Byline Bank announces plan to consolidate six branches and sell real estate
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CHICAGO–(COMMERCIAL THREAD) – Byline Bancorp, Inc. (NYSE: BY) (the âCompanyâ or âBylineâ), the parent company of Byline Bank (the âBankâ), today announced its intention to continue to optimize its network branch offices, a portfolio of real estate owned and reduce the office space it occupies as part of its efforts to adapt to changes in customer behavior and improve operational efficiency. Byline Bank plans to consolidate six of its 44 full-service branches during the second quarter of 2022. The Bank will continue to serve all of its current markets and customers will continue to be served by other branches within its network and its network. full range of digital services. banking channels. The Company also plans to divest a real estate portfolio that includes former branches and other properties and reduce the office space it occupies to reflect current trends in remote work preferences. The impact of branch consolidations and the strategic downsizing of real estate is expected to result in a total charge of approximately $ 15.0 million that will be incurred in the fourth quarter of 2021 and the first half of 2022 and generate approximately 5 , $ 3 million in annualized cost savings.
Alberto J. Paracchini, President of Byline, declared: âThe strategic actions we are taking are the result of our constant desire to position ourselves to meet the current and evolving banking needs of our clients. While we believe that branches are and will continue to be an essential part of the delivery of banking services, we also recognize the need to continue to invest in our digital channels to adapt to the way customers want to do business. banking with us. We plan to reinvest approximately 70% of the expected annualized cost savings in talent and technology that will further enhance our digital banking capabilities. ”
About Byline Bancorp, Inc.
Chicago-based Byline Bancorp, Inc. is the parent company of Byline Bank, a full-service commercial bank serving small and medium-sized businesses, financial sponsors and consumers. Byline Bank has approximately $ 6.7 billion in assets and operates more than 40 full-service branches in metro Chicago and Milwaukee. Byline Bank offers a wide range of commercial and retail banking products and services, including low cost equipment rental solutions, and is one of the top five Small Business Administration lenders in the United States.
Forward-looking statements
This communication contains forward-looking statements within the meaning of United States federal securities laws. Forward-looking statements include, without limitation, statements regarding plans, estimates, calculations, forecasts and projections regarding the anticipated future performance of the Company. These statements are often, but not always, made using words or phrases such as “may”, “might”, “should”, “might”, “predict”, “‘potential’ ‘,’ ‘ believe ”, ” expect ”, ” continue ”, ” will ”, ” anticipate ”, ” seek ”, ” estimate ”, ” intend ‘ ‘,’ ‘plan’ ‘,’ ‘projection’ ‘,’ ‘would’ ‘,’ ‘annualized’ ‘,’ target ‘and’ ‘perspective’ ‘, or the negative version of these words or other words or phrases Comparable future or forward-looking statements. Forward-looking statements involve known and unknown estimates and risks, and reflect various assumptions and involve subjective judgment and analysis, which may or may not prove to be correct, and which are subject to change. uncertainties and contingencies beyond the control of Byline and its respective affiliates, directors, employees and other representatives, which could cause actual results to differ materially from those presented in this communicatio not.
The COVID-19 pandemic is negatively affecting us, our employees, customers, counterparties and third party service providers, and the ultimate extent of the impacts on our business, financial condition, results of operations, liquidity and prospects is uncertain. Deteriorating general business and economic conditions, including rising unemployment rates or turmoil in the U.S. or global financial markets, could negatively impact our revenues and the value of our assets and liabilities, reduce the availability of financing and lead to a credit crunch and further increase stock price volatility. In addition, changes in laws, regulations or regulatory policies or practices as a result of or in response to COVID-19 could affect us in a material and unforeseeable manner.
No representation, warranty or guarantee is or will be made by Byline as to the reliability, accuracy or completeness of the forward-looking statements contained in this communication or that such forward-looking statements are or will remain based on reasonable assumptions. You should not place undue reliance on any forward-looking statements contained in this communication.
Certain important risks and factors that could affect Byline’s future results are identified in our annual report on Form 10-K and in other reports we file with the Securities and Exchange Commission, including among others under the heading “Factors risk âin our annual report on Form 10-K for the fiscal year ended December 31, 2020. Any forward-looking statement speaks only as of the date on which it is made, and Byline does not undertake to update any forward-looking statement, whether to reflect events or circumstances after the date the statement is made, to reflect new information or the occurrence of unforeseen events, or otherwise, except as required under federal securities laws movable.
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