MB Financial Inc. and American Chartered Bancorp announced a $449 million merger deal.
Chicago-based MB Financial said the deal will significantly increase its commercial banking business. Schaumburg-based American Chartered, a privately held bank with about $2.8 billion in assets, has focused on middle-market businesses. American Chartered operates 15 offices.
MB Financial has about $15 billion in assets.
“The acquisition of American Chartered is consistent with our mission of building Chicagoland’s premier commercial bank,” MB Financial president and CEO Mitchell Feiger said in a news release.
MB Financial will pay about $100 million in cash and the rest in stock.
The companies expect to complete the merger by June 30.