Empower Retirement this morning announced the acquisition of a sizable portion of the retirement plans business of Fifth Third Bank. Fifth Third Bank unveiled its largest acquisition since 2001 on Monday, saying it will pay $4.7 billion for Chicago's MB Financial. That site has a privacy policy and security practices that are different from that of the Fifth Third website. The location of Fifth Third Bancorp's first bank acquisition in almost a decade is finally known — Chicago. Fifth Third Bancorp (Nasdaq: FITB) announced today it has completed its acquisition of MB Financial, Inc. (Nasdaq: MBFI). The timing and amount of this repurchase activity is subject to market conditions and applicable securities laws. Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Additionally, the combined company will have a 20 percent share of middle market relationships in Chicago, ranking it second. Together, the MassMutual and Fifth Third acquisitions solidify Empower’s position as the second-largest U.S. retirement plan recordkeeper by assets. In conjunction with the closing of the transaction, two members of MB Financial’s Board of Directors are expected to join the Fifth Third Bancorp Board. No Reproduction Without Prior Authorizations. 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. Forward-looking statements are typically identified by words such as “believe,” “expect,” “anticipate,” “intend,” “target,” “estimate,” “continue,” “positions,” “plan,” “predict,” “project,” “forecast,” “guidance,” “goal,” “objective,” “prospects,” “possible” or “potential,” by future conditional verbs such as “assume,” “will,” “would,” “should,” “could” or “may”, or by variations of such words or by similar expressions. Fifth Third Bank: Fifth Third completes major Chicago acquisition Fifth Third Bancorp has closed on its purchase of Chicago-based MB Financial. Fifth Third and its affiliates are not responsible for the content on third … Fifth Third has focused on non-bank acquisitions, such as insurance services, in recent years and has also trimmed physical branches as more customers move toward online banking. Member FDIC. Vice President, Marketing Manager - Checking Acquisition at Fifth Third Bank. affiliate, Fifth Copyright ©2020 Asset International, Inc. All Rights Reserved. Fifth Third Bank is incorporated in Ohio. 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. About Fifth Third 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.. Just as Fifth Third is shrinking its footprint, mergers are heating up among large regional banks. As a result of the combination, Fifth Third plans to further increase its Chicago area commitment, after consultation with its Community Advisory Forum. Learn more about MB Financial, Inc. at http://mbfinancial.com. 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). Jula has held numerous HR leadership roles, including talent acquisition, learning and development, and HR operations and employee services. That site has a privacy policy and security practices that are different from that of the Fifth Third website. Fifth Third’s common stock is traded on the Nasdaq® Global Select Market under the symbol “FITB.” Fifth Third Bank was established in 1858. 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 . Cincinnati, Ohio . 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. The transaction is expected to reduce Fifth Third’s regulatory common equity Tier 1 (CET1) ratio by approximately 45 basis points. 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. The $57 million-asset institution will merge with Fifth Third's Florida affiliate, Fifth Third Trust Company and Savings Bank, which will become known as Fifth Third Bank of Florida, a state-chartered Federal Reserve member bank. These forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. “Teaming up with Fifth Third allows us to leverage our complementary capabilities for the benefit of our customers and the communities we serve,” said Mitchell Feiger, president and CEO of MB Financial. Fifth Third Bank Announces $2.8 Billion Investment to Accelerate Racial Equity, Equality and Inclusion Seeking Alpha 6d Evercore ISI likes regional banks, credit cards as stimulus, vaccines fuel hopes The Fifth Third retirement plan business comprises more than 475 workplace savings plans populated by approximately 100,000 participants with $6.21 billion in assets. “In addition to its strategic importance, this merger is expected to drive significant financial benefits. Member FDIC. Fifth Third Bancorp has acquired 31 companies, including 4 in the last 5 years. Jan Stevenot's Professional Contact Details. Fifth Third Bank will close 44 Fifth Third and MB Financial branches in the suburbs and Chicago next month, part of the Ohio-based bank's move to … Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results. You are leaving a Fifth Third website and will be going to a website operated