Vedder Price is pleased to announce that our client Byline Bancorp, Inc. has signed a definitive merger agreement pursuant to which it will acquire First Security Bancorp, Inc. and its subsidiary First Security Trust and Savings Bank. The cash and stock transaction valued at an estimated $41 million will help strengthen Byline’s position as Chicago’s largest community bank with assets below $10 billion and aims to bolster its loan and deposit portfolios. The deal is expected to close in 2025.

The Vedder Price transaction team was led by Financial Institutions Co-Chairs Daniel McKay and James Morrissey, Capital Markets & Securities Co-Chair Jennifer King and Financial Institutions Associate Nicholas Zlevor.