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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_Mar29_2023_TO_Mar29_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:364px;top:247px;"><ix:nonNumeric id="ID_1" name="dei:DocumentPeriodEndDate" contextRef="FROM_Mar29_2023_TO_Mar29_2023_Entity_0001458412" format="ixt:datemonthdayyearen">March 29, 2023</ix:nonNumeric></div><div id="a19_14_2" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:452px;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_Mar29_2023_TO_Mar29_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_Mar29_2023_TO_Mar29_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_Mar29_2023_TO_Mar29_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_Mar29_2023_TO_Mar29_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 1.01.<div style="display:inline-block;width:14px">&#160;</div>Entry into a Material Definitive Agreement. </div><div id="a174" style="position:absolute;font-family:'Times New Roman';left:36px;top:91px;">On<div style="display:inline-block;width:7px">&#160;</div>March<div style="display:inline-block;width:7px">&#160;</div>29,<div style="display:inline-block;width:7px">&#160;</div>2023,<div style="display:inline-block;width:8px">&#160;</div>CrossFirst<div style="display:inline-block;width:7px">&#160;</div>Bankshares,<div style="display:inline-block;width:8px">&#160;</div>Inc.<div style="display:inline-block;width:8px">&#160;</div>(the<div style="display:inline-block;width:7px">&#160;</div>&#8220;Company&#8221;)<div style="display:inline-block;width:8px">&#160;</div>entered<div style="display:inline-block;width:7px">&#160;</div>into<div style="display:inline-block;width:8px">&#160;</div>a<div style="display:inline-block;width:7px">&#160;</div>Securities<div style="display:inline-block;width:7px">&#160;</div>Purchase<div style="display:inline-block;width:7px">&#160;</div>Agreement<div style="display:inline-block;width:8px">&#160;</div>(the<div style="display:inline-block;width:8px">&#160;</div>"Purchase </div><div id="a175" style="position:absolute;font-family:'Times New Roman';left:36px;top:107px;">Agreement") with certain investors qualified as "accredited investors," as such<div style="display:inline-block;width:5px">&#160;</div>term is defined in Rule 501(a) of Regulation D ("Regulation </div><div id="a178" style="position:absolute;font-family:'Times New Roman';left:36px;top:123px;">D")<div style="display:inline-block;width:5px">&#160;</div>promulgated<div style="display:inline-block;width:5px">&#160;</div>under the<div style="display:inline-block;width:6px">&#160;</div>Securities Act<div style="display:inline-block;width:5px">&#160;</div>of 1933,<div style="display:inline-block;width:6px">&#160;</div>as amended<div style="display:inline-block;width:6px">&#160;</div>(the "Securities<div style="display:inline-block;width:5px">&#160;</div>Act"),<div style="display:inline-block;width:5px">&#160;</div>pursuant<div style="display:inline-block;width:5px">&#160;</div>to which<div style="display:inline-block;width:6px">&#160;</div>the Company<div style="display:inline-block;width:6px">&#160;</div>offered<div style="display:inline-block;width:5px">&#160;</div>and sold </div><div id="a180" style="position:absolute;font-family:'Times New Roman';left:36px;top:139px;">shares<div style="display:inline-block;width:6px">&#160;</div>of<div style="display:inline-block;width:6px">&#160;</div>its<div style="display:inline-block;width:6px">&#160;</div>Series<div style="display:inline-block;width:5px">&#160;</div>A<div style="display:inline-block;width:5px">&#160;</div>Non-Cumulative<div style="display:inline-block;width:6px">&#160;</div>Perpetual<div style="display:inline-block;width:6px">&#160;</div>Preferred<div style="display:inline-block;width:6px">&#160;</div>Stock,<div style="display:inline-block;width:6px">&#160;</div>par<div style="display:inline-block;width:6px">&#160;</div>value<div style="display:inline-block;width:6px">&#160;</div>$0.01<div style="display:inline-block;width:6px">&#160;</div>per<div style="display:inline-block;width:5px">&#160;</div>share<div style="display:inline-block;width:6px">&#160;</div>(the<div style="display:inline-block;width:6px">&#160;</div>"Series<div style="display:inline-block;width:5px">&#160;</div>A<div style="display:inline-block;width:5px">&#160;</div>Preferred<div style="display:inline-block;width:6px">&#160;</div>Stock"),<div style="display:inline-block;width:6px">&#160;</div>for<div style="display:inline-block;width:6px">&#160;</div>an </div><div id="a183" style="position:absolute;font-family:'Times New Roman';left:36px;top:155px;">aggregate purchase price<div style="display:inline-block;width:5px">&#160;</div>of $7,750,000. 