Vedder is pleased to announce that it served as legal advisor to Byline Bancorp, Inc. on its acquisition of Illinois State Bancorp, Inc.
In connection with the terms of the agreement, Illinois State Bancorp will merge with and into Byline Bancorp, Inc., and Illinois State Bancorp’s wholly owned banking subsidiaries will merge with and into Byline Bank, in a cash and stock transaction valued at approximately $87.9 million, based upon Byline's closing stock price on October 5, 2026.
This deal transaction enhances Byline's presence within the Chicago region by adding a stable core deposit base, expanding customer relationships, and increasing market density across key communities. Upon closing, the combined franchise will operate 48 branches with approximately $10.5 billion in assets, $8.0 billion in loans, and $8.4 billion in deposits.
The Vedder legal team was led by Financial Institutions group Co-Chair Dan McKay, as well as Financial Institutions group Co-Chair Jim Morrissey, Capital Markets & Securities Shareholder Jennifer Durham King, Executive Compensation & Employee Benefits Shareholder Tom Desmond, Tax Shareholder Grant Kaiser, Labor and Employment Shareholder Patrick Spangler, Financial Institution Associate Mackenzie Ellis and Tax Associate Alexander Madias.
