Fifth Third Bancorp has concluded the acquisition of MB Financial, the parent of MB Financial Bank, in a deal worth around $4.7bn.

The conversion of primary systems and clients is slated to be carried out this May.

“MB customers will be informed about pending branch and account conversions, and affected customers will be informed about timing of branch consolidations in the Chicago market, in April 2019,” Fifth Third said.

Chicago-based MB Financial manages around $20bn in assets.

The cash-stock transaction was first announced last May.

At the time of deal announcement, Fifth Third chairman, president and CEO Greg Carmichael said: “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.”

As per the agreed terms of the transaction, each MB Financial share can be swapped for 1.45 shares of Fifth Third common stock and a cash value of $5.54.

In September last year, the deal received the go-ahead from the common stockholders of MB Financial.

Earlier this month, the deal was approved by regulators.

It was said at that time that the merged group would rank as the third in Chicago in terms of estimated retail deposits.