Byline Bancorp, the parent company of Byline Bank, announced 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.
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“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.”
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.
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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.”
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