Daily News: March 25, 2019

Fifth Third Bancorp Completes Merger with MB Financial


Fifth Third Bancorp completed its acquisition of MB Financial. Primary systems and client conversion is expected to occur in early May 2019.

Both Fifth Third and MB Financial customer relationships will continue business as usual until the conversion. MB customers will be informed about pending branch and account conversions, while affected customers will be informed about timing of branch consolidations in the Chicago market in April 2019.

MB Financial’s shares of common stock were converted into Fifth Third common shares and cash as a result of the merger. Accordingly, those shares of MB Financial common stock are not eligible to receive the previously announced dividend from MB Financial, which had a record date of March 29, 2019 and a payment date of April 8, 2019.

Former MB Financial common stockholders who received Fifth Third common shares in the merger and who continue to own those shares through March 29, 2019, will receive Fifth Third’s previously announced dividend of $0.22 per Fifth Third common share payable on April 15, 2019.

Fifth Third has $146 billion in assets and operates 1,121 full-service banking centers and 2,419 Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. It operates four main businesses: commercial banking, branch banking, consumer lending and wealth and asset management and is among the largest money managers in the Midwest.