First Security Bancorp, Inc. Announces Merger Agreement with Byline Bancorp, Inc.

The BFKN Financial Institutions Group served as legal counsel to First Security Bancorp, Inc. (“First Security Bancorp”) in connection with its execution of a definitive merger agreement with Byline Bancorp, Inc. ("Byline"), pursuant to which Byline will acquire First Security Bancorp and its wholly owned subsidiary, First Security Trust and Savings Bank (“First Security”).  

Established over 75 years ago, First Security is headquartered in Elmwood Park, Illinois, with total assets of $354.8 million as of June 30, 2024. First Security provides commercial and community banking services through its Elmwood Park location. Byline Bank is a community-focused commercial bank with approximately $9.6 billion in assets and 46 branches throughout the Chicago and Milwaukee metropolitan areas.

This deal marks the 7^th bank M&A transaction that BFKN has advised on in 2024. 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 associates Corwin J. Carr and Alex Freund. Tax matters were handled by partners Michael J. Towne and Megan E. Toal.

To read more about this transaction, visit:

• Business Wire | Byline Bancorp, Inc. and First Security Bancorp, Inc. Announce Definitive Merger Agreement
• Crain’s Chicago Business | Byline Bank and Wirtz Family’s First Security Announce Merger

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