The fund owned 25,157 shares of the financial services provider’s stock after acquiring an additional 4,873 shares during the quarter. Edmund F. Murphy III, Empower Retirement president and CEO, calls the deal “an exciting evolution of the existing 16-year relationship between Empower and Fifth Third.”. The transaction is subject to the satisfaction of all customary closing conditions, including regulatory approvals as well as the approval of MB Financial shareholders. But the big question is whether the bank, after being out of the M&A game for so long, can make the pricey deal work. Just as Fifth Third is shrinking its footprint, mergers are heating up among large regional banks. McGraw Insurance Agency on 2017-02-17 for an undisclosed amount Learn more about MB Financial, Inc. at http://mbfinancial.com. Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results. Our commercial expertise and strong credit culture complement the strengths of Fifth Third in large corporate lending, capital markets, wealth management and the payments business. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. The call may be accessed via webcast through the Fifth Third Investor Relations website at www.53.com, under the Investor Events section. Empower says this deal will help create the capability to offer participants a singular view of their entire financial picture, centered on the retirement planning discussion. “There were no other potential partners of the same caliber as MB Financial in the Chicago market, and we are very pleased to reach an agreement to merge our companies. Sandler O’Neill + Partners served as financial advisor and Silver Freedman, Taff & Tiernan LLP and Vedder Price served as legal counsel to MB Financial. George Medley. Some of the market's super-regionals, such as KeyBank, Fifth Third Bank ($171 billion in assets) and Huntington Bank ($109 billion in assets), are unlikely to pursue bank deals. About Fifth Third Fifth Third Bancorp announces new president ... before coming to Fifth Third Bank in 2015. Copyright ©2020 Asset International, Inc. All Rights Reserved. Fifth Third Bank Cincinnati, Ohio . The location of Fifth Third Bancorp's first bank acquisition in almost a decade is finally known — Chicago. Fifth Third Bancorp has identified a handful of key areas where it expects to achieve revenue gains from its March acquisition of Chicago bank MB Financial. Fifth Third Bancorp (Nasdaq: FITB) announced today it has completed its acquisition of MB Financial, Inc. (Nasdaq: MBFI). Fifth Third Bancorp announced today that Fifth Third Securities Inc. has closed on the acquisition of Coker Capital Advisors. Fifth Third (FITB) enters into stock-cash acquisition deal with MB Financial (MBFI), for a total value of $4.7 billion. Additional Sources of Capital for Small Businesses. Customers of both banks will benefit from greater convenience and the complementary capabilities that our banks, together, can offer,” said Greg D. Carmichael, chairman, president and CEO of Fifth Third Bancorp. The announcement comes less than a month after Empower revealed its acquisition of the MassMutual retirement business.Together, the MassMutual and Fifth Third acquisitions solidify Empower’s position as the second-largest U.S. retirement plan … Fifth Third Bank (Nasdaq: FITB) today announced it has entered into an agreement to acquire The Retirement Corporation of America, a registered investment adviser. MB Financial is well recognized as a leader in serving middle-market customers, for its strong deposit franchise, and for its customer centric corporate culture. Both Fifth Third and MB Financial customer relationships will continue business as usual until the conversion. Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. “I am very excited to lead the combined organization in Chicago. Additionally, the combined company will have a 20 percent share of middle market relationships in Chicago, ranking it second. No Reproduction Without Prior Authorizations. Fifth Third Insurance Agency Inc., an indirect, wholly owned subsidiary of Fifth Third Bancorp, announced today that it has reached an agreement to acquire R.G. In connection with the proposed merger, Fifth Third Bancorp will file with the SEC a Registration Statement on Form S-4 that will include the Proxy Statement of MB Financial, Inc. and a Prospectus of Fifth Third Bancorp, as well as other relevant documents concerning the proposed transaction. “This merger also allows us to leverage MB Financial’s talented management team. As a result of the combination, Fifth Third plans to further increase its Chicago area commitment, after consultation with its Community Advisory Forum. Chicago-based MB Financial is the holding company for MB Financial Bank, N.A. Norinchukin Bank The raised its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 24.