Cincinnati-based Fifth Third Bancorp and MB Financial Inc. will merge operations in a stock and cash transaction valued at $4.7 billion.
MB Financial is the holding company for MB Financial Bank, which has about $20 billion in assets and has served the Chicago area for more than 100 years. The deal still is subject to regulatory approval.
The merger will bring Fifth Third’s branch count to 239 in the Chicago area.
In a joint statement, the banks said the deal will give the merged operations about a 6.5 percent deposit share in the Chicago market, making it fourth in total deposits and second in estimated retail deposits among the nearly 200 banks in the Chicago market.
Mitch Feiger, MB Financial president and CEO, along with a few other of the bank’s executives are expected to remain with the merged company.
Fifth Third Bank said in the past two years, it has invested $1.9 billion in the Chicago region, which includes Northwest Indiana.
Fifth Third Bancorp has $142 billion in assets and operates 1,153 full-service banking centers and 2,459 ATMs across Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina.