Monitor for regulatory approval milestones and the S-4 filing for detailed financial projections. The earnback period of under 1.5 years and mid-single-digit EPS accretion suggest manageable integration risk for a disciplined acquirer.
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Executive Summary
Byline Bancorp announced a definitive agreement to acquire Illinois State Bancorp for approximately $87.9 million in a cash-and-stock deal, adding ~$617 million in assets and 4 branches. The transaction is expected to close in Q1 2027, with minimal TBV dilution of 1.2% and mid-single-digit EPS accretion.
Key Facts
- Transaction valued at approximately $87.9 million, or $261.23 per Illinois State Bancorp share
- Consideration: ~1.4 million Byline shares + $28.9 million cash to shareholders, plus ~$5.1 million to settle stock options
- Pro forma combined entity: ~$10.5 billion in assets, $8.0 billion in loans, $8.4 billion in deposits, 48 branches
- Minimal TBV dilution of 1.2%, earnback expected in less than 1.5 years
- Mid-single digit EPS accretion; projected IRR exceeds Byline's cost of capital hurdles
- Transaction multiples: 1.07x price/TBV, 1.6% core deposit premium, 13.1x LTM earnings
- Expected to close in Q1 2027, subject to regulatory and shareholder approvals
Financial Impact
Approximately $87.9 million total transaction value; $28.9 million cash consideration plus ~1.4 million shares of Byline common stock
Risk Factors
- Regulatory approval may be delayed or denied
- Integration and cost synergy realization may fall short of projections
- Shareholder approval from Illinois State Bancorp required
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-415585 |
| Document: by-ex99_1.htm | 0001193125-26-415585 |
| Document: by-ex99_2.htm | 0001193125-26-415585 |
| Document: 0001193125-26-415585-index-headers.html | 0001193125-26-415585 |
| Document: 0001193125-26-415585-index.html | 0001193125-26-415585 |
| Document: 0001193125-26-415585.txt | 0001193125-26-415585 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 5d ago | 8-K | $38.40 | awaiting T+20 | — | $38.68 (+0.73%) |
Oct 8, 2026 19d ago | 8-K | $36.32 | awaiting T+20 | — | $38.68 (+6.50%) |
Oct 6, 2026 21d ago | 8-K | $36.57 | awaiting T+20 | — | $38.68 (+5.77%) |
Aug 20, 2026 9w ago | Insider Cluster | $38.33 $37.52 | ▼ −2.11% | ▼ −2.11% | $38.68 (+0.91%) |
Aug 15, 2026 10w ago | Institutional Cluster | $39.15 $38.43 | ▼ −1.84% | ▼ −0.31% | $38.68 (−1.20%) |
Aug 14, 2026 10w ago | Insider Cluster | $39.15 $38.43 | ▲ +1.84% | ▲ +0.31% | $38.68 (+1.20%) |
Aug 12, 2026 10w ago | Insider Cluster | $39.26 $38.67 | ▲ +1.50% | ▼ −0.24% | $38.68 (+1.48%) |
Aug 11, 2026 11w ago | Insider Cluster | $39.23 $38.38 | ▲ +2.17% | ▲ +0.27% | $38.68 (+1.40%) |
Aug 3, 2026 12w ago | 144 | $39.64 $37.92 | ▼ −4.34% | ▼ −5.58% | $38.68 (−2.42%) |
May 22, 2026 22w ago | 8-K | $33.40 $36.50 | ▲ +9.28% | ▲ +11.23% | $38.68 (+15.81%) |
US Market Status
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