Byline Bancorp to Acquire Illinois State Bancorp for $87.9 Million
Byline Bancorp, Inc. (NYSE:BY) has agreed to acquire Illinois State Bancorp in a deal valued at approximately $87.9 million. Under the terms, the consideration will consist of roughly 1.4 million Byline shares, around $28.9 million in cash, and about $5.1 million to settle option liabilities. Shares of Byline Bancorp were down 1.52% at $36.32 following the announcement.
The deal comes alongside key senior executive appointments at Byline to strengthen its management structure. Effective January 1, 2027, Sean McGuire will take on the role of Executive Vice President and Chief Commercial Banking Officer, Scott Hawthorne will become Executive Vice President and Chief Credit Officer, and Darrin Bacon will serve as Executive Vice President and Head of Commercial Banking.
The transaction is expected to close in the first quarter of 2027, subject to required approvals. Investors will be monitoring regulatory progress and integration preparations as the bank moves toward closing the deal and transitioning its leadership team.
Key points
- Byline Bancorp, Inc. (NYSE:BY) agreed to acquire Illinois State Bancorp for roughly $87.9 million.
- Payment includes about 1.4 million shares, $28.9 million in cash, and $5.1 million for option settlements.
- Sean McGuire, Scott Hawthorne, and Darrin Bacon were named to key executive vice president roles effective January 1, 2027.
- The merger is expected to close in the first quarter of 2027, pending required approvals.
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How much is Byline Bancorp paying to acquire Illinois State Bancorp?
Byline Bancorp is acquiring Illinois State Bancorp for about $87.9 million, paid using approximately 1.4 million Byline shares, $28.9 million in cash, and $5.1 million in option liability settlement.
When is Byline Bancorp's acquisition of Illinois State Bancorp expected to close?
The transaction is expected to close in the first quarter of 2027, subject to required approvals.
What executive changes did Byline Bancorp announce?
Effective January 1, 2027, Byline named Sean McGuire as EVP & Chief Commercial Banking Officer, Scott Hawthorne as EVP & Chief Credit Officer, and Darrin Bacon as EVP & Head of Commercial Banking.