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MB Financial discloses TruPS redemption

MB Financial Inc. said that FOBB Statutory Trust III will redeem all of the trust's issued and outstanding preferred securities on Oct. 23.

The total redemption price is $5 million, plus accrued and unpaid interest of about $100,000 to the redemption date.

The redemption of the preferred securities is a result of the concurrent redemption of the trust-held floating-rate junior subordinated debt securities due 2034, which will be made by the company as the successor in interest to First Oak Brook Bancshares Inc.