When Busey Bank finalizes its acquisition of Leawood, Kansas-based CrossFirst Bank – a transaction expected to close Saturday – it’ll do so amid a change at the CFO role.
The Champaign, Illinois-based lender entered into a separation agreement last week with Jeff Jones, its now-former chief financial officer. The bank also named its corporate controller and principal accounting officer, Scott Phillips, as interim CFO, it said.
Busey did not issue a press release or comments on Jones’ departure but said in a filing Feb. 19 the separation “did not involve any disagreement” about the CrossFirst deal or Busey’s financial reporting, conditions, operations or financial policies and practices.
As part of his agreement, Jones will receive a $1,045,935 cash severance – the equivalent of a year’s salary plus his annual bonus from 2024. Jones will also receive $637,712 – the pro rata value of restricted stock units granted in 2020 that were set to vest this year. Other outstanding unvested equity awards will be forfeited. Jones will also receive a prorated annual bonus for 2025 and a year of health insurance coverage under COBRA.
Phillips, meanwhile, will not receive a compensation boost for serving as interim CFO. He joined Busey in 2019 as corporate controller and added principal accounting officer to his title in 2023, according to his LinkedIn profile. He began his career in 2005 as an account senior with Deloitte, and spent nearly four years as SEC reporting project manager at Truist predecessor BB&T before landing at Florida Community Bank and ascending to chief accounting officer there.
The $916.8 million acquisition of CrossFirst, approved last month by the Federal Reserve, was slated – when it was announced in August – to create a bank with 77 locations in 10 states, roughly $20 billion in assets, $17 billion in deposits, $15 billion in loans and $13 billion in wealth assets under care.
Current CFO shuffle notwithstanding, the transaction involves several predetermined job placements. Once the transaction is complete, Randy Rapp, CrossFirst Bank’s president, will become president of Busey Bank.
Chip Jorstad, Busey’s president of credit and bank administration, will become chief credit officer.
Amy Fauss, CrossFirst’s chief operating officer, will become chief information and technology officer of the combined company.
Van Dukeman, CEO of holding company First Busey, will serve as executive chair and CEO of the holding company and executive chair of the bank. CrossFirst CEO Mike Maddox will become president and executive vice chair of the holding company and CEO of the bank. Then, on the one-year anniversary of the bank merger, Maddox will succeed Dukeman as CEO of the holding company, and Dukeman will be executive chair of both.
But Busey’s CFO, chief operating officer, chief risk officer and general counsel were set to retain their roles as of August.
