CrossFirst Bankshares, Inc. (CFB): BCG Matrix [Dec-2025 Updated]

You're looking at the strategic fate of the former CrossFirst Bankshares business, now fully part of First Busey Corporation as of late 2025, and honestly, the integration presents a classic portfolio challenge. We need to see which pieces-from the high-growth specialty C&I lending that drove the $916.8 million acquisition to the shrinking non-interest-bearing deposits-are now Stars, Cash Cows, Dogs, or Question Marks within the larger entity. This BCG analysis cuts through the integration noise to show you exactly where the combined bank needs to invest its capital and where it should probably pull back, especially considering the credit risk seen in the Construction and Development segment, which pushed Non-Performing Assets to 0.34% of assets in Q3 2024.

Background of CrossFirst Bankshares, Inc. (CFB)

You're looking at the history of CrossFirst Bankshares, Inc. (CFB) right before its operations were fully absorbed into a larger organization. CrossFirst Bankshares, Inc. was the bank holding company for CrossFirst Bank, which started in 2007 and was headquartered in Leawood, Kansas. The bank built its business on relationship-driven banking, focusing heavily on commercial clients, business owners, and professionals across several high-growth metro markets.

The bank's services were centered on commercial and industrial loans, including specialized enterprise value lending, alongside commercial real estate and construction loans. They also offered standard deposit products for both personal and business use. Before its acquisition, CrossFirst Bankshares operated full-service banking offices across key states including Kansas, Missouri, Oklahoma, Texas, Arizona, and Colorado, and New Mexico.

The company pursued an aggressive growth strategy, expanding its footprint across the Southwest and Midwest through both organic growth and acquisitions before its sale in 2025. As a measure of its recent performance before the merger, for the fourth quarter ended December 31, 2024, CrossFirst Bankshares reported quarterly revenues of $68.87 million and adjusted earnings per share of $0.45.

The defining event for CrossFirst Bankshares, Inc. in 2025 was its acquisition by First Busey Corporation. The holding company merger was effective on March 1, 2025, and shares of CFB ceased trading on NASDAQ after February 28, 2025. The integration, expected to be complete by June 2025, created a combined entity with significant scale. The pro forma figures for the combined organization as of the 2025 fiscal year show total assets of approximately $20 billion, total deposits of about $17 billion, and total loans near $15 billion. The former CrossFirst Bank's strong commercial focus and metro market presence are now a strategic component within the larger First Busey Corporation structure.

CrossFirst Bankshares, Inc. (CFB) - BCG Matrix: Stars

The business units identified as Stars for CrossFirst Bankshares, Inc. (CFB), which now operate as a key commercial banking component within the combined First Busey Corporation entity post-merger in March 2025, are those segments characterized by high market growth and strong relative market share, demanding significant investment to maintain leadership.

Specialty Commercial & Industrial (C&I) lending in high-growth metro markets like Dallas/Fort Worth and Denver represents a core Star component. This focus area was instrumental in the strategic rationale for the acquisition. As of December 31, 2024, the Commercial and Industrial loans segment for CrossFirst Bankshares, Inc. stood at $2,221,014,000. This lending concentration in rapidly expanding metropolitan areas is what positioned this business line for continued high growth within the enlarged organization.

The high-touch, relationship-driven commercial banking model was the primary driver that justified the transaction. The total all-stock acquisition value for CrossFirst Bankshares, Inc. was $916.8 million. This valuation reflects the market's recognition of the quality and growth potential embedded in its commercial client relationships, which are the lifeblood of a Star business unit.

The strategic move involved the expansion into the high-growth I-35 corridor, which provides a strong platform for the combined Busey commercial growth strategy. CrossFirst Bank's footprint included locations in key high-growth markets such as Dallas/Fort Worth and Denver, alongside Kansas City, Wichita, and Phoenix, as of the end of 2024. This geographical concentration in dynamic economies fuels the high-growth characteristic required of a Star.

