Fifth Third Bancorp on March 22 announced it completed its purchase of Chicago-based MB Financial Inc.
MB systems will switch over to Fifth Third in early May. Fifth Third in a statement said it will be business as usual for MB Financial until the conversion is completed.
Fifth Third’s purchase of MB Financial likely will mean the closure of some MB locations close to Fifth Third branches.
MB customers will be informed about pending branch and account conversions, and affected customers will be informed about timing of branch consolidations in the Chicago market in April, Fifth Third said.
MB Financial’s shares of common stock were converted into Fifth Third common shares and cash as a result of the merger. Former MB Financial common stockholders who received Fifth Third common shares in the merger and who continue to own those shares through March 29, will receive Fifth Third’s previously announced dividend of $0.22 per Fifth Third common share payable on April 15.
When the merger was announced in May 2018, MB Financial, the holding company for MB Financial Bank, had about $20 billion in assets. It served the Chicago area for more than 100 years.
The merger brings Fifth Third’s branch count to 239 in the Chicago area.
Fifth Third Bancorp is headquartered in Cincinnati. As of Dec. 31, it had $146 billion in assets and operated 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.
