Fifth Third Closes $4.7B Acquisition of MB Financial
Fifth Third Bancorp, the Cincinnati-based parent company of Fifth Third Bank, has completed its $4.7 billion acquisition of Chicago-based MB Financial. Our partners at The Times of Northwest Indiana report Fifth Third Bank has locations in 14 communities in Lake, Porter and LaPorte counties in Northwest Indiana, and MB Financial had a local branch and ATM in Dyer.
According to the publication, the acquisition was mostly in stock, with Fifth Third paying a 24 percent premium on MB Financial share prices from when the deal was originally announced last May. Fifth Third is expected to gain another $20 billion in assets, as well as $146 billion in assets it ended last year with.
The deal will have Fifth Third with nearly 200 banks in greater Chicago and third place in deposit market share, but is expected to close up to 50 branches. Branch and account conversions as a result of the merger are expected to take place in early May.
To read the full story from The Times of Northwest Indiana, click here.