Chicago’s Byline Bank announced plans to consolidate 11 of its 57 branches earlier this month. Most of the affected offices are within two miles of another Byline location, the bank said.
The closures will begin Dec. 31, resulting in a one-time charge of approximately $5.9 million. They will save Byline about $4.3 million yearly beginning in 2021, some of which the bank will use to improve its digital banking platform and the continued renovation and upgrading of other retail branches.
“The changes we are making to our retail branch network reflect the accelerating adoption of digital banking channels by our customers that has occurred during the COVID-19 pandemic,” said Alberto Paracchini, president and CEO of Byline. “We are continuing to invest in technology that will further enhance our digital banking platform and enable us to respond to changing customer preferences, including adding electronic document signing, online consumer and small business account openings, and digital small business lending capabilities.”
Byline would also focus on its higher-yield submarkets, Paracchini said.
The $6.4 billion Byline has branches in the Chicago and Milwaukee areas.