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<div id="a3" style="position:absolute;font-family:'Times New Roman';font-size:18.72px;left:338px;top:68px;">UNITED STATES </div><div id="a5" style="position:absolute;font-family:'Times New Roman';font-size:18.72px;left:217px;top:100px;">SECURITIES AND<div style="display:inline-block;width:3px">&#160;</div>EXCHANGE COMMISSION </div><div id="a7" style="position:absolute;font-family:'Times New Roman';left:342px;top:123px;">Washington, D.C. 20549 </div><div id="a9" style="position:absolute;font-family:'Times New Roman';font-size:24px;font-weight:bold;left:349px;top:141px;">FORM </div><div id="a9_5_3" style="position:absolute;font-family:'Times New Roman';font-size:24px;font-weight:bold;left:429px;top:141px;"><ix:nonNumeric id="ID_0" name="dei:DocumentType" contextRef="FROM_Apr21_2023_TO_Apr21_2023_Entity_0001458412">8-K</ix:nonNumeric></div><div id="a14" style="position:absolute;font-family:'Times New Roman';font-weight:bold;color:#231F20;left:346px;top:198px;">CURRENT REPORT</div><div id="a16" style="position:absolute;font-family:'Times New Roman';color:#231F20;left:213px;top:215px;">Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934</div><div id="a19" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:368px;top:247px;"><ix:nonNumeric id="ID_1" name="dei:DocumentPeriodEndDate" contextRef="FROM_Apr21_2023_TO_Apr21_2023_Entity_0001458412" format="ixt:datemonthdayyearen">April 21, 2023</ix:nonNumeric></div><div id="a19_14_2" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:448px;top:247px;"><div style="display:inline-block;width:3px">&#160;</div></div><div id="a25" style="position:absolute;font-family:'Times New Roman';font-size:14.72px;left:271px;top:263px;">Date of Report (date of earliest event reported) </div><div id="a27" style="position:absolute;font-family:'Times New Roman';font-size:21.28px;font-weight:bold;left:238px;top:280px;"><ix:nonNumeric id="ID_2" name="dei:EntityRegistrantName" contextRef="FROM_Apr21_2023_TO_Apr21_2023_Entity_0001458412">CROSSFIRST BANKSHARES, INC.</ix:nonNumeric></div><div id="a27_27_2" style="position:absolute;font-family:'Times New Roman';font-size:21.28px;font-weight:bold;left:578px;top:280px;"><div style="display:inline-block;width:6px">&#160;</div></div><div id="a29" style="position:absolute;font-family:'Times New Roman';font-size:14.72px;font-weight:bold;left:246px;top:311px;">(Exact name of registrant as specified in its charter) </div><div id="a31" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:126px;top:343px;"><ix:nonNumeric id="ID_3" name="dei:EntityIncorporationStateCountryCode" contextRef="FROM_Apr21_2023_TO_Apr21_2023_Entity_0001458412" format="ixt-sec:stateprovnameen">Kansas</ix:nonNumeric></div><div id="a33" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:379px;top:343px;"><ix:nonNumeric id="ID_4" name="dei:EntityFileNumber" contextRef="FROM_Apr21_2023_TO_Apr21_2023_Entity_0001458412">001-39028</ix:nonNumeric></div><div id="a37" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:637px;top:343px;"><ix:nonNumeric id="ID_5" name="dei:EntityTaxIdentificationNumber" contextRef="FROM_Apr21_2023_TO_Apr21_2023_Entity_0001458412">26-3212879</ix:nonNumeric></div><div id="a41" style="position:absolute;font-family:'Times New Roman';font-size:12px;left:77px;top:364px;">(State or other jurisdiction of </div><div id="a42" style="position:absolute;font-family:'Times New Roman';font-size:12px;left:75px;top:376px;">incorporation or organization) </div><div id="a44" style="position:absolute;font-family:'Times New Roman';font-size:12px;left:340px;top:362px;">(Commission File Number) </div><div id="a46" style="position:absolute;font-family:'Times New Roman';font-size:12px;left:582px;top:362px;">(I.R.S. 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<div id="a164" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:36px;top:59px;">Item 3.02.<div style="display:inline-block;width:14px">&#160;</div>Unregistered Sales of Equity Securities. </div><div id="a171" style="position:absolute;font-family:'Times New Roman';left:36px;top:91px;">On April 21, 2023,<div style="display:inline-block;width:5px">&#160;</div>the Company entered<div style="display:inline-block;width:5px">&#160;</div>into the agreement<div style="display:inline-block;width:5px">&#160;</div>and plan of<div style="display:inline-block;width:5px">&#160;</div>merger described below<div style="display:inline-block;width:5px">&#160;</div>under Item 7.01.