Byline Bancorp in Chicago is planning to raise up to $79 million by going public.

The $2.6 billion-asset company has filed a prospectus to sell about 3.8 million shares of common stock as part of its initial public offering. A pair of investors plans to sell nearly 2 million shares with expected proceeds of $40 million.

Byline did not set a date for the IPO.

The company was formed in June 2013 when a group led by former Banco Popular North America CEO Roberto Herencia recapitalized Metropolitan Bank Group. Herencia, who is Byline’s chairman, is not selling stock.

Fambeck Servicios Financieros del Exterior, a Mexican investor that owns nearly 7% of Byline’s stock, will liquidate all of its holdings through the IPO. Trinity Universal Insurance will halve its stock to less than 1% of total shares outstanding.

The offering will effectively lower the stake of MBG Investors, Byline’s biggest shareholder, to 39% from 47%, the filing.

Byline entered Wisconsin last year when it bought Ridgestone Financial Services in Brookfield, Wis. Ridgestone was also one of the nation’s most-active Small Business Administration lenders.

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Allison Prang

Allison Prang

Allison Prang is a reporter for American Banker, where she writes about community banks.