by a third party which is not affiliated with Fifth Third Bank. McGraw Insurance Agency on 2017-02-17 for an undisclosed amount Information regarding MB Financial, Inc.’s directors and executive officers is contained in its Proxy Statement on Schedule 14A filed with the SEC on April 3, 2018. In addition to the MassMutual deal and its other merger and acquisition (M&A) activity, Empower earlier this year acquired Personal Capital, a registered investment adviser (RIA) and wealth manager. Fifth Third Bancorp (Nasdaq: FITB) announced today it has completed its acquisition of MB Financial, Inc. (Nasdaq: MBFI). Fifth Third spokesman Sean Parker said, "We are focused on the MB acquisition and continuing to deliver on our strategic priorities." Location. CINCINNATI - Fifth Third Bancorp said it has completed its acquisition of Bank of Naples, Fla. . Her career at Fifth Third has been characterized by her tireless efforts to recruit, retain and advance employees to ensure the present and future success of the Bank. INVESTORS AND STOCKHOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS REGARDING THE MERGER WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. « New Voya Video Platform Offers 24/7 Access to Financial Education, 702 King Farm Boulevard, Suite 400, Rockville, MD 20850 / +1 212-944-4455 /. Source: Blackbird Press Release: Fifth Third Bank : Fifth Third Bank Announces Acquisition of The Retirement Corporation of America CINCINNATI-(BUSINESS WIRE)-Fifth Third Bank (Nasdaq: FITB) today announced it has entered into an agreement to acquire The Retirement Corporation of America, a registered investment adviser. 5 Bank Stocks to Watch. Robert Schaefer. Continuing its recent spate of acquisitions of fee-based businesses, Fifth Third Bancorp has agreed to buy Coker Capital Advisors, a health care M&A advisory firm focused on midsize companies. Fifth Third and its affiliates are not responsible for the content on third … Fifth Third Bancorp announced today that Fifth Third Securities Inc. has closed on the acquisition of Coker Capital Advisors. 2 . The firms say Fifth Third will continue to “proactively deliver value added advice and solutions for its clients.”. It is the principal subsidiary of Fifth Third Bancorp, a diversified bank holding company. Empower Retirement this morning announced the acquisition of a sizable portion of the retirement plans business of Fifth Third Bank. The pro forma tangible common equity to tangible assets (TCE) ratio of the combined entity is projected to be 8.2 percent at closing. Fifth Third Bancorp completed its acquisition of MB Financial. The announcement comes less than a month after Empower revealed its acquisition of the MassMutual retirement business. The announcement comes less than a month after Empower revealed its acquisition of the MassMutual retirement business. Fifth Third’s management team and MB Financial‘s CEO Mitch Feiger will host a conference call at 9:00 AM ET (8:00 AM CT) on May 21, 2018, to discuss the strategic and financial implications of the business combination. Work History. Citi served as financial advisor and Simpson Thacher & Bartlett LLP served as legal advisor to Fifth Third. Fifth Third and its affiliates are not responsible for the content on third parties. 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. That begins with the selection of Mitch Feiger as Chairman and CEO for our Chicago region, and we expect it to include other key members of the MB Financial leadership team. It was state-chartered until late 2019, when it obtaine… In addition to factors previously disclosed in Fifth Third Bancorp’s and MB Financial, Inc.’s reports filed with or furnished to the SEC and those identified elsewhere in this communication, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: the ability to obtain regulatory approvals and meet other closing conditions to the merger, including approval of the merger by MB Financial, Inc.’s stockholders on the expected terms and schedule, including the risk that regulatory approvals required for the merger are not obtained or are obtained subject to conditions that are not anticipated; delay in closing the merger; difficulties and delays in integrating the businesses of MB Financial, Inc. or fully realizing cost savings and other benefits; business disruption following the merger; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer acceptance of Fifth Third Bancorp’s products and services; customer borrowing, repayment, investment and deposit practices; customer disintermediation; the introduction, withdrawal, success and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with mergers, acquisitions and divestitures; economic conditions; and the impact, extent and timing of technological changes, capital management activities, and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms. 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