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Byline Bank to Merge with Inland Bank & Trust
Chicago-based Byline Bancorp, Inc. and Oak Brook, IL-based Inland Bancorp, Inc., including subsidiary Inland Bank & Trust, said Thursday they have entered into a definitive merger agreement. The cash and stock transaction is valued at approximately $165 million.
Byline said the transaction will solidify its position as Chicago’s largest community bank with assets under $10 billion. It will also expand Byline’s footprint into other attractive and contiguous suburban Chicago communities.
The combined organization will have approximately $8.5 billion in assets, $6.2 billion in loans and $6.6 billion in deposits, with 47 branches across Chicagoland, the two banks said.
“Inland Bank and Trust is a well-established and trusted financial institution with deep client and community relationships, which we look forward to continuing,” said Roberto Herencia, executive chairman and CEO of Byline Bancorp.
The deal doesn’t include the Inland Group of Companies, also owned by Inland Bancorp’s majority owner, Dan Goodwin.
- ◦Sale/Acquisition