<div style="display:inline-block;width:9px">&#160;</div>In accordance with<div style="display:inline-block;width:5px">&#160;</div>the </div><div id="a173" style="position:absolute;font-family:'Times New Roman';left:36px;top:107px;">agreement, the<div 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style="display:inline-block;width:5px">&#160;</div>such </div><div id="a184" style="position:absolute;font-family:'Times New Roman';left:36px;top:171px;">merger consideration<div style="display:inline-block;width:6px">&#160;</div>in the<div style="display:inline-block;width:5px">&#160;</div>form of<div style="display:inline-block;width:5px">&#160;</div>the Company's<div style="display:inline-block;width:6px">&#160;</div>common stock.<div style="display:inline-block;width:10px">&#160;</div>The parties<div style="display:inline-block;width:5px">&#160;</div>agreed that<div style="display:inline-block;width:5px">&#160;</div>the Company<div style="display:inline-block;width:6px">&#160;</div>common stock<div style="display:inline-block;width:6px">&#160;</div>to be<div style="display:inline-block;width:5px">&#160;</div>issued as </div><div id="a186" style="position:absolute;font-family:'Times New Roman';left:36px;top:187px;">merger<div style="display:inline-block;width:6px">&#160;</div>consideration<div style="display:inline-block;width:6px">&#160;</div>will<div style="display:inline-block;width:6px">&#160;</div>not<div style="display:inline-block;width:6px">&#160;</div>be<div style="display:inline-block;width:6px">&#160;</div>registered<div style="display:inline-block;width:6px">&#160;</div>under<div style="display:inline-block;width:6px">&#160;</div>the<div style="display:inline-block;width:6px">&#160;</div>Securities<div style="display:inline-block;width:5px">&#160;</div>Act<div style="display:inline-block;width:6px">&#160;</div>of<div style="display:inline-block;width:6px">&#160;</div>1933,<div style="display:inline-block;width:6px">&#160;</div>as<div style="display:inline-block;width:6px">&#160;</div>amended<div style="display:inline-block;width:6px">&#160;</div>(the<div style="display:inline-block;width:6px">&#160;</div>&#8220;Securities<div style="display:inline-block;width:5px">&#160;</div>Act&#8221;),<div style="display:inline-block;width:6px">&#160;</div>in<div style="display:inline-block;width:6px">&#160;</div>reliance<div style="display:inline-block;width:6px">&#160;</div>on<div style="display:inline-block;width:6px">&#160;</div>the </div><div id="a188" style="position:absolute;font-family:'Times New Roman';left:36px;top:203px;">exemption<div style="display:inline-block;width:6px">&#160;</div>from<div style="display:inline-block;width:6px">&#160;</div>registration<div style="display:inline-block;width:6px">&#160;</div>provided<div style="display:inline-block;width:6px">&#160;</div>by<div style="display:inline-block;width:6px">&#160;</div>Section<div style="display:inline-block;width:6px">&#160;</div>4(a)(2)<div style="display:inline-block;width:6px">&#160;</div>of<div style="display:inline-block;width:6px">&#160;</div>the<div style="display:inline-block;width:6px">&#160;</div>Securities<div style="display:inline-block;width:5px">&#160;</div>Act<div style="display:inline-block;width:6px">&#160;</div>and/or<div style="display:inline-block;width:6px">&#160;</div>Regulation<div style="display:inline-block;width:6px">&#160;</div>D<div style="display:inline-block;width:6px">&#160;</div>promulgated<div style="display:inline-block;width:6px">&#160;</div>thereunder,<div style="display:inline-block;width:6px">&#160;</div>and<div style="display:inline-block;width:6px">&#160;</div>are </div><div id="a191" style="position:absolute;font-family:'Times New Roman';left:36px;top:219px;">intended to be issued in compliance with such exemptions only to "accredited<div style="display:inline-block;width:5px">&#160;</div>investors".<div style="display:inline-block;width:10px">&#160;</div></div><div id="a194" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:36px;top:251px;">Item 7.01.