Byline Bancorp, Inc. and First Evanston Bancorp, Inc., owner of Evanston-based First Bank & Trust, today announced they've reached a definitive agreement under which Byline will acquire First Evanston in a cash and stock transaction valued at about $169 million.
The combined organization will have approximately $4.4 billion in assets, $3.1 billion in loans and $3.5 billion in deposits, with 66 branches across the Chicago market.
First Evanston Bancorp, Inc. has total assets of $1.1 billion, total loans of $892 million and total deposits of $994 million as of Sept. 30.
Founded over 20 years ago, First Evanston offers commercial, retail, mortgage banking and wealth management services, with 10 locations, including three in Evanston.
Upon completion of the transaction, the company will operate under the Byline Bank name and brand.
“The acquisition of First Evanston is an exciting milestone for Byline,” Alberto Paracchini, Byline's president and chief executive officer said in a statement. “We look forward to welcoming First Evanston’s customers and employees to the Byline family. First Evanston adds significant strength, both in terms of clients and talent, to our commercial banking business, allows us to expand our footprint into attractive Chicagoland markets and further solidifies our strong core deposit base. We remain focused on driving growth and profitability and we believe the acquisition of First Evanston will accelerate our trajectory toward being a high performing financial institution.”
Robert Yohanan, chairman and chief executive officer of First Evanston, said, “The combination of Byline and First Evanston will create one of the premier community banks serving the Chicago area. We believe our customers will be well served by being a part of a larger community bank offering greater convenience and a broader selection of products and services, while still providing the high level of customer service they have always enjoyed at First Evanston.”
Byline says it expects to reduce pre-tax expenses by about 29 percent of First Evanston’s expense base. First Evanston employed about 123 people as of its latest federal filings in September.