Byline Bancorp agrees to buy Illinois State Bancorp in $87.9 million cash-and-stock deal
BY•Byline Bancorp agreed to acquire Illinois State Bancorp in a deal valued at about $87.9 million, including about 1.4 million Byline shares, $28.9 million in cash and $5.1 million for option settlements. The combined bank is expected to have 48 branches and $10.5 billion in assets.
1. Deal terms
Illinois State Bancorp will merge into Byline Bancorp in a cash-and-stock transaction valued at about $87.9 million. The consideration includes about 1.4 million Byline shares, $28.9 million in cash and $5.1 million for option settlements. The implied value is about $261.23 per Illinois State Bancorp share, based on Byline’s October 5, 2026 closing price of $37.63.
2. Combined bank
The combined bank is expected to operate 48 branches, with about $10.5 billion in assets, $8.0 billion in loans and $8.4 billion in deposits. Closing is targeted for the first quarter of 2027, subject to regulatory clearances and Illinois State Bancorp shareholder approval.
