Financial Advisor
Byline Bancorp, Inc.
M&A Advisory
Has Agreed To Acquire
Transaction Details
- On September 30, 2024, Byline Bancorp, Inc. (“Byline”) (NYSE: BY), and First Security Bancorp, Inc. (“First Security Bancorp”) jointly announced that they have entered into a definitive merger agreement pursuant to which First Security Bancorp and its wholly owned subsidiary, First Security Trust and Savings Bank, will combine with Byline Bancorp, Inc.
- Byline will issue 2.1794 shares of its common stock for each outstanding share of First Security Bancorp common stock, subject to adjustment per the terms of the merger agreement. Based upon the closing price of Byline’s common stock on September 27, 2024, this represents a transaction value of approximately $38.4 million or $57.01 per First Security Bancorp common share.
- Outstanding First Security Bancorp preferred shares will be redeemed in cash at closing with an estimated aggregate value of approximately $2.6 million in accordance with the terms of the certificate of designation.
Sources: Company Press Release, Company Investor Presentation, and S&P Global Market Intelligence.
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(1) Includes consideration for common shareholders and redemption of preferred equity.
(2) Target financial data based on bank-level regulatory data as of 6/30/2024.
(3) Core deposits defined as total deposits less time deposits greater than $100,000.
(4) Based on BY closing stock price of $26.16 as of 9/27/2024.
(5) Includes net write-ups of deferred tax assets / liabilities in the amount of $6.7 million.
(6) Consolidated net income based on LTM bank-level net income of $5.1 million, adjusted for $0.1 million of net holding company expenses.This material has been prepared solely for informational purposes as of its stated date. It is not a solicitation, recommendation or offer to buy or sell any security and does not provide information on which an investment decision to purchase or sell any securities could be based. It does not purport to be a complete description of the securities, markets or developments referred to in this material. All information and data included in this material has been sourced from company announcements and other sources cited in this material, but Stephens has not independently verified such information and does not guarantee that it is accurate or complete. No subsequent publication or distribution of this material shall mean or imply that any such information remains current at any time after the date of preparation of this material. Stephens does not undertake to advise you of any changes in any such information. Additional information is available upon request. “Stephens” (the company brand name) is a leading family-owned investment firm that includes Stephens Inc. (member NYSE/SIPC), Stephens Investment Management Group, LLC, Stephens Insurance, LLC, Stephens Capital Partners LLC and Stephens Europe Limited (Registered office: 12 Arthur Street, London, EC4R 9AB, Registered number 8817024), which is authorised and regulated by the Financial Conduct Authority. © 2024 Stephens