<div style="display:inline-block;width:14px">&#160;</div>Regulation FD Disclosure. </div><div id="a200" style="position:absolute;font-family:'Times New Roman';left:36px;top:283px;">On<div style="display:inline-block;width:6px">&#160;</div>April<div style="display:inline-block;width:7px">&#160;</div>21,<div style="display:inline-block;width:7px">&#160;</div>2023,<div style="display:inline-block;width:7px">&#160;</div>the<div style="display:inline-block;width:7px">&#160;</div>Company<div style="display:inline-block;width:7px">&#160;</div>announced<div style="display:inline-block;width:7px">&#160;</div>an<div style="display:inline-block;width:7px">&#160;</div>agreement<div style="display:inline-block;width:7px">&#160;</div>under<div style="display:inline-block;width:7px">&#160;</div>which<div style="display:inline-block;width:7px">&#160;</div>the<div style="display:inline-block;width:7px">&#160;</div>Company<div style="display:inline-block;width:7px">&#160;</div>will<div style="display:inline-block;width:7px">&#160;</div>acquire<div style="display:inline-block;width:7px">&#160;</div>all<div style="display:inline-block;width:7px">&#160;</div>of<div style="display:inline-block;width:7px">&#160;</div>the<div style="display:inline-block;width:7px">&#160;</div>shares<div style="display:inline-block;width:7px">&#160;</div>of<div style="display:inline-block;width:7px">&#160;</div>Canyon </div><div id="a201" style="position:absolute;font-family:'Times New Roman';left:36px;top:299px;">Bancorporation, Inc.<div style="display:inline-block;width:6px">&#160;</div>(&#8220;Canyon&#8221;) and<div style="display:inline-block;width:5px">&#160;</div>its wholly<div style="display:inline-block;width:5px">&#160;</div>owned subsidiary,<div style="display:inline-block;width:5px">&#160;</div>Canyon Community<div style="display:inline-block;width:6px">&#160;</div>Bank, N.A.<div style="display:inline-block;width:5px">&#160;</div>(&#8220;CCB&#8221;).<div style="display:inline-block;width:8px">&#160;</div>The business<div style="display:inline-block;width:5px">&#160;</div>combination </div><div id="a203" style="position:absolute;font-family:'Times New Roman';left:36px;top:315px;">will result<div style="display:inline-block;width:5px">&#160;</div>in the<div style="display:inline-block;width:5px">&#160;</div>mergers of<div style="display:inline-block;width:5px">&#160;</div>Canyon with<div style="display:inline-block;width:6px">&#160;</div>and into<div style="display:inline-block;width:5px">&#160;</div>the Company,<div style="display:inline-block;width:5px">&#160;</div>with the<div style="display:inline-block;width:5px">&#160;</div>Company being<div style="display:inline-block;width:5px">&#160;</div>the survivor,<div style="display:inline-block;width:5px">&#160;</div>and CCB<div style="display:inline-block;width:5px">&#160;</div>merging with<div style="display:inline-block;width:6px">&#160;</div>and into </div><div id="a206" style="position:absolute;font-family:'Times New Roman';left:36px;top:331px;">CrossFirst Bank<div style="display:inline-block;width:6px">&#160;</div>(&#8220;CFB Bank&#8221;),<div style="display:inline-block;width:6px">&#160;</div>with CFB<div style="display:inline-block;width:6px">&#160;</div>Bank being<div style="display:inline-block;width:6px">&#160;</div>the survivor.<div style="display:inline-block;width:6px">&#160;</div>Canyon shareholders<div style="display:inline-block;width:6px">&#160;</div>are expected<div style="display:inline-block;width:6px">&#160;</div>to receive<div style="display:inline-block;width:6px">&#160;</div>a combination<div style="display:inline-block;width:6px">&#160;</div>of cash </div><div id="a208" style="position:absolute;font-family:'Times New Roman';left:36px;top:347px;">and Company<div style="display:inline-block;width:5px">&#160;</div>common stock as<div style="display:inline-block;width:5px">&#160;</div>consideration for<div style="display:inline-block;width:5px">&#160;</div>their shares of<div style="display:inline-block;width:5px">&#160;</div>Canyon common<div style="display:inline-block;width:5px">&#160;</div>stock, with an<div style="display:inline-block;width:5px">&#160;</div>aggregate transaction<div style="display:inline-block;width:5px">&#160;</div>value estimated<div style="display:inline-block;width:5px">&#160;</div>at </div><div id="a210" style="position:absolute;font-family:'Times New Roman';left:36px;top:363px;">$15.1 million based on the current Company stock price.<div style="display:inline-block;width:8px">&#160;</div></div><div id="a213" style="position:absolute;font-family:'Times New Roman';left:36px;top:395px;">The Company&#8217;s announcement of the transaction is included in<div style="display:inline-block;width:5px">&#160;</div>the press release attached hereto as Exhibit 99.1 and incorporated<div style="display:inline-block;width:5px">&#160;</div>herein by </div><div id="a215" style="position:absolute;font-family:'Times New Roman';left:36px;top:411px;">reference.<div style="display:inline-block;width:4px">&#160;</div></div><div id="a218" style="position:absolute;font-family:'Times New Roman';left:36px;top:443px;">The transaction is<div style="display:inline-block;width:5px">&#160;</div>currently expected to<div style="display:inline-block;width:5px">&#160;</div>close in the<div style="display:inline-block;width:5px">&#160;</div>second half of<div style="display:inline-block;width:5px">&#160;</div>2023, subject to<div style="display:inline-block;width:5px">&#160;</div>approval by bank<div style="display:inline-block;width:5px">&#160;</div>regulatory authorities, as<div style="display:inline-block;width:5px">&#160;</div>well as the </div><div id="a221" style="position:absolute;font-family:'Times New Roman';left:36px;top:459px;">satisfaction of other customary closing conditions.<div style="display:inline-block;width:14px">&#160;</div></div><div id="a224" style="position:absolute;font-family:'Times New Roman';left:36px;top:491px;">The<div style="display:inline-block;width:5px">&#160;</div>information<div style="display:inline-block;width:5px">&#160;</div>in<div style="display:inline-block;width:5px">&#160;</div>Item<div style="display:inline-block;width:5px">&#160;</div>7.01<div style="display:inline-block;width:5px">&#160;</div>of<div style="display:inline-block;width:5px">&#160;</div>this<div style="display:inline-block;width:5px">&#160;</div>Current<div style="display:inline-block;width:5px">&#160;</div>Report,<div style="display:inline-block;width:5px">&#160;</div>including<div style="display:inline-block;width:5px">&#160;</div>Exhibits<div style="display:inline-block;width:5px">&#160;</div>99.1,<div style="display:inline-block;width:5px">&#160;</div>is<div style="display:inline-block;width:5px">&#160;</div>being<div style="display:inline-block;width:5px">&#160;</div>&#8220;furnished&#8221;<div style="display:inline-block;width:5px">&#160;</div>and<div style="display:inline-block;width:5px">&#160;</div>shall<div style="display:inline-block;width:5px">&#160;</div>not<div style="display:inline-block;width:5px">&#160;</div>be<div style="display:inline-block;width:5px">&#160;</div>deemed<div style="display:inline-block;width:5px">&#160;</div>"filed"<div style="display:inline-block;width:5px">&#160;</div>for </div><div id="a226" style="position:absolute;font-family:'Times New Roman';left:36px;top:507px;">purposes<div style="display:inline-block;width:5px">&#160;</div>of<div style="display:inline-block;width:5px">&#160;</div>Section<div style="display:inline-block;width:5px">&#160;</div>18<div style="display:inline-block;width:5px">&#160;</div>of the<div style="display:inline-block;width:6px">&#160;</div>Securities<div style="display:inline-block;width:5px">&#160;</div>Exchange Act<div style="display:inline-block;width:6px">&#160;</div>of 1934,<div style="display:inline-block;width:6px">&#160;</div>as amended<div style="display:inline-block;width:6px">&#160;</div>(the<div style="display:inline-block;width:5px">&#160;</div>&#8220;Exchange Act&#8221;),<div style="display:inline-block;width:6px">&#160;</div>or<div style="display:inline-block;width:5px">&#160;</div>incorporated<div style="display:inline-block;width:5px">&#160;</div>by reference<div style="display:inline-block;width:6px">&#160;</div>in any </div><div id="a228" style="position:absolute;font-family:'Times New Roman';left:36px;top:523px;">filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly stated in such a filing. </div><div id="a231" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:36px;top:555px;">Item 9.01.<div style="display:inline-block;width:14px">&#160;</div>Financial Statements and Exhibits. </div><div id="a236" style="position:absolute;font-family:'Times New Roman';left:36px;top:587px;">(d)</div><div id="a238" style="position:absolute;font-family:'Times New Roman';left:67px;top:587px;">Exhibits </div><div id="a241" style="position:absolute;font-family:'Times New Roman';left:56px;top:632px;">99.1 </div><div id="a243" style="position:absolute;font-family:'Times New Roman';color:#0000FF;left:184px;top:632px;"><a href="exhibit991.htm" style="color:#0000FF;text-decoration:underline;">Press Release Issued April 21, 2023</a></div><div id="a245" style="position:absolute;font-family:'Times New Roman';left:57px;top:659px;">104 </div><div id="a247" style="position:absolute;font-family:'Times New Roman';left:184px;top:659px;">Cover Page Interactive Data File (embedded within the Inline XBRL document) </div><div id="a251" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:36px;top:686px;"><div style="display:inline-block;width:192px">&#160;</div></div></div>
