After gaining regulatory approval last month, Fifth Third Bancorp, the Cincinnati-based parent company of Fifth Third Bank, completed its $4.7 billion acquisition of Chicago-based MB Financial, cementing its place as one of the biggest banks in the greater Chicago market.
The super-regional Fifth Third Bank has locations in 14 communities in Lake, Porter and LaPorte counties in Northwest Indiana, and MB Financial had a local branch and ATM at Walt's Food Center in Dyer.
The acquisition was mostly in stock, with Fifth Third paying a 24 percent premium on MB Financial share prices from when the deal was originally announced last May. Fifth Third gains another $20 billion in assets, on top of the $146 billion in assets it ended last year with.
The deal gives Fifth Third nearly 200 banks in greater Chicagoland and third place in deposit market share, though it is expected to close up to 50 branches close to its existing ones.
An estimated one in five middle-market businesses in the greater Chicago metropolitan area will bank with the combined company after the merger.
Fifth Third is notifying MB Financial customers this month about branch and account conversions, which are expected to take place in early May.
Fifth Third Bank operates more than 1,100 branches and 2,400 ATMs in Indiana, Illinois, Michigan, Ohio, Kentucky, Florida, Tennessee, George, West Virginia, and North Carolina. It operates more than 52,000 ATMs across the country and is publicly traded on Nasdaq under the symbol FITB.