UPDATE 4-Fifth Third Bancorp pays $4.7 bln for MB Financial's Chicago muscle [Reuters]
Fifth Third Bancorp (FITB)
Last fifth third bancorp earnings: 4/21 06:30 am
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Source: Reuters
Fifth Third Bancorp pays $4.7 billion for MB Financial's Chicago muscle | Reuters 3 Min Read (Reuters) - U.S. regional bank Fifth Third Bancorp ( FITB.O ) has agreed to buy smaller rival MB Financial Inc ( MBFI.O ) in a stock-and-cash deal valued at about $4.7 billion, as it looks to expand in Chicago and broaden its middle market customer base. A windfall from last year’s Republican tax overhaul has encouraged more investment among mid-sized U.S. lenders and banks are also hopeful that legislative moves to roll back some rules on capital requirements will free up more cash. That runs contrary to several years of minimal merger activity in the sector due to stricter rules set in place after the 2008 financial crisis, which limited expansion. As part of the deal announced on Monday, each MB Financial shareholder will get $54.20, comprising 1.45 shares of Fifth Third common stock and $5.54 in cash, a 24 percent premium to MB Financial’s last close. Shares of MB Financial were up 14
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FITB
News
- Fifth Third Bancorp (FITB) Surged ~50% Due to Historic Bond Market Rally [Yahoo! Finance]Yahoo! Finance
- Fifth Third Bank Recognized Among 2024 Top Workplaces USA [Yahoo! Finance]Yahoo! Finance
- Fifth Third Bank Recognized Among 2024 Top Workplaces USABusiness Wire
- Fifth Third Bank Moving to ICE's End-to-End Mortgage Ecosystem to Improve Customer Experience [Yahoo! Finance]Yahoo! Finance
- Fifth Third Bancorp (NASDAQ: FITB) had its "equal weight" rating re-affirmed by analysts at Stephens. They now have a $41.00 price target on the stock.MarketBeat
FITB
Earnings
- 1/19/24 - Miss
FITB
Sec Filings
- 3/26/24 - Form 4
- 3/25/24 - Form 144
- 3/13/24 - Form 4
- FITB's page on the SEC website