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style="display:inline-block;width:5px">&#160;</div>as<div style="display:inline-block;width:5px">&#160;</div>Exhibit<div style="display:inline-block;width:6px">&#160;</div>10.1<div style="display:inline-block;width:5px">&#160;</div>and<div style="display:inline-block;width:5px">&#160;</div>the<div style="display:inline-block;width:5px">&#160;</div>Certificate<div style="display:inline-block;width:5px">&#160;</div>of<div style="display:inline-block;width:5px">&#160;</div>Designations </div><div id="a286" style="position:absolute;font-family:'Times New Roman';left:36px;top:923px;">attached hereto as Exhibit 3.1, respectively, and are incorporated herein by<div style="display:inline-block;width:5px">&#160;</div>reference. </div></div>
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<div id="Page3" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a291" 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="a296" style="position:absolute;font-family:'Times New Roman';left:36px;top:91px;">The information contained in Item 1.01 of this Current Report on Form 8-K<div style="display:inline-block;width:5px">&#160;</div>is incorporated by reference into this Item 3.02.</div><div id="a301" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:36px;top:123px;">Item 3.03.<div style="display:inline-block;width:14px">&#160;</div>Material Modification to Rights of Security Holders. </div><div id="a306" style="position:absolute;font-family:'Times New Roman';left:36px;top:155px;">The information contained in Item 1.01 of this Current Report on Form 8-K<div style="display:inline-block;width:5px">&#160;</div>is incorporated by reference into this Item 3.03. </div><div id="a311" style="position:absolute;font-family:'Times New Roman';left:36px;top:187px;">Upon<div style="display:inline-block;width:5px">&#160;</div>issuance of<div style="display:inline-block;width:6px">&#160;</div>the Series<div style="display:inline-block;width:5px">&#160;</div>A Preferred<div style="display:inline-block;width:6px">&#160;</div>Stock (as<div style="display:inline-block;width:6px">&#160;</div>described<div style="display:inline-block;width:5px">&#160;</div>in Item<div style="display:inline-block;width:6px">&#160;</div>1.01<div style="display:inline-block;width:5px">&#160;</div>of this<div style="display:inline-block;width:6px">&#160;</div>Current<div style="display:inline-block;width:5px">&#160;</div>Report<div style="display:inline-block;width:5px">&#160;</div>on<div style="display:inline-block;width:5px">&#160;</div>Form 8-K)<div style="display:inline-block;width:6px">&#160;</div>on March<div style="display:inline-block;width:6px">&#160;</div>29, 2023,<div style="display:inline-block;width:6px">&#160;</div>the </div><div id="a315" style="position:absolute;font-family:'Times New Roman';left:36px;top:203px;">ability of<div style="display:inline-block;width:6px">&#160;</div>the Company<div style="display:inline-block;width:6px">&#160;</div>to declare<div style="display:inline-block;width:5px">&#160;</div>or pay<div style="display:inline-block;width:5px">&#160;</div>dividends on,<div style="display:inline-block;width:6px">&#160;</div>or purchase,<div style="display:inline-block;width:6px">&#160;</div>redeem or<div style="display:inline-block;width:5px">&#160;</div>otherwise acquire,<div style="display:inline-block;width:6px">&#160;</div>shares of<div style="display:inline-block;width:5px">&#160;</div>its common<div style="display:inline-block;width:5px">&#160;</div>stock, par<div style="display:inline-block;width:6px">&#160;</div>value </div><div id="a317" style="position:absolute;font-family:'Times New Roman';left:36px;top:219px;">$0.01 per share, will<div style="display:inline-block;width:5px">&#160;</div>be subject to certain<div style="display:inline-block;width:5px">&#160;</div>restrictions in the event<div style="display:inline-block;width:5px">&#160;</div>that the Company fails<div style="display:inline-block;width:5px">&#160;</div>to pay dividends on<div style="display:inline-block;width:5px">&#160;</div>the Series