CHICAGO, IL, (NAMC) - According to reports MB Financial, Inc. (NASDAQ:MBFI) and First Oak Brook Bancshares, Inc. (NASDAQ:FOBB) have signed a definitive merger agreement. Under the Agreement, MB Financial will acquire First Oak Brook.

First Oak Brook Bancshares is a bank holding company headquartered in Oak Brook, Illinois with $2.3 billion in assets, $1.9 billion in deposits and 21 full-service branches in Chicago.

Based on MB Financial's average closing price for the five-day period ended April 28th, the transaction is valued at $36.80 per First Oak Brook share, for a transaction value of approximately $372 million, exclusive of stock options. At closing, First Oak Brook shareholders will receive, in exchange for each share of First Oak Brook common stock they hold, consideration with a value equal to the sum of (1) 0.8304 multiplied by the average of the closing prices for MB Financial common stock during the five trading days ending the day before the completion of the merger and (2) $7.36, representing an aggregate consideration mix of approximately 80% MB Financial stock and 20% cash. Under the terms of the merger agreement, each holder of First Oak Brook common stock will be entitled to elect to receive their merger consideration in the form of MB Financial common stock, cash or a combination of both, subject to limitations and prorations. Receipt of shares of MB Financial stock in the merger is expected to be tax-free.

Peter Farrell
Business News Correspondent
NAMC Newswire
www.namcnewswire.com

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