Byline Bank acquired First Evanston Bancorp for 169 million USD
Chicago-based Byline Bank acquires First Evanston Bancorp for 169 million USD, expands its business north into the attractive Evanston market, adding significant strength to its commercial banking business. The transaction creates the largest community bank in Chicago. The combined lender will have approximately 4.4 billion USD in assets, as well as 3.1 billion USD in loans and 3.5 billion USD in deposits, with 66 convenient branches across the Chicago market. Upon completion of the transaction, the combined company will operate under the Byline Bank name and brand.
The deal is expected to close in the first half of next year, pending regulatory and shareholder approval and other closing conditions.
According to the definitive agreement between the two companies, each each share of First Evanston’s common stock will be converted into the right to receive 3.994 shares of Byline common stock and an amount in cash equal to 27.0 million USD divided by the number of outstanding shares.
“The acquisition of First Evanston is an exciting milestone for Byline”, said the President and CEO of Byline Bank, Alberto Paracchini. “We look forward to welcoming First Evanston’s customers and employees to the Byline family. First Evanston adds significant strength, both in terms of clients and talent, to our commercial banking business, allows us to expand our footprint into attractive Chicagoland markets and further solidifies our strong core deposit base”, added he.
Byline currently estimates pre-tax expense reductions associated with the transaction will be approximately 29% of First Evanston’s expense base.
Founded over 20 years ago, First Evanston Bancorp offers commercial, retail, mortgage banking and wealth management services, with 10 locations, including three in Evanston. It employed about 123 people. First Evanston Bancorp has total assets of 1.1 billion USD, loans of 892 million USD and total deposits of 994 million USD.
Byline Bank is an American bank based in Chicago. It operates over 50 branches in the Chicago metropolitan area.