"These consolidations are not driven by the performance of our Meijer in-store locations and are based solely on market overlap," the spokesperson said. We have to do more, and now is the time.". "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.”. He founded Troy-based Talmer Bancorp. © 2021 The Detroit News, a Digital First Media Newspaper. Chemical moved its headquarters to Detroit in 2018. 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. Follow him on Twitter @jcreindl. TCF is joining Huntington to create a top 10 U.S. regional bank that is better positioned to create value for you. More: 10 new Detroit developments that COVID-19 pandemic couldn't cancel. TCF shares rose 4.6%, while Huntington declined 4.4%. Huntington expects the transaction to be 18% accretive to earnings per share in 2022. The two banks have a combined 532 branches in Michigan, according to … Some branches are expected to close, Steinour said, though the number is not yet clear. Dec. 15, 2020 11:21 AM ET Huntington Bancshares Incorporated (HBAN), TCF 4 Comments … The merger is … The building is expected to open in the mid-2022. “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. The combined company will have more than 20,000 employees. 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. A major merger between Ohio-based Huntington Bank and TCF National Bank has just been announced. Estimated cost savings of the combined company are approximately $490 million. Huntington And TCF Finanical Merger: Building A Powerhouse Bank. 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. Under the terms of the agreement, which was unanimously approved by the boards of directors of both companies, TCF will merge into Huntington, and the combined holding company and bank will operate under the Huntington name and brand following the closing of the transaction. The Huntington brand will survive, while the TCF name will disappear. “This is not a wink and a nod. 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. Operating under the Huntington name, the bank would become a top 10 regional bank in the U.S. A TCF representative declined comment and Meijer did not respond to a comment request. Of that, $5 billion has been dedicated to Michigan. Read more on business and sign up for our business newsletter. 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. This was an opportunity to highlight two centers of community.". Huntington Bancshares and TCF Financial Corp. on Dec. 13 announced an all-stock merger agreement with a total market value of $22 billion. This is a significant commitment to Detroit and to Michigan.”. 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. By Ashley Schafer, Midland Daily News. "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. 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. Huntington Bancshares Inc. agreed to merge with TCF Financial Corp. in the latest in a recent string of regional-bank tie-ups. 10 new Detroit developments that COVID-19 pandemic couldn't cancel, