Dec. 05--MB Financial has identified at least four Chicago-area branches it plans to close in the wake of its recent acquisition of Cole Taylor Bank.
Chicago-based MB Financial, when it announced the Cole Taylor deal in July 2013, said it expected to close three to six branches as it merged the two institutions' retail operations. The deal closed in August.
The four branches slated for closing, according to records filed with the U.S. Office of the Comptroller of the Currency are at 5100 S. Damen Ave. in Chicago; 1965 N. Milwaukee Ave. in Chicago's Bucktown neighborhood; 20 S. Clark St. in the Loop; and 2200 N. Waukegan Road in Glenview.
It's common for banks to close branches when they acquire another institution. MB Financial said it was giving 90 days' notice to the regulator about the branch closings.
MB Financial has about 90 branches in the Chicago area.
"The bank evaluates its branch network on a regular basis to measure customer usage and convenience," an MB representative said. "The evaluation identified locations that overlapped as part of the MB merger with Cole Taylor or where customer usage had significantly decreased."
Customers in those markets will continue to be served by a nearby MB Financial branch, the bank said.
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