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Report: First Evanston picked Byline despite First Midwest's higher offer

In Illinois, First Midwest Bancorp Inc. offered to buy First Evanston Bancorp Inc. for $172 million, but First Evanston chose Byline Bancorp Inc.'s $169 million offer, also cash-and-stock, instead, unnamed sources told Crain's Chicago Business.

As previously reported, a Form S-4 detailing the background of Byline Bancorp's merger agreement with First Evanston refers to a larger bank making an all-stock proposal valued at around $172 million. Despite the higher offer, First Evanston's executive committee eventually picked Byline's offer because Byline was the "superior strategic fit," according to the filing.