Fifth Third Bancorp has received regulatory approvals for its proposed merger with MB Financial, parent of MB Financial Bank.

Chicago-based MB Financial oversees around $20bn in assets.

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The stock-cash transaction, worth around $4.7bn, was first announced last May.

In September 2018, the deal secured the green light from MB Financial common stockholders.

The deal is expected to conclude on 22 March 2019, with primary systems conversion anticipated this May.

The merged entity’s Chicago deposit market share is said to rank it third among local banks in estimated retail deposits.

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Fifth Third chairman, president and CEO Greg Carmichael said: “From the outset, we have viewed MB Financial as a unique partner in our efforts to build scale in this strategically important market.

“We are very excited about the future prospects for the combined company.”

As part of the deal, MB Financial president and CEO Mitch Feiger will become chairman and CEO for Chicago region at Fifth Third.

Fifth Third also said that it will invest $5.6bn in Chicago between 2016 and 2020.

Planned offerings for the region include mortgage credit access, small business loans, community development loans, and community development corporation investments.

Fifth Third had 1,121 banking centres and $146bn in assets at the end of December 2018.