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MB Financial-Fifth Third merger could shutter 50 Chicago-area branches by 2020
The combined bank plans to close more than 20 percent of its banks in the area
The merger of MB Financial and Fifth Third banks could spell the closure of up to 50 branches in the Chicago region.
Cincinnati-based Fifth Third announced Monday it reached a deal to acquire MB Financial Bank, adding the latter’s 91 Chicago-area locations for a total of 239 in the region, according to the Chicago Tribune.
The combined bank is planning to “shut down possibly 40 to 50 branches” to cut “significant branch overlap” once the merger goes through, Fifth Third CEO Greg Carmichael said.
Carmichael said the company would research which locations make the most sense to close or consolidate, saying that “in some cases, they’re right across the street from each other.”
The merger and consolidation is expected to wrap up by 2020, a Fifth Third spokesperson said.
Still, the merger needs to be cleared by regulators and shareholders before it can move forward. [Chicago Tribune] — Alex Nitkin