Byline Bancorp, the parent company of Byline Bank, completed its merger with Inland Bancorp and its wholly-owned bank subsidiary, Inland Bank and Trust. As a result of the transaction, Inland Bank and Trust merged with and into Byline Bank. The transaction brings Byline’s total assets to approximately $8.7 billion, based on information as of this year.
“We are pleased to welcome Inland Bank and Trust customers, colleagues and stockholders to Byline. The closing of this transaction brings together two premier Chicago banks and their teams who are focused on putting customers first,” Roberto R. Herencia, executive chairman and CEO of Byline Bancorp, said.
“Inland Bank and Trust is a customer-focused franchise with an outstanding reputation for service excellence and deep customer relationships in this important market,” Alberto J. Paracchini, president of Byline Bancorp, said. “We believe this transaction creates a great opportunity to grow our presence and expand our position in Chicagoland by complementing Inland’s strengths with Byline’s capabilities and breadth of product and service offerings.”
Under the terms of the merger agreement, each share of Inland Bancorp’s common stock was converted into the right to receive 0.19 shares of Byline common stock and $0.68 in cash. The value of the total merger consideration at closing was approximately $129.0 million.
Also in connection with the closing of the transaction, Pamela C. Stewart, senior vice president and director of asset management for Inland National Development, was appointed to the board of directors of Byline Bancorp and Byline Bank.
“We are thrilled to welcome Pam as a new director and leverage her significant expertise in leadership, real estate, and finance, as we continue to grow,” Herencia said. “Adding Pam to our board is another step in our commitment to building diverse, high-performing teams at all levels that reflect our core values of diversity and inclusion, and make our company stronger.”
Stewart actively manages and provides operational and budgetary analysis and oversight for a diverse set of multi-million-dollar commercial real estate assets in her role at Inland National Development. Previously she held leadership positions at Duracell USA, Pillsbury and Sara Lee.