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The announcement comes less than a month after Empower revealed its acquisition of the MassMutual retirement business. Additionally, a telephone replay of the conference call will be available until approximately June 6, 2018 by dialing (800) 585-8367 for domestic access or (404) 537-3406 for international access (passcode 4869329#). CINCINNATI - Fifth Third Bancorp said it has completed its acquisition of Bank of Naples, Fla. . Order Approving the Acquisition of a Bank Holding Company, the Merger of Banks, and the Establishment of Branches Fifth Third Bancorp (“Fifth Third”), Cincinnati, Ohio, a financial holding company within the meaning of the Bank Holding Company Act of 1956 (“BHC Act”), 1 . In total, Fifth Third provides its customers with access to more than 54,000 fee-free ATMs across the United States. That site has a privacy policy and security practices that are different from that of the Fifth Third website. “Having been invested in Downtown Kalamazoo for many decades, we are proud to bring this iconic building into our portfolio”, said Roger Hinman, CEO of the Hinman Company. The merger will result in a total Chicago deposit market share of 6.5 percent, ranking the combined company fourth in total deposits and second in estimated retail deposits among the nearly 200 banks in the marketplace. A free copy of the Proxy Statement/Prospectus, as well as other filings containing information about Fifth Third Bancorp and MB Financial, Inc., may be obtained at the SEC’s Internet site (http://www.sec.gov). Fifth Third Bank is incorporated in Ohio. It is the principal subsidiary of Fifth Third Bancorp, a diversified bank holding company. Notably, Empower currently provides recordkeeping services for Fifth Third’s retirement business through its private-label retirement plan unit, Empower Institutional. The transaction is expected to close in the fourth quarter of this year. KALAMAZOO, MI – The Hinman Company is pleased to announce the acquisition of the Fifth Third Bank Building, at 136 E Michigan Avenue, in Kalamazoo, Michigan. 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We expect our investment to generate an IRR of approximately 18.5 percent and to be accretive to our operating EPS in the first year, with accretion of nearly 7 percent in the second year, once cost savings are fully realized. has requested the Board’s approval under section 3 of the BHC Act. With those criteria in mind, there are a handful of regional bank stocks to consider. Empower’s leaders say the ongoing relationship with Fifth Third will leverage both firms’ core expertise to the benefit of retirement plan participants and their employers. Fifth Third Bank acquires R.G. Of course, what happened between April 24 and July 19, when MB Financial reported second-quarter earnings, was the $4.1 billion deal to sell the Chicago-based bank to Fifth Third … Based on the closing price of Fifth Third’s common shares on May 18, 2018, common shareholders of MB Financial will receive $54.20 of total consideration, consisting of 1.45 shares of Fifth Third common stock and $5.54 in cash for each share of MB Financial common stock. You will also be able to obtain these documents, free of charge, from Fifth Third Bancorp at ir.53.com or from MB Financial, Inc. by accessing MB Financial, Inc.’s website at investor.mbfinancial.com. Fifth Third Bancorp has received all necessary regulatory approvals for completion of its acquisition of MB Financial as stipulated in the companies’ merger agreement from May 20, 2018.. Both organizations are committed to a successful integration.”. Fifth Third beefs up investment bank with health care acquisition By Kristin Broughton February 06, 2018, 12:40 p.m. EST 1 Min Read ... LinkedIn; Email; Register now. Fifth Third intends to complete its 2017 CCAR buyback plan by repurchasing up to $235 million of its shares of common stock before the beginning of the proxy solicitation in connection with the MB Financial shareholder vote on the transaction, and, subject to regulatory approvals, may repurchase additional shares after the vote. Furthermore, we not only expect the merger to accelerate our progress towards our NorthStar financial targets but also raise them above our previous guidance,” Carmichael added. Jan Stevenot's Professional Contact Details.