Brookfield-based Ridgestone Bank is being acquired by Chicago-based Byline Bank, Ridgestone announced today.
Ridgestone has one branch in Brookfield and one branch in Schaumburg, Illinois. It also has loan production offices in Kaukauna; Madison; Wausau; Indianapolis, Indiana; Hudson, Ohio; Newport Beach, California; and Franklin, Tennessee.
At the end of the first quarter, Ridgestone had $433.2 million in total assets and 165 employees, according to FDIC data. Last year, it was the top SBA lender in Wisconsin in terms of volume, approving $95.9 million for 103 loans.
Byline Bank, previously known as North Community Bank, has 89 branches in the Chicago metropolitan area. At the end of the first quarter, it had about $2.6 billion in assets and 743 employees, according to FDIC data.
Ridgestone president and chief executive officer Bruce Lammers could not be reached for comment and a Ridgestone spokesperson would not provide additional information about the merger.
Lindsay Corby, chief financial officer for Byline Bank, declined to comment on the transaction when reached by phone this afternoon. A spokesperson for Byline Bank could not be reached.
