Financial Advisor
Byline Bancorp, Inc.
M&A Advisory
Has Agreed To Combine With
Transaction Details
- On November 30, 2022, Byline Bancorp, Inc. (“Byline”) and Inland Bancorp, Inc. (“Inland Bancorp”) today jointly announced that they have entered into a definitive merger agreement pursuant to which Inland Bancorp and its wholly owned subsidiary, Inland Bank and Trust, will combine with Byline in a cash and stock transaction valued at approximately $165 million(1).
- Transaction will solidify Byline’s position as Chicago’s largest community bank with assets under $10 billion.
- Inland Bancorp, the parent company of Inland Bank and Trust, is headquartered in Oak Brook, Illinois and had total assets of $1.2 billion, total loans of $854 million and total deposits of $1.0 billion as of September 30, 2022.
- Under the terms of the definitive agreement, at the closing of the transaction, Byline will issue approximately 6.4 million shares of common stock and pay $22.9 million in cash to Inland Bancorp stockholders, subject to adjustment per the terms of the merger agreement.
- The transaction has been approved unanimously by each company’s board of directors and is expected to close during the second quarter of 2023.
Sources: Company Documents, S&P Global Market Intelligence and publicly available information.
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Note: Reflects financial data as of September 30, 2022.
(1) Based on BY closing stock price of $22.21 as of November 29, 2022.
(2) "AT" stands for after-tax.
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