Fifth Third spends $4.7 billion for Chicago's MB Financial

Fifth Third Bancorp is buying Chicago's MB Financial for about $4.7 billion, mostly in stock.

MB Financial Inc., the parent company of MB Financial Bank, has approximately $20 billion in assets.

Greg Carmichael, the chairman and CEO of Fifth Third Bancorp, said Monday in prepared remarks that the deal will create more convenience for customers of both banks.

MB Financial shareholders will receive the equivalent of $54.20, or 1.45 shares of Fifth Third common stock and $5.54 in cash for each share of MB Financial common stock. The offer is a 24 percent premium to MB's closing share price Friday.

Shares of MB Financial jumped almost 9 percent before the opening bell. Shares of Fifth Third, based in Cincinnati, fell about 2 percent.