03:32 AM EDT, 10/01/2024 (MT Newswires) -- Byline Bancorp ( BY ) and First Security Bancorp said late Monday they have agreed to merge in a cash and stock transaction valued at about $41 million based on Byline's Sept. 27 closing stock price.

Under the terms of deal, Byline will issue 2.1794 shares of common stock for every share of First Security Bancorp common stock, totaling about 1.5 million shares worth $38.4 million.

First Security preferred shares will be redeemed in cash at closing for about $2.6 million, the companies said.

The transaction is expected to close in Q2 2025, subject to regulatory approvals and the approval of First Security stockholders.

The companies said the merger will bolster Byline's status as a Chicago commercial and community bank.

Price: 26.77, Change: +0.02, Percent Change: +0.07