CrossFirst Bancshares to acquire Canyon Bancorporation

CrossFirst Bankshares and Canyon Bancorporation announced that they have entered into a definitive merger agreement under which CrossFirst and Canyon will consummate a business combination transaction resulting in the mergers of Canyon with and into CrossFirst and Canyon’s bank subsidiary, Canyon Community Bank, N.A., merging with and into CrossFirst’s bank subsidiary, CrossFirst Bank, in a stock and cash transaction. Canyon Bank had total loans of $122M and total deposits of $169M as of March 31 and currently operates one banking location in Tucson, Arizona. Canyon shareholders are expected to receive a combination of cash and CrossFirst common stock as consideration for their shares of Canyon common stock, with an aggregate transaction value estimated at $15.1M based on the current CrossFirst stock price. The business combination was approved by the Board of Directors of each company and bank. The transaction is 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 combination will bring together complementary banking platforms focused on serving small businesses and the surrounding communities they serve. The transaction continues CrossFirst’s commitment to expansion in the Southwest with the addition of a branch in Arizona’s second largest metropolitan area. CrossFirst believes that providing Canyon Bank’s clients with access to CFB Bank’s broader array of banking products and capabilities will provide enhanced benefits for Canyon Bank clients, as well as provide synergies with CrossFirst’s existing presence in the Phoenix market," the company stated.