Fifth Third Bancorp (Nasdaq: FITB) announced today that Eric S.
Smith, currently the Chicago regional president of Fifth Third
Bank, will transition to chief operating officer of the region once
the pending merger with MB Financial, Inc. closes. He will report
directly to Mitch Feiger, who currently serves as president and CEO
of MB Financial. Feiger will become CEO of Fifth Third Bank in
Chicago after the closing. The merger is expected to close in the
first quarter of 2019, subject to regulatory approvals and other
customary closing conditions.
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Eric S. Smith, regional president of
Fifth Third Bank in Chicago. (Photo: Business Wire)
Greg D. Carmichael, chairman, president and CEO of Fifth Third
Bancorp, said, “Eric has led our Chicago region through a period of
growth and transition. His work in Chicago over the past two years
has helped position the Bank for the opportunity we are pursuing
with MB.”
He added, “Since the planned merger was announced in May, Eric
and his leadership team have taken on significant additional
responsibilities to enable a smooth integration, while continuing
their steady focus on taking care of our customers and our
communities. I am looking forward to his continued success in his
new role.”
Smith commented, “I am excited about serving as COO of an
organization that will be double the size of our current Chicago
operation. I am eager to collaborate with Mitch Feiger to deliver
the power of our combined teams for the benefit of our customers
and communities.”
Smith’s role will include developing and implementing strategies
to accelerate Fifth Third’s success, continuing to serve as a civic
leader on the Bank’s behalf and facilitating One Bank relationships
across all lines of business. He now will directly lead and grow
the government and institutional business for the region. Once the
merger is closed, Smith will assist with onboarding the leadership
team members joining Fifth Third from MB. He will continue as
regional president until the merger closes.
Smith joined Fifth Third in 2016 from JPMorgan Chase, where he
most recently served as chief financial officer of middle market
banking. Prior to assuming that role in 2011, he was a managing
director in the investment bank, where he served as head of the
North American Food and Beverage Group. He also was responsible for
advising Fortune 500 consumer product companies on merger and
acquisition transactions as well as debt and equity
underwritings.
He currently serves as the chairman of the board for the Chicago
Urban League, chairman of the board for Ann & Robert H. Lurie
Children’s Hospital Foundation, vice chairman of the board for
Goodman Theatre, and an executive committee board member for Lyric
Opera of Chicago.
About Fifth Third Bancorp
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. As of September 30, 2018, the
Company had $142 billion in assets and operates 1,152 full-service
Banking Centers, and 2,443 Fifth Third branded ATMs in Ohio,
Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West
Virginia, Georgia and North Carolina. In total, Fifth Third
provides its customers with access to approximately 53,000 fee-free
ATMs across the United States. Fifth Third operates four main
businesses: Commercial Banking, Branch Banking, Consumer Lending,
and Wealth & Asset Management. Fifth Third is among the largest
money managers in the Midwest and, as of September 30, 2018, had
$376 billion in assets under care, of which it managed $38 billion
for individuals, corporations and not-for-profit organizations
through its Trust and Registered Investment Advisory businesses.
Investor information and press releases can be viewed
at www.53.com. Fifth Third’s common stock is traded on the
Nasdaq® Global Select Market under the symbol “FITB.”
IMPORTANT ADDITIONAL INFORMATION AND WHERE TO FIND IT
In connection with the proposed merger, Fifth Third Bancorp has
filed with the SEC a Registration Statement on Form S-4 that
includes the Proxy Statement of MB Financial, Inc. and a Prospectus
of Fifth Third Bancorp, as well as other relevant documents
concerning the proposed transaction. This communication does not
constitute an offer to sell or the solicitation of an offer to buy
any securities or a solicitation of any vote or approval. INVESTORS
AND STOCKHOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND
THE PROXY STATEMENT/PROSPECTUS REGARDING THE MERGER AND ANY OTHER
RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR
SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION.
