CINCINNATI--(BUSINESS WIRE)--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.
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.
Sameer Gokhale (Investors)
513-534-2219
Larry Magnesen (Media)
513-534-8055