Byline Bancorp, Inc. ("Byline") has successfully completed its merger with First Security Bancorp, Inc. and its wholly owned bank subsidiary, First Security Trust and Savings Bank ("First Security"). With this transaction, Byline's total assets have increased to approximately $9.8 billion based on information as of December 31, 2024.
As a part of the merger agreement, each share of First Security Bancorp's common stock was converted into the right to receive 2.3539 shares of Byline common stock. The total merger consideration at closing was valued at approximately $41.5 million. Additionally, First Security Bancorp's preferred shares were redeemed in cash immediately before closing, with an aggregate value of around $2.4 million.
The executives at Byline are optimistic about the merger, with Roberto R. Herencia, Executive Chairman and CEO, expressing his satisfaction in welcoming First Security's customers, colleagues, and stockholders to Byline. He emphasized that the transaction brings together two strong, culturally aligned, community-focused franchises and strengthens Byline's position as the preeminent commercial bank in Chicago.
Alberto J. Paracchini, President of Byline Bancorp, Inc., highlighted First Security's reputation for exceptional service and enduring relationships in the market, expressing the belief that the combined entity will advance community and commercial banking culture through shared commitments to supporting customers and delivering enhanced financial services.
This merger has significantly expanded Byline's presence and offerings, positioning the company as a prominent player in the commercial banking sector, particularly in the Chicago and Milwaukee metropolitan areas. Following these announcements, the company's shares moved 0.1%, and are now trading at a price of $26.18. Check out the company's full 8-K submission here.
