Fifth Third Bancorp completed its acquisition of MB Financial. Primary systems and client conversion is expected to occur in early May 2019.
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.
MB Financial provided a senior credit facility and Avante Mezzanine Partners provided mezzanine debt to support Quest Products’ merger with OraHealth.
Eric S. Smith, Chicago regional president of Fifth Third Bank, will transition to chief operating officer of the region once the bank’s pending merger with MB Financial closes.
The Commercial Finance Association awarded Michael D. Sharkey, president of MB Business Capital, its prestigious Life Time Achievement Award.
According to an SEC filing, Mike Sharkey has been selected to head the combined national asset-based lending business following the merger of Fifth Third Bank and MB Financial .
Crain’s Business Journal reported that Toronto-based BMO Financial Group made a higher offer than Fifth Third Bank to acquire MB Financial, but MB’s board voted to go with the U.S.-based bank.
Fifth Third and MB Financial signed a definitive merger agreement under which MB will merge with Fifth Third in a transaction valued at approximately $4.7 billion.