Business
Byline Bancorp, Inc. Completes the Merger with First Security Bancorp, Inc.
Byline Bancorp, Inc. (“Byline”) (NYSE: BY), the parent company of Byline Bank, anno...
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[{"type":"text","content":"Byline Bancorp, Inc. Completes the Merger with First Security Bancorp, Inc.\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n \n\n\n\n Byline Bancorp, Inc. (“Byline”) (NYSE: BY), the parent company of Byline Bank, announced today that it has completed its merger with First Security Bancorp, Inc. (“First Security Bancorp”) and its wholly owned bank subsidiary, First Security Trust and Savings Bank (“First Security”). As a result of the transaction, effective April 1, 2025, First Security merged with and into Byline Bank. The transaction brings Byline’s total assets to approximately $9.8 billion, based on information as of December 31, 2024.\n \n\n Roberto R. Herencia, Executive Chairman and Chief Executive Officer of Byline Bancorp, Inc., stated, “We are pleased to welcome First Security customers, colleagues and stockholders to Byline. The closing of this transaction brings together two strong, culturally aligned, community-focused franchises that strengthens Byline’s position as the preeminent commercial bank in Chicago.\"\n \n\n \"First Security is a customer-centric franchise well-regarded for exceptional service and strong, enduring relationships in this key market. Together, we believe we will advance our community and commercial banking culture through our shared, longstanding commitments to supporting our customers by delivering enhanced financial services, making every market we serve a better place for people and businesses to thrive,” said Alberto J. Paracchini, President of Byline Bancorp, Inc.\n \n\n Under the terms 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 value of the total merger consideration at closing was approximately $41.5 million. First Security Bancorp preferred shares were redeemed in cash immediately prior to closing with an aggregate value of approximately $2.4 million.\n \n\n\n About Byline Bancorp, Inc.\n \n\n\n Headquartered in Chicago, Byline Bancorp, Inc. is the parent company of Byline Bank, a full service commercial bank serving small- and medium-sized businesses, financial sponsors, and consumers. Byline Bank operates 46 branch locations throughout the Chicago and Milwaukee metropolitan...