MB Financial Takes Over Operations Of Two Chicago Banks

Vanessa Doctor

26 April 2010

MB Financial Bank, the Chicago-based subsidiary of MB Financial Inc, has announced the acquisition of the deposits and loans of Broadway Bank and New Century Bank.

The transaction, which was facilitated by the Federal Deposit Insurance Corporation, is the bank's fifth and sixth FDIC-assisted activity since last year. In a statement, MB said it is actively expanding its branch network.

"MB has been part of Chicago-area banking for 100 years. We are pleased to once again work with the FDIC to provide a safe and sacure home at MB for these banking relationships," said Mitchell Feiger, the bank's president and chief executive officer.

The four Broadway and three New Century branches will be renamed as MB Financial Bank as soon as they reopen, accommodoating both old and new customers.

"Once we move Broadway Bank and New Century Bank computer operating systems to those at MB, all customers will have access to nearly 90 locations; our Telephone Banking Center, which is open seven days a week and our Internet Banking systems. We expect all customers to have access to our ATM network within one week," added Feiger.

MB Financial has 90 locations in Chicago.