Byline Bancorp, First Security Bancorp Enter Definitive Merger Agreement; First Security To Combine With Byline Bancorp In Cash And Stock Transaction Valued At $41M
Portfolio Pulse from Benzinga Newsdesk
Byline Bancorp and First Security Bancorp have entered a definitive merger agreement valued at $41 million. Byline will issue 2.1794 shares of its common stock for each First Security share, with the transaction valued at $38.4 million based on Byline's stock price.
September 30, 2024 | 9:59 pm
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Byline Bancorp is merging with First Security Bancorp in a $41 million deal. Byline will issue 2.1794 shares for each First Security share, impacting its stock price.
The merger is a significant corporate action for Byline Bancorp, likely to impact its stock price positively due to potential synergies and expansion. The issuance of new shares could dilute existing shares, but the strategic benefits may outweigh this.
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