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Byline Bancorp Acquires First Evanston Bancorp

June 08, 2018, 07:10 AM
Filed Under: Mergers & Acquisitions

Byline Bancorp, Inc., the holding company of Byline Bank, announced it has completed its acquisition of First Evanston Bancorp, Inc., the parent company of First Bank & Trust. As a result of the transaction, First Bank & Trust has merged into Byline Bank. The transaction brings Byline’s total assets to approximately $4.4 billion, based on information as of March 31.

“We are excited to welcome First Bank and Trust customers and employees to the Byline team,” said Alberto Paracchini, President and CEO of Byline Bank. “Together we are focused on providing a first-rate experience for our customers and impassioned support for our communities.”

Under the terms of the merger agreement, each share of First Evanston’s common stock was converted into the right to receive: (1) 3.994 shares of Byline’s common stock, and (2) an amount in cash equal to $27 million divided by the number of outstanding shares of First Evanston’s common stock as of the closing date, with cash paid in lieu of any fractional shares. The value of the total merger consideration at closing was approximately $178.6 million.

Also, in connection with the closing of the transaction, Robert R. Yohanan, First Evanston's Chief Executive Officer, was appointed to the Board of Directors of Byline and Byline Bank.

With headquarters in Chicago, Byline Bancorp is the parent company for Byline Bank. Byline Bank offers commercial and retail banking products and services including small ticket equipment leasing solutions and is one of the top 10 Small Business Administration lenders in the United States.

The deal was announced in November 2017.

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