JPMorgan Chase & Co.

Dozens of branches could close as Fifth Third Bank acquires MB Financial in $4.7B deal

Dozens of branches could close as Fifth Third Bank acquires MB Financial in $4.7B deal

MB Financial Bank has long touted its deep Chicago roots while branding its primarily commercial customer base with the ubiquitous slogan, “MB means business.”

The MB name and local ownership soon may be a thing of the past, after the Chicago-based bank agreed to a $4.7 billion merger with the larger Cincinnati-based Fifth Third Bancorp. The deal, announced Monday, also would lead to the closure of dozens of bank branches as the institutions combine operations.

The merger, if approved, would create the fourth-largest Chicago bank in total deposits, with a 6.5 percent market share, and give the combined company 20 percent of the city’s “middle-market” commercial banking...

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