Overview
Barack Ferrazzano served as legal counsel to Illinois State Bancorp, Inc. (“Illinois State Bancorp”), the holding company for First Nations Bank and The Bank of Bourbonnais, in connection with its definitive agreement to merge with and into Byline Bancorp, Inc. (NYSE: BY) (“Byline”), the holding company for Byline Bank. The transaction is valued at approximately $87.9 million and is expected to close in the first quarter of 2027, subject to customary closing conditions, including regulatory and Illinois State Bancorp shareholder approvals.
The combination adds Illinois State Bancorp’s four-branch community banking franchise in Chicagoland and Bourbonnais, Illinois, to Byline’s existing Chicago-area footprint. The boards of directors of both companies have unanimously approved the transaction.
Barack Ferrazzano’s legal team was led by Financial Institutions Group co-chair and partner Joseph T. Ceithaml, with assistance from Zoe Xiuha Uvin. Executive compensation and benefits matters were handled by partners Andrew K. Strimaitis and Michael J. Poland and Christopher R. Boyd. Tax matters were handled by partners Michael J. Towne and Megan E. Toal.
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