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Chicago-based Byline Bancorp Inc. is purchasing Brookfield, Wis.-based Ridgestone Financial Services Inc. for about $105 million. That amount could be adjusted lower, according to a June 9 press release.
Ridgestone shareholders can choose to receive cash or Byline common shares in the deal; 65% of the aggregate merger consideration must be paid in shares, and 35% will be paid in cash.
SNL valuations for bank and thrift targets in the Midwest region between June 8, 2015, and June 8, 2016, averaged 129.26%...