Huntington, TCF to close 198 branches for planned merger freep.com - JC Reindl. Columbus will remain the headquarters for the holding company and the consumer bank, which will represent about 40% of the combined company's business. The newly enlarged Huntington would have a $22 billion market value, be a top-10 regional bank and rank as the second biggest bank in Michigan by deposits, behind JPMorgan Chase. TCF executive chairman Gary Torgow will be chairman of the bank's board of directors. With Huntington, a major player in the industrial Midwest, the acquisition will create one of the top 10 largest regional banks in the country. “We started this with a view that this had to be a win-win, or it wasn’t worth doing,” Steinour said on a conference call Sunday night. Huntington (HBAN) and TCF Financial's (TCF) all-stock acquisition deal for a total market value of about $22 billion will create one of the top 10 U.S. regional banks. Huntington Bancshares Inc. will acquire TCF Financial Corp. in an all-stock deal valued at almost $6 billion, one of the largest regional bank tie-ups this year. This is a significant commitment to Detroit and to Michigan.”. Huntington brings its own $20 billion commitment for economic inclusion, from access to capital to homeownership. TCF-Huntington merger could be good for shareholders. Huntington Bancshares (NASDAQ:HBAN) agrees to a merger deal with TCF Financial (NASDAQ:TCF), WSJ reports. More: TCF-Huntington merger could be good for shareholders. TCF also recently announced a $1 billion commitment over five years to loan to minority- and female-owned small businesses. "We’ve been well served by the nature of the economics around the in-store branches, but there is a changing distribution, frankly, a thinning of distribution as we move forward," Huntington bank Chairman and CEO Stephen Steinour said in the call. A Huntington representative Tuesday would not say how many of the 198 branch closures will happen in Michigan, but said that all 97 in-store Meijer locations in Michigan will be closed. and facilitated its merger … "What the global health pandemic has taught us is that we need to do more," Sandra Pierce, senior executive vice president and chair of Michigan for Huntington Bancshares, recently told The Detroit News. © 2021 The Detroit News, a Digital First Media Newspaper. We believe that we will be stronger together and that this combination will benefit you. Both companies share an operating philosophy that focuses on our customers and communities. "As we’ve seen over the past year with the pandemic, more and more home goods delivered, including groceries. Billion dollar deal: TCF to merge with Huntington Bank Will have dual headquarters in Detroit and Columbus, Ohio. The Huntington brand will survive, while the TCF name will disappear. "TCF and Huntington are longstanding corporate citizens in our community and I am happy to see this merger will only strengthen the merged companies’ commitment to the region as we begin the important work of restarting our economy in the wake of the COVID-19 pandemic.”. The planned merger of Detroit-based TCF Financial Corp. into Huntington Bancshares of Columbus, Ohio, will result in 198 branch closures, including 97 branches that are inside Meijer stores. This was an opportunity to highlight two centers of community.". His duties were split between Tom Shafer, TCF Bank chief operating officer and president, and vice chairman David Provost. The planned merger of Detroit-based TCF Financial Corp. into Huntington Bancshares of Columbus, Ohio, will result in 198 branch closures, including … Once it is complete, the TCF will name disappear, replaced with the Huntington name on its banking centers and ATMs. "Between COVID-19, and the economic fallout because of it, and the social unrest, and the political divisiveness all coming together around the same timeframe, we just knew that we needed to live our purpose more than ever, which is looking out for people. Huntington and TCF in $6B tie-up as more regionals merge FILE - In this Nov. 2, 2020 file photo, a man walks past the boarded-up first floor windows of a Huntington Bank branch in Columbus, Ohio. The merger also means the TCF Center in downtown Detroit will be renamed the Huntington Center, Torgow said, under a $33 million, 22-year naming rights deal made last year to remove the Cobo name from the conference center. We have to do more, and now is the time.". The funds support initiatives in the Grandmont-Rosedale and Warrendale-Cody Rouge communities. A major merger between Ohio-based Huntington Bank and TCF National Bank has just been announced. TCF has $48 billion in assets with 475 branches in Michigan, Illinois, Minnesota, Colorado, Ohio, South Dakota and Wisconsin. By Ashley Schafer, Midland Daily News. U.S. regional lenders Huntington Bancshares and TCF Financial have entered an all-stock deal to create a company worth about $22 billion in market value. The combined entity will have about $134 billion in deposits and $168 billion in assets, placing it among the 20 largest banks in the country, according to a recent list by the U.S. Federal Reserve Bank. The new Huntington will continue to grow its presence in Detroit and Midland, Torgow said, as well as in Minneapolis. Huntington Bancshares and TCF Financial Corp. on Dec. 13 announced an all-stock merger agreement with a total market value of $22 billion. TCF shares rose 4.6%, while Huntington declined 4.4%. Huntington And TCF Finanical Merger: Building A Powerhouse Bank. The headquarters for the commercial bank will be in TCF's new 20-story building under construction in Detroit on Woodward Avenue and Elizabeth Street, which will be dubbed the Huntington Tower. TCF, Huntington Banks To Merge In $22B Deal By Bria Brown December 14, 2020 at 12:24 pm Filed Under: Banking , detroit , Huntington Bank , merger , Michigan , Ohio , tcf financial Instead of leasing space in the Detroit