Overview
The BFKN Financial Institutions Group served as legal counsel to First Security Bancorp, Inc. (“First Security Bancorp”) and its wholly owned bank subsidiary, First Security Trust and Savings Bank (“First Security”), in their sale to Byline Bancorp, Inc. (NYSE: BY) (“Byline”), the parent company of Byline Bank. The merger became effective on April 1, 2025.
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 total merger consideration at closing was valued at approximately $41.5 million.
BFKN’s legal team was led by Joseph T. Ceithaml, co-chair of the Financial Institutions Group, and associate Zoe Xiuha Uvin. Executive compensation and benefit matters were handled by partner Andrew K. Strimaitis along with associate Alex Freund. Partner Corwin J. Carr handled employment matters. Tax matters were handled by partners Michael J. Towne and Megan E. Toal.
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