst Bank.
The transaction is subject to approval by bank regulatory authorities, as well as the satisfaction of other customary closing conditions. The transaction was approved by the Board of Directors of each company and bank. CrossFirst received regulatory approval for the transaction during second quarter of 2023. The transaction is currently expected to close in the second half of 2023. As of July 17, 2023, the transaction is expected to close in the third quarter of 2023. CrossFirst was advised in this transaction by Raymond James & Associates, Inc. as financial advisor and Scott Gootee and Greg Johnson of Stinson LLP as legal counsel. Canyon was advised by Keefe, Bruyette & Woods, A Stifel Company as financial advisor and Heather Archer Eastep and Peter G. Weinstock of Hunton Andrews Kurth LLP as legal counsel. Pranav Rajan, Joseph Gulash, Ashwin Kakani,Ocean Huang and Steven Tseng of Stifel Financial Corp. acted as financial advisors to Canyon Bancorporation, Inc.
CrossFirst Bankshares, Inc. (NasdaqGS:CFB) completed the acquisition of Canyon Bancorporation, Inc. for $15.2 million on August 1, 2023. CrossFirst paid approximately $9.1 million of cash consideration and issued 597,645 shares of CrossFirst common stock, and the CrossFirst Bankshares and CrossFirst Bank assumed all of the assets and liabilities of the Canyon entities with which they merged by operation of law.
CrossFirst Bankshares, Inc. is a bank holding company for CrossFirst Bank (the Bank). The Bank provides a full suite of financial services to businesses, business owners, professionals and their personal networks through its offices located in Kansas, Missouri, Oklahoma, Texas, Arizona, Colorado and New Mexico. The Bank operates as a regional bank, which provides deposit and lending products to commercial and consumer clients. In addition to its branch locations, it also offers private banking solutions and commercial banking solutions. It focuses on various loan categories, including commercial loans; commercial real estate loans; construction and development loans; multifamily real estate loans; energy loans; and consumer loans. It offers deposit banking products, including personal and business checking and savings accounts; international banking services; treasury management services; negotiable order of withdrawal accounts; automated teller machine access; and mobile banking.