CrossFirst Bankshares, Inc. (CFB): Business Model Canvas [Dec-2025 Updated]

You're digging into the Business Model Canvas for the former CrossFirst Bankshares, Inc. (CFB) now that it's fully integrated into First Busey Corporation following the March 2025 merger. Forget the old structure; we need to see the new reality: a regional player with about $20 billion in combined assets, still betting big on relationship-driven commercial lending but now with a much deeper deposit base. I've mapped out the nine essential blocks-from their $103.7 million in Q1 2025 combined Net Interest Income to their key talent-so you can see exactly how this newly scaled bank plans to deliver that 'community bank value' at a much bigger level. Read on for the precise breakdown.

CrossFirst Bankshares, Inc. (CFB) - Canvas Business Model: Key Partnerships

The Key Partnerships for CrossFirst Bankshares, Inc. are now defined by its acquisition by First Busey Corporation, effective March 1, 2025.

First Busey Corporation (Acquirer) for scale and core deposit base

The merger created a combined entity with significant scale, leveraging Busey Bank's core deposit franchise and CrossFirst Bank's market presence.

• Combined total assets: approximately $20 billion.
• Combined total deposits: $17 billion.
• Combined total loans: $15 billion.
• Combined wealth assets under care: $14 billion.
• Former CrossFirst shareholders own approximately 36.5% of the combined company, on a fully-diluted basis.
• The transaction was valued at approximately $917 million.
• The acquisition was accretive to tangible book value, exceeding initial projections of a six-month earn back period.
• The combined operation spans 77 locations across 10 states as of the March 1, 2025 holding company merger.

The integration plan involved CrossFirst Bank operating as a separate subsidiary until a Bank Merger with Busey Bank, expected to occur in June 2025.

FirsTech, Inc. (BUSE subsidiary) for payment technology solutions

FirsTech, Inc., Busey Bank's wholly-owned subsidiary, specializes in payment technology solutions for small and medium-sized businesses and financial institutions. The partnership is expected to offer additional opportunities to grow this business.

Technology vendors for the branch-light, digital-first platform

The combined entity leverages technology to support its operations across the expanded footprint.

• FirsTech, Inc. provides solutions including online, mobile, and voice-recognition bill payments, merchant services, and direct debit services.

Correspondent banks for specialized services and liquidity

The combined organization is positioned with a 'fortress balance sheet' featuring strong liquidity, a characteristic maintained through the merger.

Commercial real estate developers and home builders for lending pipeline

The pro forma combined entity's loan portfolio characteristics reflect a focus on commercial and real estate lending, which CrossFirst Bank brought to the partnership.

The combined company's capital ratios were expected to be significantly above 'well-capitalized' thresholds, with 9.6% leverage, 11.0% CET1, and 14.1% total risk-based capital.

Finance: review the June 2025 bank merger integration plan milestones by next Tuesday.

CrossFirst Bankshares, Inc. (CFB) - Canvas Business Model: Key Activities

Since the acquisition by First Busey Corporation closed on March 1, 2025, the key activities of what was CrossFirst Bankshares, Inc. are now reported within the consolidated results of Busey Bank, with the bank merger expected to finalize in June 2025. The core activities brought by CrossFirst Bank are now central to the combined entity's strategy.

Relationship-driven commercial and private banking

The activity centers on maintaining and growing the commercial banking relationships established by CrossFirst Bank in high-growth metro markets like Dallas/Fort Worth, Denver, and Phoenix, now bolstered by Busey's scale. This focus is on serving clients across the combined 77 locations in 10 states.

Origination and servicing of commercial and industrial loans

This activity involves the ongoing management of the loan portfolio inherited and grown post-merger. At the time of the merger close, the combined entity held approximately $15 billion in total loans. The activity is critical for driving net interest income.

Treasury management and wealth management service delivery

The integration aimed to combine CrossFirst's commercial bank with Busey's wealth management platform. The combined wealth assets under care at the merger close were approximately $14 billion. For the third quarter of 2025, Busey reported wealth management fees of $17,184 thousand.

• Trust revenue for the nine months ended September 30, 2025, totaled $17,184 thousand.
• Fees for customer services (a component of treasury/noninterest income) for the first quarter of 2025 were $8,128 thousand.

Strategic integration and synergy realization with Busey Bank

This key activity spanned the entire first half of 2025, culminating in the expected bank merger in June 2025. The integration was designed to leverage CrossFirst's market presence with Busey's core deposit franchise and payment technology subsidiary, FirsTech, Inc. The acquisition was accretive to tangible book value, exceeding initial projections of a six-month earn back period.

Deposit gathering, including brokered and reciprocal deposits

A primary goal was combining CrossFirst's commercial focus with Busey's core deposit franchise. At the merger close, total deposits were approximately $17 billion. The activity of managing deposit costs was evident in Q1 2025, where the total deposit cost of funds increased to 1.91% from 1.75% in the fourth quarter of 2024, partly due to deploying excess cash to unwind non-core funding as brokered CDs matured.

The activity of payment processing, which generates noninterest income, is also a key part of the combined operation, with FirsTech, Inc. processing $12 Billion annually.

CrossFirst Bankshares, Inc. (CFB) - Canvas Business Model: Key Resources

You're looking at the core assets CrossFirst Bankshares, Inc. (CFB) brought to the combined entity as of late 2025, which is a critical part of understanding its ongoing value proposition.

The foundation of the Key Resources block centers on human capital and the scale achieved through recent strategic actions. This includes the strong commercial banking talent and experienced bankers who drive relationship-based lending, a known strength of the organization.

The geographic reach is a tangible asset, now significantly amplified. The combined entity serves clients from 77 full-service locations across 10 states. This expanded market footprint in high-growth metro areas now includes a deeper presence in markets like Dallas/Fort Worth and Phoenix, building on the prior footprint across Kansas, Missouri, Oklahoma, Texas, Arizona, Colorado, and New Mexico.

The balance sheet strength is quantified by the scale achieved:

Technology underpins the delivery model. The firm utilizes a digital banking platform for branch-light service delivery, an investment made to compete effectively for sophisticated business clients without needing an oversized physical network.

The funding structure is anchored by stable funding sources:

• Core deposit base from the combined entity, approximately $17 billion.
• Non-interest-bearing demand deposits are a focus area for funding enhancement.
• Investment in marketable securities to support liquidity needs.

The human capital component is further supported by the leadership structure following the merger, which includes key roles designated to former CFB executives, ensuring continuity of the relationship-banking culture. For instance, Mike Maddox serves as President and Executive Vice Chairman of the combined holding company.

Finance: draft 13-week cash view by Friday.

CrossFirst Bankshares, Inc. (CFB) - Canvas Business Model: Value Propositions

You're looking at the core promises CrossFirst Bankshares, Inc. (CFB), now integrated into First Busey Corporation following the merger effective March 1, 2025, made to its clients. These value propositions center on high-touch service backed by significant scale.

Extraordinary, personal service for complex business needs

The bank emphasizes a relationship-based approach, focusing on deep client understanding over transactional banking. This is supported by the scale achieved post-merger, allowing for more robust capital deployment while maintaining a localized service model.

Integrated commercial banking and wealth management solutions

Clients receive a full suite of services. The combined entity, as of the three months ended March 31, 2025, reported wealth management fees of $17,364 thousand. Services include checking, savings, personal loans, business loans, and treasury services for businesses, owners, and professional networks.

Expertise in specialized lending like home builder and enterprise value

The historical focus included a significant allocation to commercial lending. As of March 31, 2019, commercial loans comprised approximately 35.4% of the loan portfolio, with commercial real estate loans at 28.8%. This signals a deep-seated expertise in commercial and real estate sectors, which translates to specialized knowledge in areas like home builder finance and enterprise value lending.

Regional bank scale with community bank values

The partnership created a premier commercial bank across the Midwest, Southwest, and Florida. As of March 1, 2025, the combined organization operated 78 full-service locations across 10 states. This scale supports complex transactions while the operational ethos aims to retain community bank responsiveness.

