Byline to acquire Illinois State Bancorp in $87.9M cash-and-stock deal, expanding Chicago footprint

BYLINE BANCORP, INC.

Deal valued at ~$87.9M: Byline will issue ~1.4M shares and pay $28.9M cash to Illinois State shareholders, plus ~$5.1M cash to settle outstanding stock options.
$261.23 per Illinois State common share based on Byline's $37.63 closing price on Oct 5, 2026; fully diluted transaction value ~$87.9M.
Illinois State had $617.3M assets, $470.5M loans and $510.5M deposits as of June 30, 2026; runs First Nations Bank and The Bank of Bourbonnais.
Combined franchise: 48 branches, ~$10.5B assets, $8.0B loans, $8.4B deposits; deal expected to close Q1 2027 pending regulatory and shareholder approvals.
Boards of both companies unanimously approved; D.A. Davidson advised Illinois State, Vedder Price advised Byline; CEOs Herencia and Barbi cited cultural fit and Chicago market density.

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