Business Context and Reporting Period
This Form 8-K Current Report was filed by Byline Bancorp, Inc. on June 7, 2019. The filing reports a corporate governance event: the appointment of a new director to the Board of Directors and the Board of the company's bank subsidiary, Byline Bank.
Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on personnel changes and related compensation arrangements.
Material Changes
The primary material change reported is the appointment of Steven P. Kent as a director, effective immediately on June 7, 2019. Mr. Kent, age 68, brings over 45 years of financial services experience, specifically in mergers and acquisitions and capital management. He will serve on the Board's Risk and ALCO Committees.
Management Commentary and Compensation
Management highlighted Mr. Kent's background as Vice Chairman and Managing Director of the Financial Services Group at Piper Jaffray Co. The filing discloses prior financial relationships between the Company and Piper Jaffray, including underwriting fees of approximately $442,000 paid during the Company's 2017 IPO and advisory fees paid by First Evanston Bancorp, Inc. during its 2018 acquisition by Byline Bancorp.
Regarding compensation, Mr. Kent is entitled to a prorated portion of the 2019 annual director retainer of $75,000, plus reimbursement for reasonable out-of-pocket expenses. No other compensatory arrangements or understandings were disclosed.
Key Facts for Investor Verification
- Steven P. Kent was appointed to the Board of Directors effective June 7, 2019.
- Mr. Kent will serve on the Risk and ALCO Committees.
- Mr. Kent's 2019 compensation is a prorated portion of the $75,000 annual director retainer.
- Piper Jaffray, where Mr. Kent is employed, previously served as a co-managing underwriter for Byline Bancorp's 2017 IPO and as an exclusive financial advisor for the 2018 acquisition of First Evanston.
- This filing contains no financial results or guidance updates.