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[update], it operated 57 branches, 56 of which were in the Chicago metropolitan area. It is the 4th largest Small Business Administration lender.[1]
 | |
| Company type | Public company |
|---|---|
| NYSE: BY Russell 2000 Index component | |
| Industry | Banking |
| Founded | 1978 |
| Headquarters | |
Number of locations | 57 branches |
Key people | Roberto Herencia, Chairman Alberto Paracchini, CEO |
| Revenue |  $216 million (2019) |
| $57 million (2019) | |
| Total assets | $5.521 billion (2019) |
| Total equity | $750 million (2019) |
Number of employees | 1,001 (2019) |
| Website | www |
| Footnotes / references [1] | |
History
editThe 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 2007–2008 financial crisis.[3]
In 2009, it accepted $71.5 million from the Troubled Asset Relief Program.[2][4][5] In 2013, BXM Holdings LLC, 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
edit- ^ a b "Byline Bancorp, Inc. 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- ^ a b Yerak, Becky (April 23, 2012). "Investor to pump $150M into Metropolitan Bank". Chicago Tribune.
- ^ a b Daniels, Steve (June 28, 2013). "Sale of Fasseases' Metropolitan Bank Group final". Crain Communications.
- ^ Daniels, Steve (April 23, 2012). "Herencia-led group agrees to rescue Fasseas family banks". Crain Communications.
- ^ Daniels, Steve (April 9, 2010). "Metropolitan Bank Group cuts salaries, headcount -- and a bank". Crain Communications.
- ^ "Byline Bancorp, Inc. Announces Bruce Lammers to Retire from Byline Bank" (Press release). Business Wire. May 15, 2019.
- ^ Schuyler, David (June 9, 2016). "Ridgestone Financial to be purchased by Chicago's Byline Bancorp". American City Business Journals.
- ^ Daniels, Steve (March 19, 2015). "Meet the biggest bank in Chicago you never heard of". Crain Communications.
- ^ "Byline Bancorp Announces Pricing of Initial Public Offering" (Press release). Business Wire. June 29, 2017.
- ^ Daniels, Steve (June 30, 2017). "Byline is Chicago's newest publicly traded bank". Crain Communications.
- ^ Zumbach, Lauren (June 30, 2017). "Byline Bancorp shares begin trading on New York Stock Exchange". Chicago Tribune.
- ^ "Byline Bancorp, Inc. Completes the Acquisition of First Evanston Bancorp" (Press release). Business Wire. May 31, 2018.
- ^ "Byline Bancorp, Inc. Completes the Acquisition of Oak Park River Forest Bankshares" (Press release). Business Wire. April 30, 2019.
- ^ "Byline Bank to Merge with Inland Bank & Trust".
- ^ "Byline Bancorp, Inc. Completes the Merger with Inland Bancorp, Inc". Business Wire. Retrieved 2023-08-17.
External links
edit- Official website
- Business data for Byline Bancorp:
