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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.
The article goes on to state the following:
“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.
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Fifth Third Bancorp to buy MB Financial for about $4.7 billion: (Reuters) – U.S. regional bank Fifth Third Bancorp on Monday said it would buy MB Financial Inc in a stock-and-cash deal valued at about $4.7 billion. https://t.co/UABDOGA3Bz pic.twitter.com/LbAx3nvuOY
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