Chicago-based Byline Bancorp Inc. closed the acquisition of Evanston, Ill.-based First Evanston Bancorp Inc.
With the deal completion, First Bank & Trust, a subsidiary of First Evanston, has merged into Byline Bank, a unit of Byline Bancorp. The transaction has brought Byline Bancorp's total assets to about $4.4 billion.
Under the terms of the deal, each share of First Evanston's common stock was converted into the right to receive 3.994 shares of Byline Bancorp's common stock, and an amount in cash equal to $27.0 million divided by the number of First Evanston's outstanding common shares as of the closing date, with cash paid in lieu of any fractional shares. The value of the total merger consideration at completion was about $178.6 million.
In addition, Robert Yohanan, CEO of First Evanston, was appointed to the boards of both Byline Bancorp and Byline Bank.
