Byline Bank to acquire Ridgestone Bank

Brookfield SBA lender to join large Chicago network

Brookfield-based Ridgestone Bank is being acquired by Chicago-based Byline Bank, Ridgestone announced today.

Ridgestone Bank headquarters
The Ridgestone Bank headquarters in Brookfield.

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.

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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.

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