Byline Bancorp, Inc. (NYSE: BY) (the “Company” or “Byline”), the parent company of Byline Bank (the “Bank”), today announced plans to continue to optimize its branch network, dispose of a portfolio of owned real estate properties and reduce the amount of office square footage it occupies as part of its efforts to adapt to changes in customer behavior and improve operating efficiencies. Byline Bank plans to consolidate six of its 44 full-service branches during the second quarter of 2022. The Bank will continue to service all of its current markets and customers will continue to be served by other branches within its network and its full suite of digital banking channels. The Company also plans to dispose of a real estate portfolio that includes former branch locations and other properties and reduce the amount of office square footage it occupies to accommodate current trends in remote working preferences. The impact of the branch consolidations and the strategic real estate reduction is expected to result in a total charge of approximately $15.0 million that will be incurred during the fourth quarter of 2021 and the first half of 2022 and generate approximately $5.3 million in annualized cost savings.
Byline Bank Announces Plan to Consolidate Six Branches and Disposition of Real Estate
Dec 10, 2021
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