Illinois-based Byline Bancorp has concluded the acquisition of local lender First Evanston Bancorp, the parent of First Bank & Trust.
Each shareholder of First Evanston’s common stock received 3.994 shares of Byline’s common stock, and an amount in cash equal to $27m divided by the number of outstanding shares of First Evanston’s common stock as of the closing date.
The total merger consideration at closing stood at nearly $178.6m.
Following completion of the transaction, which was first announced in November last year, First Bank & Trust has merged into Byline Bank.
The transaction brings Byline’s total assets to about $4.4bn, based on information as of 31 March 2018. The combined entity will be Chicago’s largest community bank and operate under the Byline Bank brand.
First Evanston offers commercial, retail, mortgage banking and wealth management services through its 10 branches. Chicago-based Byline manages more than 50 branches.
Byline Bank president and CEO Alberto Paracchini said: “We are excited to welcome First Bank and Trust customers and employees to the Byline team. Together we are focused on providing a first rate experience for our customers and impassioned support for our communities.”
As per the deal, First Evanston CEO Robert Yohanan was appointed to the board of directors of Byline and Byline Bank.