Byline Bank

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]

Byline Bancorp, Inc.
TypePublic company
NYSE: BY
Russell 2000 Index component
IndustryBanking
Founded1978 (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]

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. "Byline Bancorp, Inc. 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. Yerak, Becky (April 23, 2012). "Investor to pump $150M into Metropolitan Bank". Chicago Tribune.
  3. 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.
  • Official website
  • Business data for Byline Bancorp:
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