CBOPRF Frequently Asked Questions | Byline Bank

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ABOUT THE ACQUISITION

Why the Change?
Byline Bank and CBOPRF are joining together to better serve you. Together, we bring you our stronger, combined bank to deliver and expand the products and services you have valued while remaining a neighborhood bank, committed to the community.

Who is Byline Bank?
Byline is a lot like CBOPRF. We’re both local banks that invest heavily in the individuals, businesses, nonprofits and communities we’re privileged to serve. Byline is a full-service community and commercial bank offering a full array of banking products and loan services tailored to meet the needs of our customers. Byline operates 50+ full service branch locations across the local neighborhoods we call home.

Is CBOPRF now Byline Bank?
Community Bank of Oak Park River Forest (CBOPRF) has legally merged into Byline Bank (Byline). Any reference to CBOPRF should be deemed to be a reference to Byline, as we are now one company. It will still be business as usual at CBOPRF until we merge systems and brand later this year.

How will I be impacted?
While CBOPRF has merged into Byline, you won’t see many immediate changes to your CBOPRF accounts or services for now. You’ll continue to visit the same branches and continue to use your existing CBOPRF accounts, checks and debit cards. Byline Bank’s Privacy Policy is posted to both www.CBOPRF.com and www.bylinebank.com. But most importantly, you’ll continue to have the same dedicated, personal service you’ve come to expect from CBOPRF over the years. Our commitment to you and our communities will not change. We’re committed to making this transition a seamless one, and we’ll share frequent updates about any changes coming in the future.

How can I learn more about potential impacts?
Feel free to call your banker or local branch with any additional questions. They’re here to help you every step of the way. As we have more information, we’ll update you about our progress through mailed letters, email and on this page, www.bylinebank.com/welcome-cboprf.

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CONVENIENT LOCATIONS, SERVICE & HOURS OF OPERATION

Will CBOPRF branch locations and hours remain the same?
For now, all CBOPRF branch locations and hours of operation will remain the same. Byline and CBOPRF have very little overlap in their branch networks, which is a key reason why we’re a good fit.

Can I begin banking at Byline locations?
Not yet. We’re still working to seamlessly integrate our two banks. Once our brands and systems fully merge, you’ll also be able to access any of Byline’s 50+ branch locations.

When can I access Byline’s ATM network?
Soon! CBOPRF customers will gain surcharge-free access to Byline Bank-owned ATMs. After we finalize our brand and systems integration at a later date, CBOPRF customers will also gain access to thousands of free Allpoint network ATMs.

What will happen to the CBOPRF employees I work with today?
You’ll continue to work with many of the same familiar faces you work with today. Byline recognizes and values the relationships that CBOPRF has built with its customers and communities. At the center of each relationship are talented people who are committed to continuing to provide you with great customer service.

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COMMUNITY COMMITMENT 

Will Byline continue CBOPRF’s commitment to the community and local nonprofits?
Yes! Like CBOPRF, Byline is a local community bank that is committed to being actively involved in the Chicagoland communities where we live and work.

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PERSONAL BANKING FAQs

DEPOSIT PRODUCTS

What will happen to my accounts, checks and deposit slips?
For now, it’s business as usual. Please continue to use your same accounts, checks and deposit slips. You’ll be notified of any changes before they occur.

Will I need to notify anyone about my direct deposits?
We don’t anticipate any disruption to your direct deposit service at this time. You’ll be notified about any potential changes and actions if needed.

Will the interest rate on my Certificate of Deposit (CD) remain the same?
Yes. Your current CBOPRF CD rate will remain unchanged through the date of its maturity even after our two banks merge. Please refer to the CBOPRF rate sheet for additional information about CD rates.

Will the rates on my interest-bearing Deposit Accounts (Money Market, Savings, etc.) remain the same?
Yes. For now it’s banking as usual. If your account is a interest bearing account today, you will continue to earn interest. We’ll let you know if there will be any changes to your accounts as we get closer to the integration of our two banks.

If I have accounts at both CBOPRF and Byline currently, how does that affect my FDIC insurance coverage?
A FDIC insurance rule protects customers with deposits over the $250,000 limit for at least six months after a merger. If you have concerns regarding FDIC coverage, please contact your banker. FDIC insurance generally covers depositors with account balances totaling up to $250,000. When two banks merge, a FDIC insurance rule protects customers with deposits over this $250,000 limit. This rule specifies that a customer’s deposits will be separately insured — as if the two banks are still operating separately — for six months from the date of acquisition (April 30, 2019 to October 30, 2019, in this instance).

This six month grace period gives you the opportunity to restructure accounts if you have accounts at both institutions and your newly combined deposit balance could exceed the $250,000. If the combined balance of all of your deposits is less than $250,000 your money will remain fully insured after the six month grace period.

With a Certificate of Deposit (CD) account, the FDIC allows separate deposit insurance coverage to continue until the CD’s earliest maturity date, after the six month grace period. CDs that mature during the six-month grace period that are renewed for the same term and dollar amount with accrued interest continue to be separately insured until the first maturity after the six month period. If a CD matures during the six month grace period and is renewed on any other basis, the funds would be separately insured only until the end of the six-month grace period.

