Byline Bancorp, Inc. the holding company of Byline Bank, announced Thursday that it has completed its acquisition of First Evanston Bancorp, Inc., the parent company of First Bank & Trust.
As a result of the transaction, First Bank has now officially merged into Byline Bank.
“We are excited to welcome First Bank and Trust customers and employees to the Byline team,” said Alberto Paracchini, president and CEO of Byline Bank. “Together we are focused on providing a first rate experience for our customers and impassioned support for our communities.”
Under the terms of the merger agreement, each share of First Evanston’s common stock was converted into the right to receive 3.994 shares of Byline’s common stock and an amount in cash equal to $27 million divided by the number of outstanding shares of First Evanston’s common stock as of the closing date, or about $16 per share, according to First Evanston’s CEO, Robert Yohanan, who is now a member of the Board of Directors of Byline and Byline Bank.
Byline Bancorp stock closed today on the New York Stock Exchange at $21.62 per share. The value of the total merger consideration at closing was about $178.6 million.
The transaction brings Byline’s total assets to about $4.4 billion, based on information as of March 31.