Inland to merge with Byline Bancorp.

OAK BROOK - Chicago-based Byline Bancorp Inc. said it has entered into a definitive merger agreement with Inland Bancorp Inc. to combine in a cash and stock transaction valued at approximately $165 million based upon Byline's closing stock price as of Nov. 29.

Oak Brook-based Inland Bancorp. and its wholly owned subsidiary, Inland Bank and Trust, will become part of Byline Bancorp.

The transaction will solidify Byline's position as Chicago's largest community bank with assets under $10 billion. It will also expand Byline's footprint into other attractive and contiguous suburban Chicago communities, it said.

The combined organization will have approximately $8.5 billion in assets, $6.2 billion in loans and $6.6 billion in deposits, with 47 branches across the greater Chicago metropolitan area.

"Inland Bank and Trust is a well-established and trusted financial institution with deep client and community relationships, which we look forward to continuing. Joining forces with Inland Bancorp brings to all of our customers an expanded footprint across Chicago. We are very excited to welcome Inland Bancorp customers and colleagues to Byline."

Inland was founded in 1977 and has since grown to over $1.2 billion in total assets with an emphasis on serving local retail and business communities. It offers commercial and retail banking services through its headquarters in Oak Brook and 10 additional bank locations throughout the North and West suburbs.