A free copy of the Proxy Statement/Prospectus, as well as other
filings containing information about Fifth Third Bancorp and MB
Financial, Inc., may be obtained at the SEC’s Internet site
(http://www.sec.gov). You will also be able to obtain these
documents, free of charge, from Fifth Third Bancorp at ir.53.com or
from MB Financial, Inc. by accessing MB Financial, Inc.’s website
at investor.mbfinancial.com.
Copies of the Proxy Statement/Prospectus can also be obtained,
free of charge, by directing a request to Fifth Third Investor
Relations at Fifth Third Investor Relations, MD 1090QC, 38 Fountain
Square Plaza, Cincinnati, OH 45263, by calling (866) 670-0468, or
by sending an e-mail to ir@53.com or to MB Financial, Attention:
Corporate Secretary, at 6111 North River Road, Rosemont, Illinois
60018, by calling (847) 653-1992 or by sending an e-mail to
dkoros@mbfinancial.com.
Fifth Third Bancorp and certain of their respective directors
and executive officers may be deemed to be participants in the
solicitation of proxies from the stockholders of MB Financial, Inc.
in respect of the transaction described in the Proxy
Statement/Prospectus. Information regarding Fifth Third Bancorp’s
directors and executive officers is contained in Fifth Third
Bancorp’s Annual Report on Form 10-K for the year ended
December 31, 2017 and its Proxy Statement on Schedule 14A,
dated March 6, 2018, which are filed with the SEC. Information
regarding MB Financial, Inc.’s directors and executive officers is
contained in its Proxy Statement on Schedule 14A filed with the SEC
on April 3, 2018. Additional information regarding the
interests of those participants and other persons who may be deemed
participants in the transaction may be obtained by reading the
Proxy Statement/Prospectus regarding the proposed merger. Free
copies of this document may be obtained as described in the
preceding paragraph.
FORWARD-LOOKING STATEMENTS
This communication contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
including, but not limited to, Fifth Third Bancorp’s and MB
Financial, Inc.’s expectations or predictions of future financial
or business performance or conditions. Forward-looking statements
are typically identified by words such as “believe,” “expect,”
“anticipate,” “intend,” “target,” “estimate,” “continue,”
“positions,” “plan,” “predict,” “project,” “forecast,” “guidance,”
“goal,” “objective,” “prospects,” “possible” or “potential,” by
future conditional verbs such as “assume,” “will,” “would,”
“should,” “could” or “may”, or by variations of such words or by
similar expressions. These forward-looking statements are subject
to numerous assumptions, risks and uncertainties, which change over
time. Forward-looking statements speak only as of the date they are
made and we assume no duty to update forward-looking statements.
Actual results may differ materially from current projections.
In addition to factors previously disclosed in Fifth Third
Bancorp’s and MB Financial, Inc.’s reports filed with or furnished
to the SEC and those identified elsewhere in this communication,
the following factors, among others, could cause actual results to
differ materially from forward-looking statements or historical
performance: the ability to obtain regulatory approvals and meet
other closing conditions to the merger, including the risk that
regulatory approvals required for the merger are not obtained or
are obtained subject to conditions that are not anticipated; delay
in closing the merger; difficulties and delays in integrating the
businesses of MB Financial, Inc. or fully realizing cost savings
and other benefits; business disruption following the merger;
changes in asset quality and credit risk; the inability to sustain
revenue and earnings growth; changes in interest rates and capital
markets; inflation; customer acceptance of Fifth Third Bancorp’s
products and services; customer borrowing, repayment, investment
and deposit practices; customer disintermediation; the
introduction, withdrawal, success and timing of business
initiatives; competitive conditions; the inability to realize cost
savings or revenues or to implement integration plans and other
consequences associated with mergers, acquisitions and
divestitures; economic conditions; and the impact, extent and
timing of technological changes, capital management activities, and
other actions of the Federal Reserve Board and legislative and
regulatory actions and reforms.
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version on businesswire.com: https://www.businesswire.com/news/home/20181210005789/en/
Sameer Gokhale (Investors)513-534-2219
Larry Magnesen (Media)513-534-8055
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