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US: Fifth Third buys Chicago’s MB Financial for US$4.7b

By  |  May 21, 2018

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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