Business Context and Reporting Period
This Form 8-K Current Report was filed by Byline Bancorp, Inc. on April 2, 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
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
The material change reported is the appointment of Mary Jo S. Herseth as a director, effective immediately on April 2, 2019. Ms. Herseth brings over 36 years of banking experience, including her previous role as Senior Vice President and National Head of Banking at BMO Private Bank-U.S. She was appointed to fill a vacancy on the Board.
Guidance, Outlook, and Compensation
- Compensation: As a non-employee director, Ms. Herseth is entitled to a prorated portion of the 2019 annual director retainer of $75,000, plus reimbursement for reasonable out-of-pocket expenses.
- Committee Assignments: The specific Board committees to which Ms. Herseth will be appointed have not yet been determined.
- Related Party Transactions: The filing states there are no reportable related party transactions between Ms. Herseth and the Company.
- Outlook: No financial guidance or forward-looking business outlook is provided in this filing.
Key Facts for Investor Verification
- Verify the effective date of the director appointment (April 2, 2019).
- Confirm the annual director retainer amount ($75,000) and the prorated nature of the payment for 2019.
- Monitor future filings for the assignment of Ms. Herseth to specific Board committees.
- Note that this filing contains no financial results; refer to the most recent 10-Q or 10-K for financial metrics.