Firstrust Bank, Conshohocken, says it has acquired Chicago-based MB Financial Bank's lone Pennsylvania office, at 7918 Bustleton Avenue in Northeast Philly, and deposit accounts totalling around $40 million.
Firstrust, owned by members of bank chairman Richard J. Green's family, has 16 other offices in the Philadelphia area, including another in the Northeast, with around $160 million in deposits, at Castor and Cottman Avenues.
With $3 billion in total bank assets, Firstrust is the fifth-largest community bank based in the Philadelphia area, after Beneficial, WSFS, Bryn Mawr Trust, and Univest.
The largest Philadelphia-area branch-banking networks, not counting corporate deposits, are run by TD, Wells Fargo, PNC, and Citizens banks, each of which in the 1980s and 1990s purchased large locally-based banks to accumulate local branches now holding accounts worth more than $10 billion in the region.