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MB Financial To Acquire American Chartered For Roughly $449 Million, Expands Commercial Banking Business

Nov 24, 2015 01:44 AM EST | By Jean-Claude Arnobit
MB Financial Inc., American Chartered Bancorp Inc., acquisition
MB Financial to Acquire American Chartered for about $449 Million, Adds Significant Scale to MB Financial's Commercial Banking Business
(Photo : Scott Olson | Getty Images News)

MB Financial, Inc. has announced in a press release that it will be acquiring American Chartered Bancorp, Inc. for approximately $449 million.

The acquisition will add significant scale to MB Financial's commercial banking business while also expanding the bank's core deposit franchise.

Mitchell Feiger, the president and CEO of MB Financial, said in the press release that American Chartered brings a lot to the company.

"The acquisition of American Chartered is consistent with our mission of building Chicagoland's premier commercial bank," he said. "American Chartered brings a strong middle-market commercial banking lending team and client base, an unparalleled core deposit franchise and a proven track record of profitable organic growth."

Robert Riter, the founder and chairman of American Chartered, adds in the press release that the two companies have a similar approach to banking.

He said that "together we will be able to better serve middle-market and emerging middle-market commercial customers in the Chicagoland area. This partnership will provide American Chartered's commercial bankers and customers with access to MB Financial's expanded product suite including, for example, capital markets, treasury management and international banking."

Crain's Chicago Business adds that the acquisition will make MB Financial the leader in commercial banking among Chicago's publicly traded, mid-sized banks.

The latest acquisition follows MB Financial's $680 million purchase of Taylor Capital Group, Inc., that merges Cole Taylor Bank to MB Financial.

Crain's Chicago Business adds that the two acquisitions have vaulted MB Financial's less than $10 billion assets to nearly $18 billion.

The bank, though, still trails Rosemont-based Wintrust Financial in terms of size, as Wintrust Financial had $22 billion in assets as of September 30.

Under the terms of the agreement, MB Financial will be paying $9.30 for each share of American Chartered, according to the press release.

Approximately $100 million will be paid in cash and the remainder of the amount will be paid in MB Financial common stock at a fixed ratio of 0.2732 shares of MB Financial for each share of American Chartered.

MB Financial said in the press release that the transaction is expected to close around June 30, 2016.

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