With a US$4.7 billion takeover of Chicago-based MB Financial announced Monday, May 21, Fifth Third is making the splashy type of acquisition that has eluded it since the financial crisis a decade ago.
By scooping up MB Financial’s 91 branches and more than US$14 billion in deposits in Chicago, Fifth Third will make itself the No. 4 bank in the Windy City behind Chase, BMO Harris and Bank of America. Bank officials say the deal will make it the No. 2 retail bank in Chicago.
The deal will leave Fifth Third with nearly 240 branches and US$25 billion in deposits in Chicago, already Fifth Third’s second-most important market behind Cincinnati where it has US$29 billion in deposits and 120 branches.
Full Content: Yahoo Finance
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