Byline Bancorp and Inland Bancorp Announce $165M Merger Agreement
On November 30, 2022, Byline Bancorp, Inc. and Inland Bancorp, Inc. (parent of Inland Bank and Trust) announced a definitive merger agreement valued at approximately $165 million in cash and stock. The deal was unanimously approved by both boards. The combined entity would hold $8.5 billion in assets, $6.2 billion in loans, $6.6 billion in deposits, and operate 47 branches across the greater Chicago area.
The merger was positioned to expand Byline's suburban Chicago footprint and strengthen digital banking capabilities. Closing was expected in Q2 2023, subject to regulatory and stockholder approvals. While neither party is explicitly a fintech, the deal's emphasis on digital capabilities is relevant to the evolving community bank landscape that underpins BaaS and embedded finance partnerships.
- Consolidation among community banks that serve as BaaS sponsor banks could reduce the number of available partners for fintechs
- Emphasis on digital capabilities signals community banks investing to remain competitive with BaaS-native platforms