tower, Huntington will take over all floors with 800 employees, a workforce that potentially could grow to 1,100. The tower is expected to open in mid-2022. Steinour said he hopes much of the TCF team will continue at Huntington, though those decisions have not been finalized. Huntington CEO Stephen Steinour will remain chairman, president and CEO of the holding company as well as CEO and president of the bank. The integration of the bank's services was completed just four months ago. TCF is joining Huntington to create a top 10 U.S. regional bank that is better positioned to create value for you. Consumers too? In this Jan. 28, 2019 file photo, a TCF Bank sign is shown in Eastpointe, Mich. The planned merger of Detroit-based TCF Financial Corp. into Huntington Bancshares of Columbus, Ohio, will result in 198 branch closures, including 97 branches that are inside Meijer stores. "When Steve and I started to talk, we knew the only way was to have a dual headquarters," Torgow said on the conference call. On Monday, it was announced Huntington Bancshares Inc. is combining the two companies together to create a top 10 U.S. regional bank under the Huntington name. U.S. regional lenders Huntington Bancshares Inc and TCF Financial Corp have entered an all-stock deal to create a company worth about $22 billion … "We've invested so much in Detroit, Michigan, and Columbus, Ohio. Huntington Bancshares and TCF Financial Corp. on Dec. 13 announced an all-stock merger agreement with a total market value of $22 billion. Columbus, Ohio-based Huntington will exchange 3.0028 of its shares for each TCF share, equating to a price of $38.83, the bank said in a document published on Monday. The Huntington-TCF merger is the latest deal among regional banks, who have looked to get bigger and more competitive against the Wall Street titans like JPMorgan Chase, Citigroup and Bank of America. The deal is expected to close in the second quarter of 2021 and is subject to regulatory and shareholder approval. That deal created one of the 50 largest regional banks in the United States and a major resident in the city of Detroit. The merger means that another purely Michigan-based bank will lose its identity. The first big deal came last year between BB&T and SunTrust, which merged together to become Trust Bank. Huntington has $120 billion of assets and a network of full-service branches, including 11 private client group offices, and 1,330 ATMs across Ohio, Illinois, Indiana, Kentucky, Michigan, Pennsylvania and West Virginia. The two banks have a combined 532 branches in Michigan, according to … Huntington Bank and will close nearly 200 branches ahead of a planned merger with TCF Bank, Huntington confirmed to 7 Action News. Of that, $5 billion has been dedicated to Michigan. The undeveloped piece of property on the corner of Jebavy Drive and U.S. 10 in Pere Marquette Township has sat vacant for years. Estimated cost savings of the combined company are approximately $490 million. TCF Bank halted its plans to construct a building at 5646 West U.S. 10 after it announced a merger with Huntington National Bank in December. TCF FINANCIAL INVESTOR ALERT by the Former Attorney General of Louisiana: Kahn Swick & Foti, LLC Investigates Merger of TCF Financial Corporation - TCF Business Wire NEW ORLEANS -- … Detroit will house the other 60% of the $117 billion in the merger's total loans. 10 new Detroit developments that COVID-19 pandemic couldn't cancel, Your California Privacy Rights/Privacy Policy. Under the merger, Huntington will take over TCF, meaning the Michigan-based bank will lose its name. According to the company, they will operate under the Huntington … TCF's merger into Huntington was announced in December and is expected to close in the second quarter. In announcing the merger in December, executive said that a combined bank, with TCF merging into Huntington, would have about $168 billion in assets, $117 billion in loans, and $134 billion in deposits with dual headquarters in Detroit and Columbus. The two banks have a combined 532 branches in Michigan, according to data from the Federal Deposit Insurance Corp. The building is expected to open in the mid-2022. Huntington intends to keep a significant presence in Detroit after the merger and put its commercial banking headquarters in a new 20-story downtown office tower under construction at 2047 Woodward. TCF's merger into Huntington was announced in December and is expected to close in the second quarter. Huntington's chief executive explained the branch closures late last week in an earnings call with Wall Street analysts, saying that a substantial share of the closures would happen in Michigan. (Reuters) - Huntington Bancshares Inc has agreed to buy TCF Financial Corp for $6 billion in stock, marking the latest tie-up among U.S. regional lenders seeking scale. Some branches are expected to close, Steinour said, though the number is not yet clear. The companies did not provide a … Huntington Bank and TCF Bank agreed to merge Sunday in an all-stock deal to create a regional bank with nearly $168 billion in assets, $117 billion in loans, $134 billion in deposits and $22 billion in market value, the companies said in a press release. In late October, TCF CEO Craig Dahl retired. Operating under the Huntington name, the bank would become a top 10 regional bank in the U.S. Huntington expects the transaction to be 18% accretive to earnings per share in 2022. More: 10 new Detroit developments that COVID-19 pandemic couldn't cancel. This is the second tie-up for TCF in as many years after merging with Chemical Financial Corp. in August of last year. The combined company will have more than 20,000 employees. The merger is expected to create a premier U.S. regional bank with dual headquarters in Detroit and Ohio. The deal with Huntington is the third merger of TCF's Torgow's career in the financial sector. 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