A Preferred Stock. </div><div id="a319" style="position:absolute;font-family:'Times New Roman';left:36px;top:235px;">Holders of the<div style="display:inline-block;width:5px">&#160;</div>Series A Preferred Stock have certain approval<div style="display:inline-block;width:5px">&#160;</div>rights and the<div style="display:inline-block;width:5px">&#160;</div>Series A Preferred Stock ranks senior to<div style="display:inline-block;width:5px">&#160;</div>the common stock<div style="display:inline-block;width:5px">&#160;</div>of </div><div id="a321" style="position:absolute;font-family:'Times New Roman';left:36px;top:251px;">the Company<div style="display:inline-block;width:5px">&#160;</div>upon liquidation. These<div style="display:inline-block;width:5px">&#160;</div>provisions are<div style="display:inline-block;width:5px">&#160;</div>set forth<div style="display:inline-block;width:5px">&#160;</div>in the<div style="display:inline-block;width:5px">&#160;</div>Certificate of<div style="display:inline-block;width:5px">&#160;</div>Designations, which<div style="display:inline-block;width:5px">&#160;</div>establishes the<div style="display:inline-block;width:5px">&#160;</div>authorized number </div><div id="a323" style="position:absolute;font-family:'Times New Roman';left:36px;top:267px;">of shares of<div style="display:inline-block;width:5px">&#160;</div>Series A Preferred Stock as 15,000<div style="display:inline-block;width:5px">&#160;</div>and provides for<div style="display:inline-block;width:5px">&#160;</div>the powers, designations,<div style="display:inline-block;width:5px">&#160;</div>preferences and relative,<div style="display:inline-block;width:5px">&#160;</div>participating, optional </div><div id="a325" style="position:absolute;font-family:'Times New Roman';left:36px;top:283px;">or other special<div style="display:inline-block;width:5px">&#160;</div>rights of the Series A Preferred Stock<div style="display:inline-block;width:5px">&#160;</div>and the qualifications,<div style="display:inline-block;width:5px">&#160;</div>limitations or restrictions<div style="display:inline-block;width:5px">&#160;</div>thereof. A copy of the Certificate of </div><div id="a327" style="position:absolute;font-family:'Times New Roman';left:36px;top:299px;">Designations is attached hereto as Exhibit 3.1 and is incorporated herein by reference.</div><div id="a330" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:36px;top:331px;">Item 5.03.<div style="display:inline-block;width:14px">&#160;</div>Amendment to Articles of Incorporation or Bylaws; Change in Fiscal Year. </div><div id="a336" style="position:absolute;font-family:'Times New Roman';left:36px;top:363px;">The information contained in Item 1.01 of this Current Report on Form 8-K<div style="display:inline-block;width:5px">&#160;</div>is incorporated by reference into this Item 5.03. </div><div id="a342" style="position:absolute;font-family:'Times New Roman';left:36px;top:395px;">On<div style="display:inline-block;width:5px">&#160;</div>March<div style="display:inline-block;width:5px">&#160;</div>29,<div style="display:inline-block;width:5px">&#160;</div>2023,<div style="display:inline-block;width:5px">&#160;</div>the<div style="display:inline-block;width:5px">&#160;</div>Company<div style="display:inline-block;width:5px">&#160;</div>filed<div style="display:inline-block;width:5px">&#160;</div>the<div style="display:inline-block;width:5px">&#160;</div>Certificate<div style="display:inline-block;width:5px">&#160;</div>of<div style="display:inline-block;width:5px">&#160;</div>Designations<div style="display:inline-block;width:5px">&#160;</div>with<div style="display:inline-block;width:5px">&#160;</div>the<div style="display:inline-block;width:5px">&#160;</div>Secretary<div style="display:inline-block;width:5px">&#160;</div>of<div style="display:inline-block;width:5px">&#160;</div>State<div style="display:inline-block;width:5px">&#160;</div>of<div style="display:inline-block;width:5px">&#160;</div>the<div style="display:inline-block;width:5px">&#160;</div>State<div style="display:inline-block;width:5px">&#160;</div>of<div style="display:inline-block;width:5px">&#160;</div>Kansas,<div style="display:inline-block;width:5px">&#160;</div>which<div style="display:inline-block;width:5px">&#160;</div>was </div><div id="a344" style="position:absolute;font-family:'Times New Roman';left:36px;top:411px;">effective<div style="display:inline-block;width:5px">&#160;</div>upon filing.