Byline Bank

Byline Bank
Public
Traded as NYSE: BY
Russell 2000 Component
Industry Finance
Founded 1978[1]
Headquarters Chicago, Illinois, USA
Number of locations
 52 branches
Area served
 Chicago metropolitan area
Brookfield, Wisconsin
Key people
 Alberto Paracchini, President & CEO
Products Banking
Website www.bylinebank.com

Byline Bank is a community and commercial bank headquartered in Chicago, IL. Byline Bank is wholly owned by its holding company, Byline Bancorp Inc. which went public in 2017 after leading an IPO[2]. The company trades on the NYSE stock exchange under the stock symbol BY. Byline Bank operates over fifty bank branches in the Chicago metropolitan area, and one in Brookfield, Wisconsin, a suburb of Milwaukee.

History

Byline Bancorp was previously known as Metropolitan Bank Group. The privately held Metropolitan Bank Group was founded in 1978 by the Fasseas family after they purchased North Community Bank.[3] The family grew the bank group from a single location to more than 90 bank branches across the Chicago area before coming close to failure in the 2007 financial crisis.[4] In 2009, Metropolitan Bank Group accepted $71.5 million from the Troubled Asset Relief Program during the 2007–2012 global financial crisis.[1][5][6] In 2013, Metropolitan Bank Group was purchased and recapitalized by a $207 million investment by BXM Holdings LLC, which was headed by Chicago banker Roberto Herencia.[7] In 2015, Metropolitan Bank Group, under BXM Holdings LLC ownership and management, renamed itself Byline Bancorp Inc. and consolidated all its subsidiaries under the name Byline Bank.[8] In 2017, Byline Bancorp Inc. went public after leading the first Chicago bank IPO in over 15 years[2].

Former subsidiary banks

  • Allegiance Community Bank[6]
  • Archer Bank[9]
  • Chicago Community Bank[9]
  • Citizens Community Bank[9]
  • Community Bank of DuPage[9]
  • First Commercial Bank[9]
  • Metrobank[9]
  • North Community Bank[9]
  • Oswego Community Bank[9]
  • Plaza Bank[9]

References

  1. 1 2 Yerak, Becky (2012-04-23). "Investor to pump $150M into Metropolitan Bank". Chicago Tribune. Retrieved 2012-07-03.
  2. 1 2 "Byline is Chicago's newest publicly traded bank". Crain's Chicago Business. Retrieved 2018-09-29.
  3. ↑ Yerak, Becky. "Investor to pump $150M into Metropolitan Bank". chicagotribune.com. Retrieved 2018-09-29.
  4. ↑ "Sale of Fasseases' Metropolitan Bank Group final". Crain's Chicago Business. Retrieved 2018-09-29.
  5. ↑ Daniels, Steve (2012-04-23). "Herencia-led group agrees to rescue Fasseas family banks". Crain's Chicago Business. Retrieved 2012-07-03.
  6. 1 2 Daniels, Steve (2010-04-09). "Metropolitan Bank Group cuts salaries, headcount -- and a bank". Crain's Chicago Business. Retrieved 2012-07-03.
  7. ↑ "Sale of Fasseases' Metropolitan Bank Group final". Crain's Chicago Business. Retrieved 2018-09-29.
  8. ↑ Daniels, Steve (2015-03-18). "Meet the biggest bank in Chicago you never heard of". Crain's Chicago Business. Retrieved 2015-07-23.
  9. 1 2 3 4 5 6 7 8 9 Yerak, Becky (2011-01-19). "Metropolitan group banks warned about capital". Chicago Breaking Business. Retrieved 2012-07-03.
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