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updated: 5/3/2019 9:11 AM

Byline Bancorp acquires Oak Park River Forest Bankshares

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CHICAGO -- Byline Bancorp, the parent company of Byline Bank, has completed its acquisition of Oak Park River Forest Bankshares Inc in a stock transaction valued at approximately $40 million.

Oak Park River Forest is the parent company of Community Bank of Oak Park River Forest. The transaction brings Byline's total assets to approximately $5.3 billion, based on information as of March 31.

"Oak Park and River Forest are two important communities that will complement the Byline franchise well. We look forward to providing the same high level of service and relationship banking that Community Bank customers appreciate and deserve," said Alberto Paracchini, president and CEO of Byline.

Walter F. Healy, President and CEO of Community Bank of Oak Park River Forest, said the merge with Byline "will enable us to provide our customer convenient new services and technologies, and enhanced resources to serve their needs."

Byline Bank operates more than 50 branch locations throughout the Chicago and Milwaukee metropolitan areas.