Byline Bancorp, Inc. (“Byline”) (NYSE: BY), the parent company
of Byline Bank, announced today that it has completed its merger
with Inland Bancorp, Inc. (“Inland Bancorp”) and its wholly owned
bank subsidiary, Inland Bank and Trust. As a result of the
transaction, effective July 1, 2023, Inland Bank and Trust merged
with and into Byline Bank. The transaction brings Byline’s total
assets to approximately $8.7 billion, based on information as of
March 31, 2023.
Roberto R. Herencia, Executive Chairman and Chief Executive
Officer of Byline Bancorp, Inc., stated, “We are pleased to welcome
Inland Bank and Trust customers, colleagues and stockholders to
Byline. The closing of this transaction brings together two premier
Chicago banks and their teams who are focused on putting customers
first.”
“Inland Bank and Trust is a customer-focused franchise with an
outstanding reputation for service excellence and deep customer
relationships in this important market. We believe this transaction
creates a great opportunity to grow our presence and expand our
position in Chicagoland by complementing Inland’s strengths with
Byline’s capabilities and breadth of product and service
offerings,” said Alberto J. Paracchini, President of Byline
Bancorp, Inc.
Under the terms of the merger agreement, each share of Inland
Bancorp’s common stock was converted into the right to receive 0.19
shares of Byline common stock and $0.68 in cash. The value of the
total merger consideration at closing was approximately $129.0
million.
Also in connection with the closing of the transaction, Pamela
C. Stewart, Senior Vice President and Director of Asset Management
for Inland National Development Company LLC, was appointed to the
Board of Directors of Byline Bancorp and Byline Bank, effective as
of July 1, 2023.
“We are thrilled to welcome Pam as a new director and leverage
her significant expertise in leadership, real estate, and finance,
as we continue to grow,” Mr. Herencia said. “Adding Pam to our
board is another step in our commitment to building diverse,
high-performing teams at all levels that reflect our core values of
diversity and inclusion - and make our company stronger.”
About Pamela C. Stewart
Ms. Stewart is the Senior Vice President and Director of Asset
Management for Inland National Development Company LLC, where she
actively manages and provides operational and budgetary analysis
and oversight for a diverse set of multi-million-dollar commercial
real estate assets. Her professional career encompasses leadership
positions in relevant companies, such as Duracell USA, The
Pillsbury Company and The Sara Lee Corporation. Ms. Stewart
received her Bachelor of Science degree in business administration
from Roosevelt University. In addition, she is a licensed real
estate managing broker, a member of the International Council of
Shopping Centers and the Chicago Association of Realtors.
About Byline Bancorp, Inc.
Headquartered in Chicago, Byline Bancorp, Inc. is the parent
company of Byline Bank, a full service commercial bank serving
small- and medium-sized businesses, financial sponsors, and
consumers. Byline Bank has approximately $8.7 billion in assets and
operates more than 40 full service branch locations throughout the
Chicago and Milwaukee metropolitan areas. Byline Bank offers a
broad range of commercial and retail banking products and services
including small ticket equipment leasing solutions and is one of
the top Small Business Administration lenders in the United
States.
Forward-Looking Statements
This press release may contain “forward-looking statements”
within the meaning of the U.S. Private Securities Litigation Reform
Act of 1995. Any statements about Byline’s expectations, beliefs,
plans, strategies, predictions, forecasts, objectives or
assumptions of future events or performance are not historical
facts and may be forward-looking. These statements are often, but
not always, made through the use of words or phrases such as
“anticipates,” “believes,” “expects,” “can,” “could,” “may,”
“predicts,” “potential,” “opportunity,” “should,” “will,”
“estimate,” “plans,” “projects,” “continuing,” “ongoing,”
“expects,” “seeks,” “intends” and similar words or phrases.
Accordingly, these statements involve estimates, known and unknown
risks, assumptions and uncertainties that could cause actual
strategies, actions or results to differ materially from those
expressed in them, and are not guarantees of timing, future results
or other events or performance. Because forward-looking statements
are necessarily only estimates of future strategies, actions or
results, based on management’s current expectations, assumptions
and estimates on the date hereof, and there can be no assurance
that actual strategies, actions or results will not differ
materially from expectations, readers are cautioned not to place
undue reliance on such statements. Factors that may cause such a
difference include, but are not limited to, the reaction to the
transaction of the companies’ customers, employees and
counterparties; customer disintermediation; inflation; expected
synergies, cost savings and other financial benefits of the
transaction might not be realized within the expected timeframes or
might be less than projected; credit and interest rate risks
associated with Byline’s and Inland Bancorp, Inc.’s respective
businesses, customers, borrowings, repayment, investment, and
deposit practices; fluctuations in deposits; general economic
conditions, either nationally or in the market areas in which
Byline and Inland Bancorp, Inc. operate or anticipate doing
business, are less favorable than expected; new regulatory or legal
requirements or obligations; and other risks. Certain risks and
important factors that could affect Byline’s future results are
identified in its Annual Report on Form 10-K for the year ended
December 31, 2022 and other reports filed by Byline with the
Securities and Exchange Commission, including among other things
under the heading “Risk Factors” in such Annual Report on Form
10-K. Any forward-looking statement speaks only as of the date on
which it is made, and Byline undertakes no obligation to update any
forward-looking statement, whether to reflect events or
circumstances after the date on which the statement is made, to
reflect new information or the occurrence of unanticipated events,
or otherwise.
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Contacts For Byline Bancorp, Inc.:
Investors: Brooks Rennie Investor Relations Director
Byline Bank (312) 660-5805 brennie@bylinebank.com
Media: Erin O’Neill Marketing Director Byline Bank (773)
475-2901 eoneill@bylinebank.com
Byline Bancorp (NYSE:BY)
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