Digital-first access to sophisticated financial products

The value proposition includes providing access to advanced financial tools through digital channels. The integration brought in payment technology solutions, which processed $12 Billion annually across the combined entity, according to data context from Q1 2025.

Here's a quick look at the financial scale supporting these propositions as of early 2025:

The commitment to relationship banking means the focus remains on high-quality, complex commercial relationships, rather than volume in smaller segments. What this estimate hides is the specific breakdown of the loan portfolio post-merger, which would further detail the specialized lending mix.

The core value proposition elements are:

• Personalized service for complex business needs.
• Integrated commercial banking and wealth management.
• Deep expertise in commercial and real estate lending.
• The footprint covers Arizona, Colorado, Florida, Illinois, Indiana, Kansas, Missouri, New Mexico, Oklahoma, and Texas.
• Access to sophisticated payment technology solutions.

Finance: draft pro-forma asset breakdown incorporating the March 1, 2025, merger by next Tuesday.

CrossFirst Bankshares, Inc. (CFB) - Canvas Business Model: Customer Relationships

You're looking at how CrossFirst Bankshares, Inc. (CFB) built its client connections before the March 1, 2025, acquisition by First Busey Corporation. The core strategy centered on deep, personal service for a specific type of client, which is a key differentiator in the banking space.

Dedicated, high-touch relationship managers for commercial clients was the engine. This approach meant that for commercial clients, you weren't dealing with a call center; you had a dedicated person. As of March 31, 2023, CrossFirst Bankshares, Inc.'s deposit base showed a strong commercial focus, with $\mathbf{70\%}$ of deposits coming from commercial sources. Also, the bank heavily relied on its largest relationships; the top $\mathbf{25}$ customer relationships represented approximately $\mathbf{23\%}$ of total deposits, which amounted to $\mathbf{\$1.4}$ billion at that time.

The private banking model targeted business owners and professionals. This segment is designed to handle more than just checking accounts. The bank's overall strategy, as described before the merger, was to cater to businesses, business owners, professionals, and their families by pairing digital tools with exceptional client service.

The continuous service model was necessary to facilitate complex transactions. The bank prided itself on its ability to handle these intricate business deals alongside everyday needs. Following the June 20, 2025, integration of CrossFirst Bank (which had $\mathbf{\$7.5}$ billion in assets at the time of the merger) into Busey Bank, the stated goal was to convert core systems with limited client impact.

Digital self-service was layered in for everyday consumer and business banking. The pre-merger strategy involved an integrated digital-first environment supporting the high-touch banker service. This dual approach helps manage the transactional volume efficiently.

The long-term, trust-based advisory approach is central to the bank's stated values, emphasizing character, competence, commitment, and connection. This is the foundation for building the deep relationships that secure the high concentration of commercial deposits.

Here's a quick look at the scale and concentration of the customer base based on the last available pre-integration data and the merger context:

The relationship focus is evident in the service delivery model:

• Dedicated relationship managers for commercial clients.
• Private banking for business owners and professionals.
• Tailored financial solutions provided by experienced bankers.
• Focus on facilitating complex business transactions.
• Commitment to extraordinary customer service.

The integration into First Busey Bank suggests a shift toward leveraging a larger platform while attempting to maintain this relationship-driven culture. The expectation was for the transaction to deliver estimated EPS accretion of over $\mathbf{18\%}$ in 2026. Finance: draft the post-merger client retention analysis by next Wednesday.

CrossFirst Bankshares, Inc. (CFB) - Canvas Business Model: Channels

You're looking at how CrossFirst Bankshares, Inc., now integrated into First Busey Corporation as of March 1, 2025, reaches its customers in late 2025. The channel strategy is built on a foundation of physical presence augmented by modern digital access, especially following the merger that created a larger regional footprint.

Limited, full-service banking offices in 10 states

The physical channel is now significantly scaled following the acquisition. The combined bank operates a network of full-service branches across a broader geographic area. This physical network is central to serving commercial clients and those who prefer in-person service.

