Byline Bancorp announced today it has completed the purchase of Community Bank of Oak Park River Forest.
Byline revealed plans last October to purchase the bank. The merger was valued at about $40 million.
Byline said in a press release that each share of Community Bank common stock was “converted into the right to receive 7.9321 shares of Byline common stock and $33.38 in cash.”
Byline also noted that it brings the company’s total assets to about $5.3 billion.
“We are very pleased to complete this transaction and welcome Community Bank’s customers and employees to Byline,” Alberto Paracchini, Byline president and chief executive officer, said in the press release. “Oak Park and River Forest are two important communities that will complement the Byline franchise well. We look forward to providing the same high level of service and relationship banking that Community Bank customers appreciate and deserve.”
Community Bank president and CEO Walter Healy said the “combined organization will continue to be actively involved and committed to the communities we serve.”
“The added size will enable us to provide our customer convenient new services and technologies, and enhanced resources to serve their needs,” Healy said.
Â