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<div id="a255" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:369px;top:59px;">SIGNATURE </div><div id="a258" style="position:absolute;font-family:'Times New Roman';left:36px;top:91px;">Pursuant to<div style="display:inline-block;width:5px">&#160;</div>the requirements<div style="display:inline-block;width:5px">&#160;</div>of the<div style="display:inline-block;width:5px">&#160;</div>Securities Exchange Act<div style="display:inline-block;width:5px">&#160;</div>of 1934,<div style="display:inline-block;width:5px">&#160;</div>the Registrant<div style="display:inline-block;width:5px">&#160;</div>has duly<div style="display:inline-block;width:5px">&#160;</div>caused this<div style="display:inline-block;width:5px">&#160;</div>report to<div style="display:inline-block;width:5px">&#160;</div>be signed<div style="display:inline-block;width:5px">&#160;</div>on its behalf </div><div id="a260" style="position:absolute;font-family:'Times New Roman';left:36px;top:107px;">by the undersigned hereunto duly authorized.</div><div id="a269" style="position:absolute;font-family:'Times New Roman';left:62px;top:173px;">Date: </div><div id="a271" style="position:absolute;font-family:'Times New Roman';left:98px;top:173px;">April 21, 2023 </div><div id="a273" style="position:absolute;font-family:'Times New Roman';left:553px;top:173px;">CROSSFIRST BANKSHARES, INC. </div><div id="a275" style="position:absolute;font-family:'Times New Roman';left:44px;top:192px;"><div style="display:inline-block;width:3px">&#160;</div></div><div id="a277" style="position:absolute;font-family:'Times New Roman';left:98px;top:192px;"><div style="display:inline-block;width:3px">&#160;</div></div><div id="a279" style="position:absolute;font-family:'Times New Roman';left:553px;top:192px;"><div style="display:inline-block;width:3px">&#160;</div></div><div id="a281" style="position:absolute;font-family:'Times New Roman';left:583px;top:192px;"><div style="display:inline-block;width:3px">&#160;</div></div><div id="a283" style="position:absolute;font-family:'Times New Roman';left:44px;top:211px;"><div style="display:inline-block;width:3px">&#160;</div></div><div id="a285" style="position:absolute;font-family:'Times New Roman';left:98px;top:211px;"><div style="display:inline-block;width:3px">&#160;</div></div><div id="a287" style="position:absolute;font-family:'Times New Roman';left:301px;top:211px;"><div style="display:inline-block;width:3px">&#160;</div></div><div id="a289" style="position:absolute;font-family:'Times New Roman';left:553px;top:211px;">By: </div><div id="a292" style="position:absolute;font-family:'Times New Roman';left:588px;top:211px;">/s/ Benjamin R. Clouse </div><div id="a294" style="position:absolute;font-family:'Times New Roman';left:44px;top:243px;"><div style="display:inline-block;width:3px">&#160;</div></div><div id="a296" style="position:absolute;font-family:'Times New Roman';left:98px;top:243px;"><div style="display:inline-block;width:3px">&#160;</div></div><div id="a298" style="position:absolute;font-family:'Times New Roman';left:301px;top:243px;"><div style="display:inline-block;width:3px">&#160;</div></div><div id="a300" style="position:absolute;font-family:'Times New Roman';left:553px;top:243px;"><div style="display:inline-block;width:3px">&#160;</div></div><div id="a303" style="position:absolute;font-family:'Times New Roman';left:588px;top:228px;">Benjamin R. Clouse </div><div id="a305" style="position:absolute;font-family:'Times New Roman';left:588px;top:243px;">Chief Financial Officer </div></div>
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[{"type": "8-K", "sequence": "1", "filename": "8k20230421.htm", "description": "FORM 8K", "secsgml_size_bytes": 38795}]
{"company-data": {"conformed-name": "CROSSFIRST BANKSHARES, INC.", "cik": "0001458412", "assigned-sic": "6022", "irs-number": "000000000", "state-of-incorporation": "KS", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-39028", "film-number": "23835506"}, "business-address": {"street1": "11440 TOMAHAWK CREEK PARKWAY", "city": "LEAWOOD", "state": "KS", "zip": "66211", "phone": "913-754-9704"}, "mail-address": {"street1": "11440 TOMAHAWK CREEK PARKWAY", "city": "LEAWOOD", "state": "KS", "zip": "66211"}, "former-company": {"former-conformed-name": "CROSSFIRST HOLDINGS LLC", "date-changed": "20090311"}}
8k20230421
UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
April 21, 2023
Date of Report (date of earliest event reported)
CROSSFIRST BANKSHARES, INC.