The holding company headquarters is now located in Leawood, Kansas, central to this combined footprint.

Digital and mobile banking platforms for client access

Client access is heavily reliant on digital platforms, mirroring the broader industry trend where convenience drives channel preference. While specific adoption rates for the newly combined entity aren't public yet, the market context shows a strong digital reliance.

• US Adults Using Mobile Banking Apps (2025): 76%
• US Adults Using Online Banking Services (2025): 73%
• Consumers Preferring Digital Account Management (Mobile/Computer): 77 percent

The bank offers digital platforms to support personal and business banking journeys, including access to checking, savings, and loan applications online.

Direct sales force of experienced commercial bankers

The commercial focus, a key strength of the former CrossFirst Bank, is maintained through its experienced commercial bankers. This direct sales channel is crucial for originating the $15 billion in total loans reported by the combined entity. The strategy emphasizes a strong metro market footprint to bolster commercial banking relationships.

Treasury management and wealth management platforms

These specialized platforms serve the higher-value business and affluent client segments. The wealth management arm offers Private Banking, investment management, tax planning, and retirement saving solutions. Treasury Management services are a key component of the business product offering.

The focus for treasury services is on advanced cash management and digital payment hubs.

ATM networks and card services

While digital adoption is high, physical access via ATM networks remains a necessary channel component for cash transactions. The bank relies on its physical branch locations and likely participates in shared ATM networks to provide card services access across its 10-state footprint.

For context on the channel environment, the United States ATM Market Size was estimated at USD 4,503.9 Million in 2024. This market is expected to grow at a CAGR of around 3.68% from 2025 to 2035.

Finance: finalize the integration plan for CrossFirst Bank's treasury clients onto the Busey platform by September 30.

CrossFirst Bankshares, Inc. (CFB) - Canvas Business Model: Customer Segments

CrossFirst Bankshares, Inc. provided banking and financial services to businesses, business owners, professionals, and professional networks. The services offered included Checking accounts, Savings accounts, Personal Loans, International Banking, Business Loans, and Treasury services.

The core customer base focused on commercial relationships, which was a key driver of the balance sheet growth. As of December 31, 2023, the 25 largest borrowing relationships totaled approximately $1.1 billion in total commitments, representing 23.7% of total outstanding commitments at that time.

The loan portfolio composition, based on the latest available segment data before the merger, showed a strong commercial focus. The combined entity post-merger in mid-2025 is projected to have approximately $13 billion in loans.

The primary customer segments targeted by CrossFirst Bankshares, Inc. included:

• Businesses and middle-market commercial enterprises
• Business owners and high-net-worth professionals
• Real estate developers and home builders
• Affluent individuals and their personal networks
• Small to mid-sized businesses in high-growth markets

The loan portfolio breakdown from Q4 2024 illustrates the concentration in commercial lending:

The pro forma combined company, following the merger completion in mid-2025, is expected to have approximately $20 billion in total assets and a combined loan-to-deposit ratio of 86%.

The emphasis on commercial real estate (CRE) and commercial/development (C&D) lending is a defining characteristic of the combined franchise:

• C&D concentration: 60%
• CRE concentration: 250%

The combined entity is expected to leverage CrossFirst Bankshares, Inc.'s established presence in attractive markets including Arizona, Colorado, Kansas, New Mexico, Oklahoma, and Texas. The focus is on deepening ties within these communities and building upon current client relationships.

CrossFirst Bankshares, Inc. (CFB) - Canvas Business Model: Cost Structure

You're looking at the cost structure of CrossFirst Bankshares, Inc. (CFB) operations as they exist within the combined First Busey Corporation structure following the March 2025 merger. The cost base is now defined by the scale of the combined entity, with specific focus areas emerging from the integration process.

Significant interest expense on deposits and borrowings remains a primary cost driver. For the third quarter of 2025, the total interest expense for the combined company was reported at $246,715 thousand. This reflects the cost of funding the balance sheet, which includes the mix of acquired and organic deposits and borrowings.

