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Fifth Third Bancorp is acquiring MB Financial Inc. of Chicago in a transaction valued at approximately $4.7 billion. Some 90 percent of the deal will be in stock with the rest in cash.

Cincinnati-based Fifth Third, which is a major player in Cleveland, was limited in its ability to expand in Ohio, according to a Reuters report.

The acquisition of MB Financial was the most logical move from a geographical standpoint to expand their deposit franchise. The merger will give Fifth Third 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 market. Additionally, the combined company will have a 20 percent share of middle-market relationships in Chicago, ranking it second.

Common shareholders of MB Financial are expected to 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.

In conjunction with the closing of the transaction, two members of MB Financial’s board of directors are expected to join Fifth Third’s board. Also, Mitchell Feiger, president and CEO of MB Financial, will become chairman and CEO for Fifth Third’s Chicago region.

The transaction is subject to closing conditions, regulatory approvals and the approval of MB Financial shareholders.