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 ONLINE & MOBILE BANKING AND BILL PAYMENT

Will there be changes to online and mobile banking?
Not at this time. For now, your CBOPRF mobile access and online banking accounts will remain the same. As we work through the merger of our two banks, we’ll provide additional information about Byline’s online and mobile banking platform.

What action is needed for payments I make through online bill payment?
No action is needed at this time. We’ll provide additional information about Byline’s online banking platform as we work through the details.

I currently view my account statements online. Can I continue to view my CBOPRF statements online after the transition?
Nothing is changing with your online banking at this time. We’ll provide additional information about Byline’s online banking platform at a later time.

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AMT/DEBIT CARDS

Will my ATM/debit card and/or PIN change?
Please continue to use your existing CBOPRF ATM/debit card until further notice. You’ll be issued a new Byline ATM/debit card in the future, but we’ll provide you with all the information you need in advance of receiving your new card.

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SAFE DEPOSIT BOX

What will happen to my safe deposit box?
No changes. Your box will remain in its present location and your keys will remain the same.

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LOANS

What will happen to my CBOPRF HELOC, mortgage or personal line of credit?
Your consumer loan will transfer ownership to Byline Bank on May 1, 2019. You’ll be receiving letters in the mail from us shortly with additional information. For now, your payment process will not change. In the meantime, if you have any questions, please feel free to contact us at (708) 660-1000 to direct you to who can provide you with further information.

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BUSINESS BANKING, COMMERCIAL BANKING & TREASURY AND CASH MANAGEMENT

LOANS

Can I continue to make my business and commercial loan payments the same way I do now?
Yes. In the coming months, we’ll alert you well in advance of any changes.

Will my loan number remain the same?
Yes. For now, you’ll continue using the current loan number you have. If there are any required actions in the future, we’ll be sure to notify you well in advance.

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DEPOSIT PRODUCTS

What will happen to my accounts, checks and deposit slips?
For now, it’s business as usual. Please continue to use your same accounts, checks and deposit slips. Your business deposit products will eventually transfer to comparable Byline accounts, but you’ll be notified of any changes before they occur.

Will the interest rate on my Certificate of Deposit (CD) remain the same?
Yes. Your current CBOPRF CD rate will remain unchanged through the date of its maturity even after our two banks merge. Please refer to the CBOPRF rate sheet for additional information about CD rates.

Will the rates on my interest-bearing Deposit Accounts (Money Market, Savings, etc.) remain the same?
For now it’s banking as usual. If your account is an interest bearing account today, you will continue to earn interest. We’ll let you know if there will be any changes or enhancements to your accounts as we get closer to the system conversion of our two banks.

If I have accounts at both CBOPRF and Byline currently, how does that affect my FDIC insurance coverage?
A FDIC insurance rule protects customers with deposits over the $250,000 limit for at least six months after a merger. If you have concerns regarding FDIC coverage, please contact your banker. FDIC insurance generally covers depositors with account balances totaling up to $250,000. When two banks merge, a FDIC insurance rule protects customers with deposits over this $250,000 limit. This rule specifies that a customer’s deposits will be separately insured — as if the two banks are still operating separately — for six months from the date of acquisition (April 30, 2019to October 30, 2019, in this instance).

This six month grace period gives you the opportunity to restructure accounts if you have accounts at both institutions and your newly combined deposit balance could exceed the $250,000. If the combined balance of all of your deposits is less than $250,000 your money will remain fully insured after the six month grace period.

With a Certificate of Deposit (CD) account, the FDIC allows separate deposit insurance coverage to continue until the CD’s earliest maturity date, after the six month grace period. CDs that mature during the six-month grace period that are renewed for the same term and dollar amount with accrued interest continue to be separately insured until the first maturity after the six month period. If a CD matures during the six month grace period and is renewed on any other basis, the funds would be separately insured only until the end of the six-month grace period.

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TREASURY & CASH MANAGEMENT 

Will there be any changes to my treasury or cash management services, including ACH, positive pay, wire transfers, remote capture, etc.?
Not at this time. You’ll be notified in the coming months about any changes or enhancements.

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BUSINESS ONLINE & MOBILE BANKING

Will there be changes to online and mobile banking?
Not at this time. For now, your CBOPRF mobile access and online banking accounts will remain the same. As we work through the merger of our two banks, we’ll provide additional information about Byline’s online and mobile banking platform

I currently view my account statements online. Will I be able to view my CBOPRF statements online after the transition?
Nothing is changing with your online banking at this time. We’ll provide additional information about Byline’s online banking platform at a later time.

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BUSINESS DEBIT CARD

Will my ATM/debit card and/or PIN change?
You and your employees may continue to use your CBOPRF business debit cards until further notice. You’ll be issued a new Byline debit card in the future, but we’ll provide you with all the information you need in advance of receiving your new card.

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MORE TO COME

As more information becomes available we’ll continue to update these FAQs. Please check back here, and at www.bylinebank.com/welcome-cboprf and look for more communications from Byline Bank. We’re committed to you, our customers, and our communities.

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