Fifth Third Bancorp has received all necessary regulatory approvals for completion of its acquisition of MB Financial as stipulated in the companies’ merger agreement from May 20, 2018.
The merger received the necessary approvals from MB Financial common stockholders in September 2018.
Subject to the remaining customary closing conditions, it is anticipated that the closing of the transaction will take place on March 22, 2019. Primary systems conversion is expected to occur in early May 2019, and MB Financial Bank customers will receive notifications relating to the conversion and the merger of the two banks.
At present, the Chicago deposit market share of the combined company would rank it third in estimated retail deposits among the nearly 200 banks in the local marketplace. Additionally, approximately 1 in 5 Chicago area middle market businesses will bank with the combined company.
“We are very pleased to receive the regulatory approvals,” said Greg D. Carmichael, chairman, president and CEO of Fifth Third Bancorp. “From the outset, we have viewed MB Financial as a unique partner in our efforts to build scale in this strategically important market. We are very excited about the future prospects for the combined company.”
Mitch Feiger, president and CEO of MB Financial, will assume the role of chairman and CEO for Fifth Third’s Chicago region, effective with the closing.
“We look forward to completing the merger. I appreciate all of the work that has gone into our planning efforts. We have placed the customer at the center throughout this process to help ensure a smooth transition. We are excited to fully leverage the combined talent of our organizations and our complementary capabilities for the benefit of our customers and the communities we serve,” said Feiger
Fifth Third acknowledged its expanding presence in the Chicago area by increasing its commitment to the area by $2 billion, after consultation with its local community advisory forum. Fifth Third now plans to invest $5.6 billion in the Chicago area for the period 2016 through 2020, including mortgage credit access, small business loans and investments, community development loans and CDC investments.