Both the companies have inked a definitive merger agreement to this effect.
Under the agreed terms, American Chartered will receive $9.30 per share.
With $2.8bn in total assets and $2.2bn in deposits, American Chartered serves middle-market and emerging middle-market business community in Chicago.
This commercial bank, founded in 1987, operates 15 banking offices.
The acquisition will expand MB Financial’s core deposit franchise, as well as adding significant scale to MB Financial’s commercial banking business.
MB 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."
Subject to regulatory approvals and approval by American Chartered stockholder, the deal is expected to be completed by June next year.
Upon completion of the merger, American Chartered chairman Robert Riter will join the MB Financial board of directors.
The definitive agreement has been approved by the boards of MB Financial and American Chartered.
American Chartered founder and chairman Robert Riter said: "This partnership will provide American Chartered’s commercial bankers and customers with access to MB Financial’s expanded product suite including, for example, capital markets, treasury management and international banking.
"I am extremely proud of the team for building American Chartered and am convinced this partnership will significantly benefit our stakeholders, banking customers and the communities we serve."
MB Financial recently inked an agreement to acquire to acquire MSA Holdings and its wholly-owned entities, MainStreet Investment Advisors and Cambium Asset Management.
MainStreet provides investment advisory services for bank and independent trust companies, while Cambium provide separate account management, retirement planning solutions, as well as a small account platform.
Image: MB Financial and American Chartered Bancorp have signed a definitive merger agreement. Photo: courtesy of savit keawtavee / FreeDigitalPhotos.net.
