Nov. 23--MB Financial plans to acquire American Chartered Bancorp for $449 million, a deal that would add 15 Chicago-area American Chartered Bank offices and $2.8 billion in assets to its commercial banking business.
The definitive merger agreement, announced by the two companies Sunday night, values privately held American Chartered at $9.30 a share. The transaction will include $100 million in cash and the rest in MB Financial shares. In a news release announcing the merger agreement, the companies said the transaction, which requires regulatory approvals, should close around June 30, 2016, and would immediately start contributing to MB's earnings
American Chartered, based in Schaumburg, was founded in 1987 and has $2.2 billion in deposits and $2 billion in loans.
"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," Mitchell Feiger, MB Financial's president and CEO, said in a statement.
Robert Riter, founder and chairman of American Chartered, is expected to join MB Financial's board following the merger's close.
MB Financial has $15 billion in assets. In 2014, it completed its purchase of Taylor Capital Group, and merged Cole Taylor Bank into MB Financial Bank.
