Byline Bancorp has agreed to acquire Oak Park River Forest Bankshares in a deal valued at around $42m.
Image: Byline Bancorp has agreed to acquire Oak Park River Forest Bankshares. Photo: courtesy of rawpixel / Unsplash.
Oak Park River Forest is the parent firm of Community Bank of Oak Park River Forest. As of 30 June this year, it had total assets of $325m, total loans of $254m and total deposits of $293m.
Established in 1996, Community Bank provides commercial, retail and mortgage banking services.
Community Bank operates in three locations in Oak Park and River Forest, and is claimed to be the only community bank operating in these markets. Community Bank’s deposit base consisted of 93% core deposits, as of 30 June this year.
Oak Park River Forest president and CEO Walter Healy said: “Byline shares our commitment to serving our communities and being a trusted partner that helps our customers reach their financial goals.”
As per terms of the deal, each outstanding share of Oak Park River Forest’s common stock will be converted into the right to receive 7.93 shares of Byline common stock and $33.38 in cash at the closing of the deal.
Subject to regulatory approvals, the deal is expected to be completed by the second quarter of 2019.
Byline Bancorp president and CEO Alberto Paracchini said: “Community Bank of Oak Park River Forest has built an outstanding reputation for exceptional service and relationship banking at its finest, and we believe it will be an excellent complement to our existing franchise.
“We look forward to welcoming Oak Park River Forest customers and employees to the Byline family. We believe the combination of Byline and Oak Park River Forest will enhance the customer banking experience by offering greater convenience while still providing the same commitment to superior customer service.”
Based in Chicago, Byline Bancorp is the parent firm of Byline Bank, which is a full-service commercial bank that provides services to small and medium-sized businesses, financial sponsors, and consumers.
Byline Bank offers a range of commercial and retail banking products and services, including small ticket equipment.