Illinois-based Byline Bancorp has agreed to acquire local lender First Evanston Bancorp, the parent of First Bank & Trust, in a cash-stock deal worth around $169m.
First Evanston provides commercial, retail, mortgage banking and wealth management services through its 10 branches, and has total assets of $1.1bn. Chicago-based Byline has over 50 branches and round $3.3bn in assets.
The combined entity will be Chicago’s largest community bank with around $4.4bn in assets, $3.1bn in loans, $3.5bn in deposits, and 66 branches. It will operate under the Byline Bank brand.
The deal has already secured the approval from both the companies’ boards and is expected to be wrapped up in the first half of 2018, subject to regulatory and shareholder approvals.
Byline president and CEO Alberto Paracchini said: “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.”
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