MB Financial has agreed to acquire American Chartered Bancorp (American Chartered), and its wholly owned bank subsidiary, American Chartered Bank, in a stock and cash deal worth about $449m.
Operating with 15 banking offices, American Chartered caters to Chicago’s middle-market and emerging middle-market business community. The company manages about $2.8bn in total assets, $2.2bn in deposits, and $2bn in loans.
Go deeper with GlobalData
As per the agreed terms of the merger deal, American Chartered will receive $9.30 per share.
About $100m of the deal amount will be paid in cash, while the rest will be paid in MB Financial common stock at a fixed exchange ratio of 0.2732 shares of MB Financial common stock for each American Chartered share.
The transaction has already received the nod from the boards of both companies, and is now subject to regulatory approvals and approval by American Chartered stockholders.
The merger is scheduled to be completed on 30 June 2016, following which American Chartered chairman Robert Riter will join the MB Financial board of directors.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataMB Financial president and CEO Mitchell Feiger said: "The acquisition of American Chartered is consistent with our mission of building Chicagoland’s premier commercial bank. 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. We look forward to welcoming American Chartered customers and employees to MB Financial."
