Byline Bancorp, Inc. (NYSE: BY), the parent company of Byline Bank, announced today that it has completed its acquisition of Oak Park River Forest Bankshares, Inc. (Oak Park River Forest). Oak Park River Forest is the parent company of Community Bank of Oak Park River Forest (Community Bank). The transaction brings Bylines total assets to approximately $5.3 billion, based on information as of March 31, 2019.
We are very pleased to complete this transaction and welcome Community Banks customers and employees to Byline, said Alberto Paracchini, President and Chief Executive Officer of Byline. Oak Park and River Forest are two important communities that will complement the Byline franchise well. We look forward to providing the same high level of service and relationship banking that Community Bank customers appreciate and deserve.
As we begin this journey with Byline, we are pleased to know that our combined organization will continue to be actively involved and committed to the communities we serve, said Walter F. Healy, President and Chief Executive Officer of Community Bank of Oak Park River Forest. The added size will enable us to provide our customer convenient new services and technologies, and enhanced resources to serve their needs.
Under the terms of the merger agreement, each share of Oak Park River Forests common stock was converted into the right to receive 7.9321 shares of Byline common stock and $33.38 in cash. The value of the total merger consideration at closing was approximately $40.0 million.
About Byline Bancorp, Inc.
Headquartered in Chicago, Byline Bancorp, Inc. is the parent company for Byline Bank, a full service commercial bank serving small- and medium-sized businesses, financial sponsors, and consumers. Byline Bank has approximately $5.3 billion in assets and operates more than 50 full service branch locations throughout the Chicago and Milwaukee metropolitan areas. Byline Bank offers a broad range of commercial and retail banking products and services including small ticket equipment leasing solutions and is one of the top 10 Small Business Administration lenders in the United States.
This communication contains forward-looking statements within the meaning of the U.S. federal securities laws. Forward-looking statements include, without limitation, statements concerning plans, estimates, calculations, forecasts and projections with respect to the anticipated future performance of the Company. These statements are often, but not always, made through the use of words or phrases such as ˜˜may, ˜˜might, ˜˜should, ˜˜could, ˜˜predict, ˜˜potential, ˜˜believe, ˜˜expect, ˜˜continue, ˜˜will, ˜˜anticipate, ˜˜seek, ˜˜estimate, ˜˜intend, ˜˜plan, ˜˜projection, ˜˜would, ˜˜annualized, target and ˜˜outlook, or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. Forward-looking statements reflect various assumptions and involve elements of subjective judgement and analysis which may or may not prove to be correct and which are subject to uncertainties and contingencies outside the control of Byline and its respective affiliates, directors, employees and other representatives, which could cause actual results to differ materially from those presented in this communication. No representations, warranties or guarantees are or will be made by Byline as to the reliability, accuracy or completeness of any forward-looking statements contained in this communication or that such forward-looking statements are or will remain based on reasonable assumptions. You should not place undue reliance on any forward-looking statements contained in this communication. Forward-looking statements speak only as of the date they are made, and we assume no obligation to update any of these statements in light of new information, future events or otherwise unless required under the federal securities laws.
Marketing, Byline Bank