<div style="display:inline-block;width:6px">&#160;</div>The Certificate<div style="display:inline-block;width:6px">&#160;</div>of Designations<div style="display:inline-block;width:6px">&#160;</div>establishes the<div style="display:inline-block;width:6px">&#160;</div>authorized<div style="display:inline-block;width:5px">&#160;</div>number of<div style="display:inline-block;width:6px">&#160;</div>shares of<div style="display:inline-block;width:6px">&#160;</div>Series A Preferred<div style="display:inline-block;width:6px">&#160;</div>Stock<div style="display:inline-block;width:5px">&#160;</div>as 15,000 </div><div id="a346" style="position:absolute;font-family:'Times New Roman';left:36px;top:427px;">and provides<div style="display:inline-block;width:5px">&#160;</div>for the powers,<div style="display:inline-block;width:5px">&#160;</div>designations, preferences<div style="display:inline-block;width:5px">&#160;</div>and relative, participating,<div style="display:inline-block;width:5px">&#160;</div>optional or other<div style="display:inline-block;width:5px">&#160;</div>special rights of<div style="display:inline-block;width:5px">&#160;</div>the Series A Preferred </div><div id="a348" style="position:absolute;font-family:'Times New Roman';left:36px;top:443px;">Stock and the qualifications, limitations<div style="display:inline-block;width:5px">&#160;</div>or restrictions thereof. 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A copy<div style="display:inline-block;width:5px">&#160;</div>of the<div style="display:inline-block;width:5px">&#160;</div>Certificate of<div style="display:inline-block;width:5px">&#160;</div>Designations is<div style="display:inline-block;width:5px">&#160;</div>attached hereto<div style="display:inline-block;width:6px">&#160;</div>as Exhibit<div style="display:inline-block;width:5px">&#160;</div>3.1 and<div style="display:inline-block;width:5px">&#160;</div>is </div><div id="a353" style="position:absolute;font-family:'Times New Roman';left:36px;top:475px;">incorporated herein by reference.</div><div id="a356" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:36px;top:507px;">Item 9.01.<div style="display:inline-block;width:14px">&#160;</div>Financial Statements and Exhibits. </div><div id="a363" style="position:absolute;font-family:'Times New Roman';left:36px;top:539px;">(d)</div><div id="a365" style="position:absolute;font-family:'Times New Roman';left:67px;top:539px;">Exhibits </div><div id="a368" style="position:absolute;font-family:'Times New Roman';left:59px;top:584px;">3.1 </div><div id="a370" style="position:absolute;font-family:'Times New Roman';color:#0000FF;left:184px;top:584px;"><a href="ex31.htm" style="color:#0000FF;text-decoration:underline;">Certificate of Designations of Series A Non-Cumulative Perpetual Preferred Stock</a></div><div id="a375" style="position:absolute;font-family:'Times New Roman';left:56px;top:611px;">10.1 </div><div id="a377" style="position:absolute;font-family:'Times New Roman';color:#0000FF;left:184px;top:611px;"><a href="ex101.htm" style="color:#0000FF;text-decoration:underline;">Form of<span style="display:inline-block;width:5px;text-decoration:underline">&#160;</span>Securities Purchase<span style="display:inline-block;width:5px;text-decoration:underline">&#160;</span>Agreement by<span style="display:inline-block;width:6px;text-decoration:underline">&#160;</span>and among<span style="display:inline-block;width:5px;text-decoration:underline">&#160;</span>CrossFirst Bankshares,<span style="display:inline-block;width:5px;text-decoration:underline">&#160;</span>Inc. and<span style="display:inline-block;width:5px;text-decoration:underline">&#160;</span>the Purchasers<span style="display:inline-block;width:5px;text-decoration:underline">&#160;</span>named </a></div><div id="a379" style="position:absolute;font-family:'Times New Roman';color:#0000FF;left:184px;top:624px;"><a href="ex101.htm" style="color:#0000FF;text-decoration:underline;">therein</a></div><div id="a382" style="position:absolute;font-family:'Times New Roman';left:57px;top:654px;">104 </div><div id="a384" style="position:absolute;font-family:'Times New Roman';left:184px;top:654px;">Cover Page Interactive Data File (embedded within the Inline XBRL document) </div><div id="a388" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:36px;top:680px;"><div style="display:inline-block;width:192px">&#160;</div></div></div>
