Byline Bank

Last updated
Byline Bancorp, Inc.
Company type Public company
NYSE:  BY
Russell 2000 Index component
Industry Banking
Founded1978;48 years ago (1978)
Headquarters
Chicago, Illinois, U.S.
Number of locations
57 branches (2019) [1]
Key people
Roberto Herencia,
Chairman
Alberto Paracchini,
CEO
RevenueIncrease2.svg $216 million (2019)
Increase2.svg $57 million (2019)
Total assets Increase2.svg $5.521 billion (2019)
Total equity Increase2.svg $750 million (2019)
Number of employees
1,001 (2019)
Website www.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, and the 4th largest SBA 7(a) lender. [1]

Contents

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 2008 financial crisis. [3]

In 2009, it accepted $71.5 million from the Troubled Asset Relief Program. [2] [4] [5] In 2013, BXM Holdings LLC 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. and consolidated all its subsidiaries under the name Byline Bank in 2015. [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 a merger agreement and acquired Inland Bank, valued at approximately $165 million in cash and stock. [14] The merger was finalized in July 2023. [15]

On 1 April 2025, it merged with First Security Bank, closing at an approximate $41.5 million valuation. Under the agreement, every share of First Security’s common stock was converted into the right to receive 2.3539 shares of Byline common stock. [16]

References

  1. 1 2 3 "Byline Bancorp, Inc. 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. 1 2 Yerak, Becky (April 23, 2012). "Investor to pump $150M into Metropolitan Bank". Chicago Tribune .
  3. 1 2 Daniels, Steve (June 28, 2013). "Sale of Fasseases' Metropolitan Bank Group final" . Crain Communications .
  4. ↑ Daniels, Steve (April 23, 2012). "Herencia-led group agrees to rescue Fasseas family banks" . Crain Communications .
  5. ↑ Daniels, Steve (April 9, 2010). "Metropolitan Bank Group cuts salaries, headcount -- and a bank" . Crain Communications .
  6. ↑ "Byline Bancorp, Inc. Announces Bruce Lammers to Retire from Byline Bank" (Press release). Business Wire. May 15, 2019.
  7. ↑ Schuyler, David (June 9, 2016). "Ridgestone Financial to be purchased by Chicago's Byline Bancorp". American City Business Journals .
  8. ↑ Daniels, Steve (March 19, 2015). "Meet the biggest bank in Chicago you never heard of" . Crain Communications .
  9. ↑ "Byline Bancorp Announces Pricing of Initial Public Offering" (Press release). Business Wire. June 29, 2017.
  10. ↑ Daniels, Steve (June 30, 2017). "Byline is Chicago's newest publicly traded bank" . Crain Communications .
  11. ↑ Zumbach, Lauren (June 30, 2017). "Byline Bancorp shares begin trading on New York Stock Exchange" . Chicago Tribune .
  12. ↑ "Byline Bancorp, Inc. Completes the Acquisition of First Evanston Bancorp" (Press release). Business Wire. May 31, 2018.
  13. ↑ "Byline Bancorp, Inc. Completes the Acquisition of Oak Park River Forest Bankshares" (Press release). Business Wire. April 30, 2019.
  14. ↑ "Byline Bank to Merge with Inland Bank & Trust".
  15. ↑ "Byline Bancorp, Inc. Completes the Merger with Inland Bancorp, Inc". Business Wire. Retrieved 2023-08-17.
  16. ↑ "First Security Bancorp, Inc. Completes Merger With Byline Bancorp, Inc". Barack Ferrazzano. 3 April 2025.
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