The result of the March 1, 2025, transaction is the combined entity's enhanced focus on commercial banking. The former CrossFirst Bank expertise is now leveraged to bolster the larger organization's commercial niche, aiming for a high relative market share across the expanded footprint. The combined institution, as of the merger close, oversaw total loans amounting to $15 billion and total assets of approximately $20 billion.

Here's a look at the key financial and strategic metrics supporting the Star classification of the core commercial business:

The Star category requires continued investment to fend off competitors and solidify market position before the market growth inevitably slows. The key areas of focus for this investment, stemming from the CrossFirst Bank model, include:

• Specialty Commercial & Industrial (C&I) lending penetration in the Dallas/Fort Worth and Denver markets.
• Sustaining the high-touch, relationship-driven commercial banking service model.
• Capital deployment into the high-growth markets along the I-35 corridor.
• Leveraging the expertise of former CrossFirst leaders in senior roles within the combined entity.

The high relative market share in these specific commercial niches, combined with the high growth of the underlying metro economies, places this business segment squarely in the Star quadrant, requiring capital to fuel its expansion and transition it into a Cash Cow when market maturity occurs.

CrossFirst Bankshares, Inc. (CFB) - BCG Matrix: Cash Cows

You're looking at the core, established business units of CrossFirst Bankshares, Inc. (CFB) that generate consistent returns, which is exactly what a Cash Cow should do. These are the segments that, in a mature market, command a high market share and produce more cash than they consume, funding the rest of the enterprise.

The stable, core deposit base, which contributed to the combined entity's total deposits of approximately $17 billion as of the First Busey Corporation merger announcement in 2025, represents this stability. Even looking at the standalone CrossFirst Bank's figures from the first quarter of 2025, the total deposits stood at $6,513,746 thousand, showing a substantial, sticky funding source built over time. This base is crucial for funding lending activities without relying heavily on volatile wholesale funding markets.

The established Commercial Real Estate (CRE) loan portfolio in mature parts of the legacy Kansas and Missouri footprint is another prime example. While the pro forma combined company projected a CRE concentration of 250% post-merger, the legacy portfolio's deep roots in these established markets suggest a high market share in those specific, mature lending niches. This concentration, while a risk factor in other contexts, points to deep expertise and established client relationships here.

Treasury management services fit the Cash Cow profile perfectly; it's a high-margin, sticky fee-income product for the established business clientele. The focus on building and maintaining these commercial relationships, as noted in the company's filings, directly supports this high-margin service line. You see the benefit of this discipline reflected in the full-year 2024 results.

The strength of these core operations is quantified by the overall franchise, which delivered a record $78.5 million in net income for the full year 2024 before the merger. That record performance is the cash flow being harvested from these mature, high-share businesses.

Here's a quick look at the established financial baseline for the legacy CrossFirst Bank, which underpins these Cash Cow characteristics:

The operational characteristics that define these units as Cash Cows include:

• High market share in mature lending and deposit segments.
• High profit margins from sticky fee-income services.
• Low requirement for heavy promotion and placement spending.
• Focus on infrastructure investment to improve efficiency.
• Generating cash flow to support other business units.

The company strives to maintain the productivity of these units, ensuring they continue to 'milk' the gains passively. For instance, the FY 2024 adjusted efficiency ratio-FTE improved to 54.61% versus 55.17% in 2023, showing that cost discipline is being applied to these established operations. Also, operating revenue for the full year 2024 grew by 7% year-over-year.

Finance: draft 13-week cash view by Friday.

CrossFirst Bankshares, Inc. (CFB) - BCG Matrix: Dogs

Units categorized as Dogs for CrossFirst Bankshares, Inc. (CFB) are those operating in low-growth segments with minimal market share, which consume management attention without generating significant cash flow. Following the acquisition by First Busey Corporation, which closed on March 1, 2025, the strategic imperative is to align the combined entity with a 'premier commercial bank' focus, making non-core or low-return areas prime candidates for minimization or divestiture.

