Byline Bancorp, Inc., the parent company of Byline Bank (the “Bank”), announced plans to continue to optimize its branch network, dispose of a portfolio of owned real estate properties and reduce the amount of office square footage it occupies as part of its efforts to adapt to changes in customer behavior and improve operating efficiencies. Byline Bank plans to consolidate six of its 44 full-service branches during the second quarter of 2022.
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The Bank will continue to service all of its current markets and customers will continue to be served by other branches within its network and its full suite of digital banking channels. The Company also plans to dispose of a real estate portfolio that includes former branch locations and other properties and reduce the amount of office square footage it occupies to accommodate current trends in remote working preferences. The impact of the branch consolidations and the strategic real estate reduction is expected to result in a total charge of approximately $15.0 million that will be incurred during the fourth quarter of 2021 and the first half of 2022 and generate approximately $5.3 million in annualized cost savings.
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Alberto J. Paracchini, President of Byline, commented, “The strategic actions we are taking are the result of our continued focus to position ourselves to meet our customers’ current and evolving banking needs. While we believe branches are, and will continue to be, an essential part of delivering banking services, we also recognize the need to continue to invest in our digital channels to adapt to the way customers want to conduct their banking with us. We expect to reinvest approximately 70% of the anticipated annualized cost savings into talent and technology that will further enhance our digital banking capabilities.”
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