CHICAGO--(BUSINESS WIRE)--Byline Bancorp, Inc. (NYSE: BY), the parent company of Byline Bank, announced today that it has completed its acquisition of Oak Park River Forest Bankshares, Inc. (“Oak Park River Forest”). Oak Park River Forest is the parent company of Community Bank of Oak Park River Forest (“Community Bank”). The transaction brings Byline’s total assets to approximately $5.3 billion, based on information as of March 31, 2019.
“We are very pleased to complete this transaction and welcome Community Bank’s customers and employees to Byline,” said Alberto Paracchini, President and Chief Executive Officer of Byline. “Oak Park and River Forest are two important communities that will complement the Byline franchise well. We look forward to providing the same high level of service and relationship banking that Community Bank customers appreciate and deserve.”
“As we begin this journey with Byline, we are pleased to know that our combined organization will continue to be actively involved and committed to the communities we serve,” said Walter F. Healy, President and Chief Executive Officer of Community Bank of Oak Park River Forest. “The added size will enable us to provide our customer convenient new services and technologies, and enhanced resources to serve their needs.”
Under the terms of the merger agreement, each share of Oak Park River Forest’s common stock was converted into the right to receive 7.9321 shares of Byline common stock and $33.38 in cash. The value of the total merger consideration at closing was approximately $40.0 million.
About Byline Bancorp, Inc.
Headquartered in Chicago, Byline Bancorp, Inc. is the parent company for Byline Bank, a full service commercial bank serving small- and medium-sized businesses, financial sponsors, and consumers. Byline Bank has approximately $5.3 billion in assets and operates more than 50 full service branch locations throughout the Chicago and Milwaukee metropolitan areas. Byline Bank offers a broad range of commercial and retail banking products and services including small ticket equipment leasing solutions and is one of the top 10 Small Business Administration lenders in the United States.
Forward-Looking Statements
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