The following elements fit the profile of a Dog, characterized by shrinking contribution or clear underperformance relative to the new strategic direction:

• Non-interest-bearing deposits, which saw a 6% quarter-over-quarter decline in Q3 2024, falling from $0.958 billion in Q2 2024 to $0.901 billion as of September 30, 2024, indicating a shrinking, low-margin funding source.
• Legacy municipal securities portfolio, which required a $0.8 million after-tax loss repositioning in late 2023 via the sale of approximately $80 million of available-for-sale securities to improve capital ratios and liquidity.
• General consumer loan and credit card products, which, given the post-merger focus on commercial banking, represent areas where the legacy CrossFirst Bankshares lacked the scale to compete effectively against larger national players. At the end of Q3 2024, total period-end loans for CFB stood at $6.331 billion.
• Any low-volume, non-core product lines that do not align with the combined bank's premier commercial focus, which is now the primary growth catalyst.

The repositioning of the investment portfolio serves as a concrete example of addressing a Dog-like asset class. The goal was to deploy proceeds into higher-yielding products and pay down wholesale borrowings, with an expected $0.02 diluted earnings per share accretion in 2024 from that specific action.

Here is a summary of the quantified elements associated with these low-return areas:

The strategy for these units is clear: avoid further investment and minimize exposure. Expensive turn-around plans are generally not warranted for these segments, especially when a clear, commercially-focused alternative strategy has been adopted through the merger.

CrossFirst Bankshares, Inc. (CFB) - BCG Matrix: Question Marks

Question Marks represent business units operating in high-growth markets but possessing a low market share, thus consuming significant cash while generating limited returns. For CrossFirst Bankshares, Inc. (CFB), now part of the combined entity following the merger with First Busey Corporation which closed on March 1, 2025, several areas fit this profile, demanding strategic investment to capture market share or divestiture.

The core strategy involves aggressive investment to convert these high-potential areas into Stars. The combined franchise now serves clients across 10 states, leveraging CFB's presence in attractive, high-growth Southwestern markets to fuel expansion in these specific segments.

The following table summarizes key financial figures relevant to these Question Mark areas as of the latest reported data in 2025, reflecting the combined entity's scale or the most recent pre-merger data for CFB where necessary for segment context.

Wealth management cross-sell opportunities within the inherited CrossFirst Bankshares, Inc. client base are a primary focus. The combined entity aims to grow wealth management assets, building upon Busey's reported $13.7 billion in assets under care as of Q1 2025. This aligns with the broader industry trend where U.S. wealth managers project an average Assets Under Management growth of 17.6% in 2025. You need to aggressively market integrated wealth services to the new Southwestern client base to quickly increase market share here.

The expansion of FirsTech, Inc., the payment technology solutions subsidiary, into the new, high-growth Southwestern markets acquired through the merger is another key Question Mark. FirsTech already processes $11 billion in payments annually. Leveraging the established presence in Arizona, Colorado, New Mexico, Oklahoma, and Texas provides the necessary market access to rapidly scale this technology business, which is seen as a catalyst for growth.

Construction and Development (C&D) loans, including home builder lending, represent a high-growth area that inherently carries higher credit risk. For CrossFirst Bankshares, Inc. specifically, Non-Performing Assets (NPAs) had already increased to 0.34% of assets in Q3 2024. Furthermore, the provision for credit losses rose to $3.5 million in that same quarter. The pre-merger full-year loan growth outlook for CFB was trimmed to 3-5%, signaling a cautious approach to growth in this segment.

Energy lending is a specialized segment within the loan portfolio that is high-growth but highly susceptible to external factors. You must monitor this area closely due to its sensitivity to commodity price volatility and potential regulatory changes. While specific 2025 portfolio size is not isolated, its inclusion in the loan book means its performance directly impacts the overall credit quality metrics, such as the 0.34% NPA ratio reported by CFB in Q3 2024.

The strategic imperative for these units involves:

• Wealth Management: Invest heavily to cross-sell services and grow Assets Under Care beyond the $13 billion combined target.
• FirsTech Expansion: Rapidly integrate and market payment solutions across the new footprint to capture market share.
• C&D and Energy Loans: Carefully manage risk exposure while pursuing disciplined growth to prevent these units from becoming Dogs.