Personnel costs for experienced, relationship-focused bankers are substantial, reflecting the strategy of maintaining a relationship-focused commercial banking model across the expanded footprint. For the three months ended September 30, 2025, salaries, wages, and employee benefits totaled $74,145 thousand. This figure reflects the workforce expansion, which included a net addition of 412 full-time equivalent associates over the past year, with 437 CrossFirst Bank FTEs added in March 2025.

The cost structure includes ongoing technology and infrastructure investment for digital platforms. While a precise Q3 2025 technology spend isn't isolated, context from earlier in the year shows the company is making investments in technology enhancements. For instance, in Q1 2025, data processing expense increased by $3.0 million compared to Q4 2024, reflecting these ongoing needs and inflation-driven price increases.

Integration and restructuring costs post-merger in 2025 are still being accounted for, though they are declining from peak levels. In Q3 2025, acquisition and restructuring expenses included in the salaries, wages, and employee benefits line item were $5.5 million higher compared to Q3 2024. This compares to a decline of $5.9 million in acquisition and restructuring expenses from Q2 2025 to Q3 2025, showing the run-off of one-time integration costs.

A key cost management action has been aggressive deposit cost management, running off high-cost deposits. In Q3 2025, the company executed the intentional runoff of $794.6 million in high-cost, non-relationship deposits. These specific deposits carried a weighted average cost of 4.45%. This action helped drive the total deposit cost of funds down to 2.15% for the quarter, with the spot deposit cost at the end of the quarter improving to 2.01%.

Here is a look at key expense components for the third quarter of 2025, compared to the preceding quarter and the prior year:

The management of funding costs is critical, as shown by the following metrics:

• Net Interest Margin (NIM) for Q3 2025: 3.58%.
• Total deposit cost of funds for Q3 2025: 2.15%.
• Spot rate on total deposit costs at September 30, 2025: 2.01%.
• High-cost deposit runoff amount in Q3 2025: $794.6 million.

Finance: draft 13-week cash view by Friday.

CrossFirst Bankshares, Inc. (CFB) - Canvas Business Model: Revenue Streams

You're looking at the revenue generation for CrossFirst Bankshares, Inc. as of late 2025, which means we are looking at the initial results following the March 1, 2025, acquisition by First Busey Corporation. The revenue streams are now integrated, but we can see the immediate impact and the core components that drive the combined entity's top line.

The primary engine remains Net Interest Income (NII), which was reported at $103.7 million for the first quarter of 2025, reflecting one month of CrossFirst Bank's contribution to the combined entity's results. This NII figure benefited from an approximate +12 basis point contribution from CrossFirst Bank to the combined Net Interest Margin in Q1 2025.

Non-interest income, or fee income, diversifies this revenue base. The combined company's adjusted noninterest income was $37.0 million in Q1 2025. Fee-based businesses, including wealth management and payment technology solutions, accounted for 61.1% of that adjusted noninterest income in Q1 2025.

Here's a breakdown of the key revenue stream components based on the latest available figures:

You can see the wealth management segment is substantial, managing over $14 billion in assets as of the second quarter of 2025. Still, the specific dollar amounts for treasury management fees or commercial loan origination fees aren't itemized separately in the immediate post-merger reporting, so we look at the category growth.

The growth in customer-facing fees gives us a clue about the other service revenue streams:

• Fees for customer services, which includes card services and ATM fees, saw a 15.2% year-over-year increase in Q1 2025.
• This growth was driven by increases in analysis charges, automated teller machine fees, and interchange fees.
• Wealth management fees themselves grew by 11.7% in Q1 2025 compared to the prior year's first quarter.
• The company offers treasury management services as part of its deposit banking products.
• The loan portfolio includes commercial and industrial loans, commercial real estate loans, and construction/development loans, which generate origination and servicing fees.

To be defintely clear, the Q1 2025 adjusted noninterest income of $37.0 million is the best current aggregate number for all fee income streams combined, excluding securities gains/losses. Finance: draft Q2 2025 fee income breakdown by Friday.