Chicago-based Byline Bancorp Inc. has completed its acquisition of Brookfield-based Ridgestone Bank.
The acquisition, first reported by BizTimes in June, has created a $3.2 billion commercial bank with more than 50 branches. Byline Bancorp, which had $2.7 million in assets as of Sept. 30, operates Byline Bank. The Ridgestone signage, banking systems, marketing were all switched over to Byline Bank this week.
Ridgestone’s branches in Brookfield and Schaumburg, Illinois and its nine loan production offices have all been retained in the transaction.
Since Ridgestone previously held the distinction of No. 1 Wisconsin SBA lender, Byline has now taken on that role. The company has created a new government lending business, Byline Small Business Capital, which specializes in SBA and USDA lending and is a recognized preferred SBA lender.
“As a national leader in government guaranteed lending, we plan to continue to grow our SBA and USDA footprint, and our combined resources will help accomplish that,” said Bruce Lammers, president of Small Business Capital.
“We couldn’t be more pleased about our partnership with Ridgestone Bank, and feel the addition of government guaranteed lending to our banking platform fits well with our promise to provide comprehensive banking solutions to our customers,” said Alberto Paracchini, chief executive officer of Byline Bank. “Our new division of business is comprised of the lending experts from Ridgestone who bring a wealth of specialized knowledge to our organization.”
