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Byline Bank seeks first Chicago bank IPO in 15 years – Finance News

The parent of Byline Bank is planning the first initial public offering by a Chicago-area bank in 15 years. The Chicago-based lender, previously called Metropolitan Bank Group and raised from the dead four years ago through a $207 million recapitalization, is taking advantage of a strong market for bank stocks.

At $3.3 billion in assets, Byline Bank is on the small side for the up to $82 million offering it’s planning, according to a Securities & Exchange Commission filing today. But the bank’s leadership, Chairman Roberto Herencia and CEO Alberto Paracchini, see a place in the Chicago banking scene for a publicly traded bank Byline’s size as locally based banks like Wintrust Financial and MB Financial that used to occupy that niche have grown to $19 billion or more.

The last Chicago bank IPO took place in 2002 when the parent of Cole Taylor Bank raised $46 million…

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