Chicago-based MB Financial Inc. announced on Monday it would merge with Fifth Third Bancorp in a deal valued at $4.7 billion.
The transaction will result in one of the region’s largest middle-market banks. MB Financial’s chief executive officer Mitch Feiger will serve as CEO for the Chicago area after the acquisition and two members of the company’s board will join the board of directors of Fifth Third Bancorp.
“We view MB Financial as a unique partner in our efforts to build scale in this strategically important market,” Greg Carmichael, president and CEO of Fifth Third Bancorp, said in a statement.
The deal will combine MB Financial’s nearly $20 billion in assets with Cincinnati-based Fifth Third’s $142 billion.
