Byline Bancorp prices IPO at $19 a share

CHICAGO - Byline Bancorp Friday priced its initial public offering at $19 per share.

Of the 5.7 million shares being sold in the offering, Byline is selling 3.78 million, and other stockholders are selling 1.92 million additional shares. The shares began trading today on the New York Stock Exchange under the ticker symbol "BY".

The closing of the offer is expected to occur on July 6, subject to the satisfaction of customary closing conditions.

In addition, Byline has granted the underwriters a 30-day option to purchase up to an additional 855,000 shares of its common stock at the initial public offering price, less the underwriting discount.

Byline intends to use the net proceeds that it receives from this offering to repay the outstanding balance under its line of credit, to repurchase its outstanding Series A Preferred Stock and for general corporate purposes.

BofA Merrill Lynch and Keefe, Bruyette & Woods are acting as joint book-running managers for the proposed offering. Piper Jaffray & Co., Sandler O'Neill + Partners, L.P. and Stephens Inc. are acting as co-managers.