Byline Bank is a bank headquartered in

Chicago Chicago is the List of municipalities in Illinois, most populous city in the U.S. state of Illinois and in the Midwestern United States. With a population of 2,746,388, as of the 2020 United States census, 2020 census, it is the List of Unite ...

, Illinois, United States. It is the primary subsidiary of Byline Bancorp, Inc., a

bank holding company A bank holding company is a company that controls one or more banks, but does not necessarily engage in banking itself. The compound bancorp (''banc''/''bank'' + '' corp ration') or bancorporation is often used to refer to such companies as w ...

. , it operated 57

branches A branch, also called a ramus in botany, is a stem that grows off from another stem, or when structures like veins in leaves are divided into smaller veins. History and etymology In Old English, there are numerous words for branch, includi ...

, 56 of which were in the

Chicago metropolitan area The Chicago metropolitan area, also referred to as Chicagoland, is the largest metropolitan statistical area in the U.S. state of Illinois, and the Midwest, containing the City of Chicago along with its surrounding suburbs and satellite cities. ...

. It is the 4th largest

Small Business Administration The United States Small Business Administration (SBA) is an independent agency of the United States government that provides support to entrepreneurs and small businesses. The mission of the Small Business Administration is "to maintain and str ...

lender.

History

The company was founded in 1978 by the Fasseas family as ''Metropolitan Bank Group'' after the purchase of North Community Bank. The family grew the bank from a single location to more than 90 branches in the

before suffering in the

2008 financial crisis The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners ...

. In 2009, it accepted $71.5 million from the

Troubled Asset Relief Program The Troubled Asset Relief Program (TARP) is a program of the United States government to purchase toxic assets and equity from financial institutions to strengthen its financial sector that was passed by Congress and signed into law by U.S. Presi ...

. In 2013, BXM Holdings LLC, led by Roberto Herencia, purchased and recapitalized the bank with a $207 million investment. A year before acquiring Ridgestone Bank, the company was renamed Byline Bancorp Inc. in 2015 and consolidated all its subsidiaries under the name Byline Bank. In June 2017, the company became a

public company A public company is a company whose ownership is organized via shares of share capital, stock which are intended to be freely traded on a stock exchange or in over-the-counter (finance), over-the-counter markets. A public (publicly traded) co ...

via an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investm ...

. In May 2018, the company acquired First Evanston Bancorp for $178.6 million in cash and stock. In April 2019, the company acquired Oak Park River Forest Bank shares for $40.0 million in cash and stock. In December 2022, Byline entered merger agreement and acquired

Inland Bank Inland Bank & Trust was an Oak Brook, Illinois finance company controlled by Inland Real Estate Group until mid-2023. With all of its ten branches located in Chicago's western suburbs, the bank invested approximately one-third of its assets in com ...

valued at approximately $165 million in cash and stock - the merger was completed in July 2023.

References

External links

* {{Authority control 1978 establishments in Illinois 2017 initial public offerings American companies established in 1978 Banks established in 1978 Banks based in Chicago Companies listed on the New York Stock Exchange