Byline Bancorp and First Security Bancorp Join Forces
Byline Bancorp and First Security Bancorp Announce Merger
Byline Bancorp, Inc. (“Byline”) (NYSE: BY) and First Security Bancorp, Inc. are excited to share their plans for a strategic merger. This significant partnership aims to strengthen Byline as a leading commercial bank in the Chicago area. The agreement involves a cash and stock transaction valued at around $41 million, demonstrating a vibrant future for both companies.
Strengthened Market Position
The merger presents an advantageous opportunity for both entities. Byline will solidify its position as Chicago's largest community bank, managing assets under $10 billion. With robust numbers, Byline boasts $7.3 billion in loans and $7.8 billion in deposits across 45 branches in the metropolitan area. The deal not only enhances Byline’s financial capabilities but also showcases the growth potential through shared values and visions.
A Strong Legacy
First Security Bancorp, headquartered in Elmwood Park, has a legacy of service and reliability stretching back over 75 years. With total assets near $354.8 million, they offer strong community and commercial banking services, making them an ideal partner for Byline. Their operations, including the First Security Trust and Savings Bank, have consistently focused on customer service and community ties.
Leadership Insights
Roberto R. Herencia, CEO of Byline Bancorp, emphasized the significance of this merger. He noted, "First Security is esteemed for its commitment to exceptional customer service and community engagement. Our merger is not just about growth in numbers but about forming a cohesive unit that reflects our shared principles. We are excited about the future this partnership heralds."
Enhancing Product Solutions
Alberto J. Paracchini, President of Byline, echoed similar sentiments regarding the merger's value. He stated, "The partnership enhances our balance sheet flexibility and diversifies our offerings. Together, we can drive sustainable growth and long-term value for our stakeholders while reinforcing our local presence. We look forward to welcoming First Security customers to our family at Byline."
Transaction Details and Approval
Details of the merger indicate that for each outstanding share of First Security Bancorp stock, Byline will issue approximately 2.1794 shares of its common stock. This transaction, when concluded, reflects a value near $38.4 million based on Byline's recent stock price. Both companies' boards have unanimously approved the agreement, and its closure is anticipated to occur in the second quarter of 2025, subject to necessary regulatory and shareholder approvals.
Commitment to Community Banking
Danny Wirtz, CEO of First Security Bancorp, highlighted the strategic nature of the collaboration, stating, "By aligning with Byline, we reinforce our commitment to our clients and community. This partnership is centered on providing tailored services and nurturing relationships with our customers, further contributing to economic growth in the Chicago area."
About the Companies
Byline Bancorp, Inc., based in Chicago, is committed to delivering comprehensive banking services through its subsidiary, Byline Bank. This full-service bank supports small and medium-sized businesses and individuals by providing diverse financial solutions. With approximately $9.6 billion in assets, Byline operates 46 branches primarily in Chicago and Milwaukee, offering services including leasing solutions and standing out among top Small Business Administration lenders.
Community-Centric Approach
First Security Bancorp is noted for its community-centric banking approach, emphasizing trust and tailored financial services. Established in 1946, it continues to serve local businesses diligently. This merger not only strengthens Byline’s position in the marketplace but embodies a commitment to foster lasting relationships within the communities they operate.
Frequently Asked Questions
What is the merger between Byline Bancorp and First Security Bancorp?
The merger involves Byline Bancorp acquiring First Security Bancorp in a cash and stock deal valued at approximately $41 million.
Why is this merger significant?
This merger positions Byline as the largest community bank in Chicago, enhancing its market presence and financial capabilities.
What are the expected benefits of this merger?
The merger is anticipated to enhance balance sheet flexibility, diversify offerings, and create long-term value for stakeholders.
When is the expected closing date for the merger?
The transaction is expected to close in the second quarter of 2025, pending regulatory and shareholder approvals.
Are both companies committed to community banking?
Yes, both Byline and First Security Bancorp emphasize exceptional customer service and a strong community focus, making them well-suited partners.
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