Company:Byline Bank

From HandWiki
Short description: Bank based in Chicago
Byline Bancorp, Inc.
TypePublic company
NYSEBY
Russell 2000 Index component
IndustryBanking
Founded1978; 46 years ago (1978)
Headquarters
Chicago , Illinois, U.S.
Number of locations
57 branches
Key people
Roberto Herencia,
Chairman
Alberto Paracchini,
CEO
RevenueIncrease $216 million (2019)
Increase $57 million (2019)
Total assetsIncrease $5.521 billion (2019)
Total equityIncrease $750 million (2019)
Number of employees
1,001 (2019)
Websitewww.bylinebank.com
Footnotes / references
[1]

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 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]

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. 1.0 1.1 "Byline Bancorp, Inc. 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission. https://www.sec.gov/Archives/edgar/data/1702750/000156459020010516/by-10k_20191231.htm. 
  2. 2.0 2.1 Yerak, Becky (April 23, 2012). "Investor to pump $150M into Metropolitan Bank". Chicago Tribune. https://www.chicagotribune.com/business/ct-xpm-2012-04-23-chi-outside-investor-to-pump-150m-into-metropolitan-bank-20120423-story.html. 
  3. 3.0 3.1 Daniels, Steve (June 28, 2013). "Sale of Fasseases' Metropolitan Bank Group final". Crain Communications. https://www.chicagobusiness.com/article/20130628/NEWS01/130629768/sale-of-fasseases-metropolitan-bank-group-final. 
  4. Daniels, Steve (April 23, 2012). "Herencia-led group agrees to rescue Fasseas family banks". Crain Communications. https://www.chicagobusiness.com/article/20120423/NEWS01/120429937/herencia-led-group-agrees-to-rescue-fasseas-family-banks. 
  5. Daniels, Steve (April 9, 2010). "Metropolitan Bank Group cuts salaries, headcount -- and a bank". Crain Communications. https://www.chicagobusiness.com/article/20100409/NEWS01/200037765/metropolitan-bank-group-cuts-salaries-headcount-and-a-bank. 
  6. "Byline Bancorp, Inc. Announces Bruce Lammers to Retire from Byline Bank" (Press release). Business Wire. May 15, 2019. External link in |publisher= (help)
  7. Schuyler, David (June 9, 2016). "Ridgestone Financial to be purchased by Chicago's Byline Bancorp". American City Business Journals. https://www.bizjournals.com/milwaukee/news/2016/06/09/ridgestone-financialto-be-purchased-by-chicagos.html. 
  8. Daniels, Steve (March 19, 2015). "Meet the biggest bank in Chicago you never heard of". Crain Communications. https://www.chicagobusiness.com/article/20150318/NEWS01/150319784/chicago-s-byline-bank-undergoes-rebranding. 
  9. "Byline Bancorp Announces Pricing of Initial Public Offering" (Press release). Business Wire. June 29, 2017. External link in |publisher= (help)
  10. Daniels, Steve (June 30, 2017). "Byline is Chicago's newest publicly traded bank". Crain Communications. https://www.chicagobusiness.com/article/20170630/NEWS01/170639990/byline-bancorp-ipo-launches. 
  11. Zumbach, Lauren (June 30, 2017). "Byline Bancorp shares begin trading on New York Stock Exchange". Chicago Tribune. https://www.chicagotribune.com/business/ct-byline-bank-ipo-price-0701-biz-20170630-story.html. 
  12. "Byline Bancorp, Inc. Completes the Acquisition of First Evanston Bancorp" (Press release). Business Wire. May 31, 2018. External link in |publisher= (help)
  13. "Byline Bancorp, Inc. Completes the Acquisition of Oak Park River Forest Bankshares" (Press release). Business Wire. April 30, 2019. External link in |publisher= (help)
  14. "Byline Bank to Merge with Inland Bank & Trust". https://www.connectcre.com/stories/byline-bank-to-merge-with-inland-bank-trust/. 
  15. "Byline Bancorp, Inc. Completes the Merger with Inland Bancorp, Inc." (in en). Business Wire. https://www.businesswire.com/news/home/20230703010860/en/. 

External links