Plaza_Bank

Byline Bank

Byline Bank

Bank based in Chicago

Byline Bank is a bank headquartered in Chicago, Illinois, United States. It is the primary subsidiary of Byline Bancorp, Inc., a bank holding company. As of 31 December 2019, it operated 57 branches, 56 of which were in the Chicago metropolitan area. It is the 4th largest Small Business Administration lender.[1]

Quick Facts Company type, Traded as ...

History

The company was founded in 1978 by the Fasseas family as Metropolitan Bank Group after the purchase of North Community Bank.[2] The family grew the bank from a single location to more than 90 branches in the Chicago metropolitan area before suffering in the financial crisis of 2007-08.[3]

In 2009, it accepted $71.5 million from the Troubled Asset Relief Program.[2][4][5] In 2013, BXM Holdings LLC, led by Roberto Herencia, purchased and recapitalized the bank with a $207 million investment.[3]

A year before acquiring Ridgestone Bank,[6][7] the company was renamed Byline Bancorp Inc. in 2015 and consolidated all its subsidiaries under the name Byline Bank.[8]

In June 2017, the company became a public company via an initial public offering.[9][10][11] In May 2018, the company acquired First Evanston Bancorp for $178.6 million in cash and stock.[12]

In April 2019, the company acquired Oak Park River Forest Bank shares for $40.0 million in cash and stock.[13] In December 2022, Byline entered merger agreement and acquired Inland Bank valued at approximately $165 million in cash and stock[14] - the merger was completed in July 2023.[15]

References

  1. [1]
    "Byline Bancorp, Inc. 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. [2]
    Yerak, Becky (April 23, 2012). "Investor to pump $150M into Metropolitan Bank". Chicago Tribune.
  3. [3]
    Daniels, Steve (June 28, 2013). "Sale of Fasseases' Metropolitan Bank Group final". Crain Communications.
  4. [4]
    Daniels, Steve (April 23, 2012). "Herencia-led group agrees to rescue Fasseas family banks". Crain Communications.
  5. [5]
    Daniels, Steve (April 9, 2010). "Metropolitan Bank Group cuts salaries, headcount -- and a bank". Crain Communications.
  6. [6]
    "Byline Bancorp, Inc. Announces Bruce Lammers to Retire from Byline Bank" (Press release). Business Wire. May 15, 2019.
  7. [7]
    Schuyler, David (June 9, 2016). "Ridgestone Financial to be purchased by Chicago's Byline Bancorp". American City Business Journals.
  8. [8]
    Daniels, Steve (March 19, 2015). "Meet the biggest bank in Chicago you never heard of". Crain Communications.
  9. [9]
    "Byline Bancorp Announces Pricing of Initial Public Offering" (Press release). Business Wire. June 29, 2017.
  10. [10]
    Daniels, Steve (June 30, 2017). "Byline is Chicago's newest publicly traded bank". Crain Communications.
  11. [11]
    Zumbach, Lauren (June 30, 2017). "Byline Bancorp shares begin trading on New York Stock Exchange". Chicago Tribune.
  12. [12]
    "Byline Bancorp, Inc. Completes the Acquisition of First Evanston Bancorp" (Press release). Business Wire. May 31, 2018.
  13. [13]
    "Byline Bancorp, Inc. Completes the Acquisition of Oak Park River Forest Bankshares" (Press release). Business Wire. April 30, 2019.
  14. [14]
    "Byline Bank to Merge with Inland Bank & Trust".
  15. [15]
    "Byline Bancorp, Inc. Completes the Merger with Inland Bancorp, Inc". Business Wire. Retrieved 2023-08-17.
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