Acquisitions

CHICAGO AND ELMWOOD PARK, ILL. — Byline Bancorp Inc. (NYSE: BY) and First Security Bancorp Inc., including its wholly owned subsidiary First Security Trust and Savings Bank, have entered into a definitive merger agreement for a cash and stock transaction valued at approximately $41 million. According to a release, the transaction will solidify Chicago-based Byline’s position as Chicago’s largest community bank with assets under $10 billion, $7.3 billion in loans and $7.8 billion in deposits, with 45 branches across metro Chicago. Headquartered in Elmwood Park, First Security Bancorp maintains total assets of $354.8 million, total loans of $201.4 million and total deposits of $321.8 million as of June 30. First Security Trust and Savings Bank offers commercial and community banking services, with one branch location in Elmwood Park. Under the terms of the merger agreement, Byline will issue nearly 2.2 shares of its common stock for each outstanding share of First Security common stock, or approximately 1.5 million shares to First Security common stockholders. The transaction has been approved unanimously by each company’s board of directors and is expected to close during the second quarter of 2025, subject to regulatory approvals and the approval of First Security’s stockholders.