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Arkansas-based First Security to increase stake in Kansas-based CrossFirst

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Arkansas-based First Security to increase stake in Kansas-based CrossFirst

Searcy, Ark.-based First Security Bancorp seeks to increase its direct ownership in Leawood, Kan.-based CrossFirst Bankshares Inc., including warrants, to 6.976% from 6.967%, by acquiring up to an additional 442,105 common voting shares of CrossFirst at $28.50 per share.

According to a regulatory filing received by the Federal Reserve Bank of St. Louis on July 12, CrossFirst is selling 5,263,158 common voting shares through a private placement, at $28.50 per share, and is planning to sell an additional 1,052,632 common voting shares at the same price. The company expects to raise a maximum of between $150 million and $180 million, with proceeds to be used for general corporate purposes.

First Security seeks to buy up to 442,105 shares in CrossFirst's offering for $12.6 million. First Security will use available cash resources to buy the shares.