Byline Bancorp to acquire First Security Bancorp for ~$41M in cash and stock

BYLINE BANCORP, INC.

Deal valued at ~$41M; Byline issues 2.1794 shares per First Security share (~1.5M shares) plus ~$2.6M cash for preferred.
First Security has $354.8M in assets, $201.4M in loans, $321.8M in deposits as of June 30, 2024.
Merger expected to close in Q2 2025, subject to regulatory and stockholder approvals.
Transaction solidifies Byline as Chicago's largest community bank under $10B assets, with 45 branches.
Boards of both companies unanimously approved the deal.

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