Byline Bancorp to Acquire Illinois State Bancorp in $87.9M Deal
BY sits 46% above its 52-week low of $25.57.
Summary
Byline Bancorp announced a definitive agreement to acquire Illinois State Bancorp in a cash-and-stock deal valued at approximately $87.9 million, based on Byline's October 5 closing price. The transaction adds $617 million in assets, $470 million in loans, and $510 million in deposits, expanding Byline's Chicago footprint to 48 branches and roughly $10.5 billion in total assets. Byline will issue about 1.4 million shares and pay $28.9 million in cash, plus $5.1 million for option settlements. The deal is expected to close in Q1 2027, pending regulatory and Illinois State Bancorp shareholder approvals. This is a meaningful but digestible acquisition for Byline, which has a market cap near $1.7 billion, and it reinforces the company's stated goal of becoming the preeminent commercial bank in Chicago.
At the time of this announcement, BY was trading at $37.34 on NYSE in the Finance sector, with a market capitalization of approximately $1.7B. The 52-week trading range was $25.57 to $40.03. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: BusinessWire.