Byline Bancorp, Inc. and First Security Bancorp, Inc. Announce Merger Agreement

Byline Bancorp, Inc. and First Security Bancorp, Inc. have announced a definitive merger agreement valued at approximately $41.0 million. The merger will combine First Security Bancorp and its subsidiary, First Security Trust and Savings Bank, with Byline Bancorp, Inc. The partnership aims to strengthen Bylines position as the leading commercial bank in Chicago.

First Security Bancorp, headquartered in Elmwood Park, IL, brings a solid core deposit base and valuable loan diversification to the merger. The company has been serving its communities for over 75 years, offering commercial and community banking services.

The funding will be used to enhance Bylines financial position, drive sustainable growth, and create longterm value for stockholders. The merger is expected to close in the second quarter of 2025, subject to regulatory approvals and stockholder agreement.

Stephens Inc. served as financial advisor to Byline, while D.A. Davidson & Co. advised First Security Bancorp. The transaction has been approved unanimously by both companies boards of directors.