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<div id="a392" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:369px;top:59px;">SIGNATURE </div><div id="a395" style="position:absolute;font-family:'Times New Roman';left:36px;top:91px;">Pursuant to the requirements of the<div style="display:inline-block;width:5px">&#160;</div>Securities Exchange Act of 1934, the registrant has duly caused<div style="display:inline-block;width:5px">&#160;</div>this report to be signed on<div style="display:inline-block;width:5px">&#160;</div>its behalf by </div><div id="a397" style="position:absolute;font-family:'Times New Roman';left:36px;top:107px;">the undersigned hereunto duly authorized.</div><div id="a406" style="position:absolute;font-family:'Times New Roman';left:62px;top:173px;">Date: </div><div id="a408" style="position:absolute;font-family:'Times New Roman';left:98px;top:173px;">March 31, 2023 </div><div id="a410" style="position:absolute;font-family:'Times New Roman';left:553px;top:173px;">CROSSFIRST BANKSHARES, INC. </div><div id="a412" style="position:absolute;font-family:'Times New Roman';left:44px;top:192px;"><div style="display:inline-block;width:3px">&#160;</div></div><div id="a414" style="position:absolute;font-family:'Times New Roman';left:98px;top:192px;"><div style="display:inline-block;width:3px">&#160;</div></div><div id="a416" style="position:absolute;font-family:'Times New Roman';left:553px;top:192px;"><div style="display:inline-block;width:3px">&#160;</div></div><div id="a418" style="position:absolute;font-family:'Times New Roman';left:583px;top:192px;"><div style="display:inline-block;width:3px">&#160;</div></div><div id="a420" style="position:absolute;font-family:'Times New Roman';left:44px;top:211px;"><div style="display:inline-block;width:3px">&#160;</div></div><div id="a422" style="position:absolute;font-family:'Times New Roman';left:98px;top:211px;"><div style="display:inline-block;width:3px">&#160;</div></div><div id="a424" style="position:absolute;font-family:'Times New Roman';left:301px;top:211px;"><div style="display:inline-block;width:3px">&#160;</div></div><div id="a426" style="position:absolute;font-family:'Times New Roman';left:553px;top:211px;">By: </div><div id="a429" style="position:absolute;font-family:'Times New Roman';left:588px;top:211px;">/s/ Benjamin R. Clouse </div><div id="a431" style="position:absolute;font-family:'Times New Roman';left:44px;top:243px;"><div style="display:inline-block;width:3px">&#160;</div></div><div id="a433" style="position:absolute;font-family:'Times New Roman';left:98px;top:243px;"><div style="display:inline-block;width:3px">&#160;</div></div><div id="a435" style="position:absolute;font-family:'Times New Roman';left:301px;top:243px;"><div style="display:inline-block;width:3px">&#160;</div></div><div id="a437" style="position:absolute;font-family:'Times New Roman';left:553px;top:243px;"><div style="display:inline-block;width:3px">&#160;</div></div><div id="a440" style="position:absolute;font-family:'Times New Roman';left:588px;top:228px;">Benjamin R. Clouse </div><div id="a442" style="position:absolute;font-family:'Times New Roman';left:588px;top:243px;">Chief Financial Officer </div></div>
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{"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": "23789308"}, "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"}}
8k20230329
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
March 29, 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 1.01.
Entry into a Material Definitive Agreement.
On
March
29,
2023,
CrossFirst
Bankshares,
Inc.
(the
"Company")
entered
into
a
Securities
Purchase
Agreement
(the
"Purchase
Agreement") with certain investors qualified as "accredited investors," as such
term is defined in Rule 501(a) of Regulation D ("Regulation
D")
promulgated
under the
Securities Act
of 1933,
as amended
(the "Securities
Act"),
pursuant
to which
the Company
offered
and sold
shares
of
its
Series
A
Non-Cumulative
Perpetual
Preferred
Stock,
par
value
$0.01
per
share
(the
"Series
A
Preferred
Stock"),
for
an
aggregate purchase price
of $7,750,000. This amount
includes $6,150,000 paid
by directors and members
of the
senior leadership team
of
the Company
or CrossFirst
Bank (including
our executive
officers) and
their affiliates
to acquire
Series A Preferred Stock.