(Exact name of registrant as specified in its charter)
Kansas
001-39028
26-3212879
(State or other jurisdiction of
incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification No.)
11440 Tomahawk Creek Parkway
Leawood
Kansas
(Address of Principal Executive Offices)
66211
(Zip Code)
(
913
)
901-4516
Registrant's telephone number, including area code
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.01 per share
CFB
The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company
as defined in Rule 405 of the Securities Act of 1933
(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
☒
If an emerging growth company, indicate by check mark if the registrant has elected not
to use the extended transition period for
complying with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act.
☐
Item 3.02.
Unregistered Sales of Equity Securities.
On April 21, 2023,
the Company entered
into the agreement
and plan of
merger described below
under Item 7.01.
In accordance with
the
agreement, the
Company has
agreed to
pay up
to 50%
of the
merger consideration
in the
form of
Company common
stock based
on the
election of
the target
stockholders and
subject to
certain conditions.
The Company's
common stock
will be valued
at a
per share
price of
$14.11
for
purposes
of
calculating
the
merger
consideration.
The
Company
expects
to issue
up
to
approximately
621,000
shares
of
its
common
stock
at
closing
assuming:
(i)
aggregate
merger
consideration
of $17.5
million;
and
(ii)
that
the
Company
issues 50%
of
such
merger consideration
in the
form of
the Company's
common stock.
The parties
agreed that
the Company
common stock
to be
issued as
merger
consideration
will
not
be
registered
under
the
Securities
Act
of
1933,
as
amended
(the
"Securities
Act"),
in
reliance
on
the
exemption
from
registration
provided
by
Section
4(a)(2)
of
the
Securities
Act
and/or
Regulation
D
promulgated
thereunder,
and
are
intended to be issued in compliance with such exemptions only to "accredited
investors".
Item 7.01.
Regulation FD Disclosure.
On
April
21,
2023,
the
Company
announced
an
agreement
under
which
the
Company
will
acquire
all
of
the
shares
of
Canyon
Bancorporation, Inc.
("Canyon") and
its wholly
owned subsidiary,
Canyon Community
Bank, N.A.
("CCB").
The business
combination
will result
in the
mergers of
Canyon with
and into
the Company,
with the
Company being
the survivor,
and CCB
merging with
and into
CrossFirst Bank
("CFB Bank"),
with CFB
Bank being
the survivor.
Canyon shareholders
are expected
to receive
a combination
of cash
and Company
common stock as
consideration for
their shares of
Canyon common
stock, with an
aggregate transaction
value estimated
at
$15.1 million based on the current Company stock price.
The Company's announcement of the transaction is included in
the press release attached hereto as Exhibit 99.1 and incorporated
herein by
reference.
The transaction is
currently expected to
close in the
second half of
2023, subject to
approval by bank
regulatory authorities, as
well as the
satisfaction of other customary closing conditions.
The
information
in
Item
7.01
of
this
Current
Report,
including
Exhibits
99.1,
is
being
"furnished"
and
shall
not
be
deemed
"filed"
for
purposes
of
Section
18
of the
Securities
Exchange Act
of 1934,
as amended
(the
"Exchange Act"),
or
incorporated
by reference
in any
filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly stated in such a filing.
Item 9.01.
Financial Statements and Exhibits.
(d)
Exhibits
99.1
Press Release Issued April 21, 2023
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURE
Pursuant to
the requirements
of the
Securities Exchange Act
of 1934,
the Registrant
has duly
caused this
report to
be signed
on its behalf
by the undersigned hereunto duly authorized.
Date:
April 21, 2023
CROSSFIRST BANKSHARES, INC.
By:
/s/ Benjamin R. Clouse
Benjamin R. Clouse
Chief Financial Officer