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?
All CBOPRF branch locations and hours of operation will remain the same. Beginning, September 9, 2019 all branches will open with Byline Bank signage and can be found on our branch locator at bylinebank.com/locator.

Can I begin banking at Byline locations?
Beginning on Monday, September 9, 2019 once our brands and systems fully merge, you’ll also be able to access any of Byline’s 60+ 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. Beginning September, 9, 2019, your CBOPRF accounts and services will be Byline accounts and services. Review pages 6-8 of the Personal Welcome Booklet for more detailed information.

Will I need to notify anyone about my direct deposits?
We don’t anticipate any disruption to your direct deposit service at this time. Review page 9 of the Personal Welcome Booklet for more detailed information.

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. Review page 10 of the Personal Welcome Booklet for more detailed information, and Byline rates can be viewed at bylinebank.com/rates.

Will the rates on my interest-bearing Deposit Accounts (Money Market, Savings, etc.) remain the same?
Please refer to the Personal Welcome Letter and Personal Welcome Booklet for changes to your accounts.

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?
CBOPRF mobile access and online banking access will end on September 6, 2019 as we transition your account and services to Byline. You can access Byline Online Banking and the Byline Mobile App beginning September 9, 2019. Please find cut-off/availability in more detail in the Personal Welcome Booklet.

What action is needed for payments I make through online bill payment?
Review page 13 of the Personal Welcome Booklet for detailed information on bill payments.

I currently view my account statements online. Can I continue to view my CBOPRF statements online after the transition?
Review pages 9-10 of the Personal Welcome Booklet for more detailed information on statements.

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AMT/DEBIT CARDS

Will my ATM/debit card and/or PIN change?
We’ll be sending Byline Debit Cards in the mail. Use the guidance in these mailings to activate and use your card before your CBOPRF ATM/Debit card is deactivated at 11:59 p.m. CT on November 3, 2019.

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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. Upon renewal, Byline Bank rates for safe deposit boxes will apply and will be noted on your renewal notice

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LOANS

What will happen to my CBOPRF HELOC, mortgage or personal line of credit?
Your consumer loan transferred ownership to Byline Bank on May 1, 2019. HELOC notice and Mortgage Loans notice.

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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?
Business loans processing is changing. Refer to page 18 of the Business Welcome Booklet for more details on remittance of business & commercial loans payments.

Will my loan number remain the same?
There are no changes to your current business & commercial loans. You’ll continue to receive your loan statements, but they will be in an updated format beginning with any statements generated after September 9, 2019. Refer to page 18 of the Business Welcome Booklet for more details on your business & commercial loans.

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DEPOSIT PRODUCTS

What will happen to my accounts, checks and deposit slips?
Refer to pages 8-10 of the Business Welcome Booklet for more details on business & commercial banking accounts. Continue using your current supply of pre-printed CBOPRF checks and deposit slips. When you order a new supply of checks, you’ll need the current information on the bottom of your checks. Deluxe will automatically convert your check information to Byline Bank’s routing number. If you order checks from another provider, you’ll need to provide them with the Byline Bank routing and transit number (ABA), 071001533.

Will the interest rate on my Certificate of Deposit (CD) remain the same?
Byline Bank will continue to honor your existing CD rates and terms through the first maturity date after September 8, 2019. Before your CD renews, you’ll have the opportunity to review and select a different term and rate. Byline rates can be viewed at bylinebank.com/rates.

Will the rates on my interest-bearing Deposit Accounts (Money Market, Savings, etc.) remain the same?
Please refer to the Business Welcome Letter and Business Welcome Booklet for any changes to your accounts..

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.?
Please refer to pages 15-17 of the Business Welcome Booklet for more details on Cash Management Services.

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BUSINESS ONLINE & MOBILE BANKING

Will there be changes to online and mobile banking?
Please refer to pages 12-14 of the Business Welcome Booklet for details on CBOPRF Online & Mobile Banking cut-off times, a Preview Period of Byline Business Online Banking availability, and access begins for Byline Business Online Banking, and the Byline Business Mobile App.

I currently view my account statements online. Will I be able to view my CBOPRF statements online after the transition?
Please refer to page 10 of the Business Welcome Booklet for detailed information on Business Account Statements, and page 12 on Business Online Banking, Bill Payment and Mobile Banking.

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BUSINESS DEBIT CARD

Will my ATM/debit card and/or PIN change?
We’ll be sending Byline Debit Cards in the mail. Follow the guidance in these mailings to activate and use your card before your CBOPRF ATM/Debit Card is deactivated at 11:59 p.m. CT on November 3, 2019.

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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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