Byline Bancorp has filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). No pricing details were listed in the filing but the offering is valued up to $75 million. The company intends to list its shares on the New York Stock Exchange under the symbol BY.
The underwriters for the offering are Merrill Lynch, Keefe Bruyette & Woods, Piper Jaffray, Sandler O’Neil and Stephens.
This bank holding company headquartered in Chicago conducts all its business activities through the subsidiary, Byline Bank, a full service commercial bank. This company has been a part of the Chicago banking community for over 100 years and operates the fifth largest branch network in the city of Chicago with 56 branches in the Chicago metropolitan area. Byline offers a broad range of banking products and services to small and medium-sized businesses, commercial real estate and financial sponsors, and consumers who generally live or work near its branches.
In addition to its traditional commercial banking business, Byline provides small ticket equipment leasing solutions and was the sixth most active Small Business Administration (SBA) lender in the United States, as reported by the SBA, for the year ended in September 2016. As of the end of March 2017, the company had consolidated total assets of $3.3 billion, total gross loans and leases outstanding of $2.1 billion, total deposits of $2.6 billion and total stockholders’ equity of $389.7 million.
Over the past four years, Byline has significantly improved its asset quality while adding $1.3 billion in net originated loans and leases to create a more diversified and balanced loan and lease portfolio. The company aggressively reduced the level of troubled loans and other real estate owned in its portfolio, and its nonperforming assets, as a percentage of loans and real estate owned, declined to 1.0% as of the end of March 2017 from 28.2% as of March 31, 2013.
Byline intends to use the net proceeds from this offering to repay its indebtedness, with the remainder going toward working capital and general corporate purposes.