The offer
and
sale of the
Series A Preferred Stock by
the Company
was made in
reliance upon
the exemptions
from registration
available under
Section
4(a)(2)
of the
Securities Act
and
Rule
506(b)
of
Regulation
D. The
Purchase Agreement
includes
customary
representations,
warranties
and covenants of the Company.
On March
29, 2023,
the Company
filed a
Certificate of
Designations for
the Series A
Preferred Stock
(the "Certificate
of Designations")
with the Secretary
of State of
the State of
Kansas. The Certificate
of Designations establishes
the authorized number
of shares of
Series A
Preferred Stock as 15,000 and provides
for the powers, designations, preferences
and relative, participating, optional or other
special rights
of
the
Series
A Preferred
Stock
and
the
qualifications,
limitations
or
restrictions
thereof.
A copy
of
the
Certificate
of
Designations
is
attached hereto as Exhibit 3.1 and is incorporated herein by reference.
Pursuant to the Certificate of Designations, holders of the Series A Preferred Stock will be entitled to receive, only when, as and if declared
by the Company's Board of
Directors or a duly authorized committee
thereof, non-cumulative cash dividends on
the liquidation preference
of
$1,000
per
share
of
Series
A
Preferred
Stock
at
a
rate
of
8.00%
per
annum,
payable
quarterly
in
arrears.
Such
dividends
are
not
mandatory or cumulative and are
payable only to the extent
declared by the Company's
Board of Directors or a duly
authorized committee
thereof.
The
Series A Preferred
Stock
is not
convertible
into
any
other
class of
securities. The
Series A
Preferred
Stock
is
structured
to
qualify
as
Tier
1
capital.
So
long
as
any
Series
A
Preferred
Stock
remains
outstanding,
unless
full
dividends
for
the
most
recently
completed dividend period have been
declared and paid (or declared and a
sum sufficient for the payment thereof
has been set aside) on all
outstanding shares
of Series A Preferred Stock,
the Company
may not, subject
to certain exceptions,
declare, pay or
set aside for
payment
any
dividend
on
the
Company's
common
stock
or
any
other
shares
of
capital
stock
ranking
junior
to
the
Series A
Preferred
Stock,
or
repurchase,
redeem
or
otherwise
acquire
for
consideration,
directly
or
indirectly,
the
Company's
common
stock
or
any
other
shares
of
capital stock ranking
junior to or on a
parity with the Series A Preferred Stock.
Subject to the foregoing,
dividends (payable in
cash, stock,
or otherwise) may be
declared and paid on the
common stock and any other
class or series of capital
stock that ranks junior to
the Series A
Preferred Stock, and the holders of the Series A Preferred Stock will not be entitled to participate in any such dividend.
The Series A Preferred Stock is
perpetual and has
no maturity date
and is not
subject to any
mandatory redemption, sinking
fund, or other
similar
provisions.
The
holders
of
the
Series A Preferred
Stock
will not
have
any
right
to require
the redemption
or
repurchase
of
their
shares
of
Series A
Preferred
Stock.
The
Company
may,
at
its
option
and
subject
to
required
regulatory
approval,
redeem
the
Series A
Preferred Stock (i) in whole or in part, from time to
time, on March 29, 2028, or on any dividend payment
date on or after March 29, 2028,
or (ii) in
whole but not
in part at
any time within
90 days following
a "regulatory capital
treatment event" (as
defined in the
Certificate of
Designations)
in
each
case
at
a
redemption
price
equal
to
$1,000
per
share,
plus
the
per
share
amount
of
any
declared
and
unpaid
dividends, without accumulation of
any undeclared dividends. Upon the voluntary or
involuntary liquidation, dissolution, or winding-up
of
the
Company,
holders
of
outstanding
shares
of
Series
A
Preferred
Stock
are
entitled
to
be
paid
out
of
the
Company's
assets
legally
available for
distribution to
stockholders, subject
to the
rights of
holders of
any securities
then outstanding
ranking senior
to or
on parity
with Series
A Preferred
Stock with
respect to
distributions of
assets and
before any
distribution
of assets
is made
to holders
of common
stock or any other junior
stock, a liquidating distribution
in the amount of the
liquidation preference of $1,000
per share, plus any
declared
and
unpaid
dividends
prior
to
the
payment
of
the
liquidating
distribution,
without
accumulation
of
any
dividends
that
have
not
been
declared prior to the payment
of the liquidating distribution. Holders
of the Series A Preferred Stock will have no voting
rights except with
respect to certain changes in the terms of the Series A Preferred Stock, the issuance of capital stock ranking
senior to the Series A Preferred
Stock, certain fundamental business transactions and as otherwise required
by applicable law, subject to certain limitations.
The
Company
intends
to
use
the
net
proceeds
from
the
sale
of
the
Series A
Preferred
Stock
for
general
corporate
purposes,
including
providing
capital
to
support
strategic
growth
and
for
making
contributions
to
the
capital
of
CrossFirst
Bank,
to
support
its
lending,
investing and other banking activities.
The foregoing descriptions
of the Purchase Agreement and
the Series A Preferred Stock do not
purport to be
complete and are
qualified in
their
entirety
by
reference
to
the
form
of
the
Purchase
Agreement
attached
hereto
as
Exhibit
10.1
and
the
Certificate
of
Designations
attached hereto as Exhibit 3.1, respectively, and are incorporated herein by
reference.
Item 3.02.
Unregistered Sales of Equity Securities.
The information contained in Item 1.01 of this Current Report on Form 8-K
is incorporated by reference into this Item 3.02.
Item 3.03.
Material Modification to Rights of Security Holders.
The information contained in Item 1.01 of this Current Report on Form 8-K
is incorporated by reference into this Item 3.03.
Upon
issuance of
the Series
A Preferred
Stock (as
described
in Item
1.01
of this
Current
Report
on
Form 8-K)
on March
29, 2023,
the
ability of
the Company
to declare
or pay
dividends on,
or purchase,
redeem or
otherwise acquire,
shares of
its common
stock, par
value
$0.01 per share, will
be subject to certain
restrictions in the event
that the Company fails
to pay dividends on
the Series A Preferred Stock.
Holders of the
Series A Preferred Stock have certain approval
rights and the
Series A Preferred Stock ranks senior to
the common stock
of
the Company
upon liquidation. These
provisions are
set forth
in the
Certificate of
Designations, which
establishes the
authorized number
of shares of
Series A Preferred Stock as 15,000
and provides for
the powers, designations,
preferences and relative,
participating, optional
or other special
rights of the Series A Preferred Stock
and the qualifications,
limitations or restrictions
thereof. A copy of the Certificate of
Designations is attached hereto as Exhibit 3.1 and is incorporated herein by reference.
Item 5.03.
Amendment to Articles of Incorporation or Bylaws; Change in Fiscal Year.
The information contained in Item 1.01 of this Current Report on Form 8-K
is incorporated by reference into this Item 5.03.
On
March
29,
2023,
the
Company
filed
the
Certificate
of
Designations
with
the
Secretary
of
State
of
the
State
of
Kansas,
which
was
effective
upon filing.
The Certificate
of Designations
establishes the
authorized
number of
shares of
Series A Preferred
Stock
as 15,000
and provides
for the powers,
designations, preferences
and relative, participating,
optional or other
special rights of
the Series A Preferred
Stock and the qualifications, limitations
or restrictions thereof. A description of certain material terms of
the Series A Preferred Stock is set
forth in
Item 1.01
of this
Current Report
on Form
8-K. A copy
of the
Certificate of
Designations is
attached hereto
as Exhibit
3.1 and
is
incorporated herein by reference.
Item 9.01.
Financial Statements and Exhibits.
(d)
Exhibits
3.1
Certificate of Designations of Series A Non-Cumulative Perpetual Preferred Stock
10.1
Form of
Securities Purchase
Agreement by
and among
CrossFirst Bankshares,
Inc. and
the Purchasers
named
therein
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:
March 31, 2023
CROSSFIRST BANKSHARES, INC.
By:
/s/ Benjamin R. Clouse
Benjamin R. Clouse
Chief Financial Officer