REPORT: Major bank merger announced in $4.7 billion deal


As the most reliable and balanced news aggregation service on the internet, DML News offers the following information published by WASHINGTONEXAMINER.COM:

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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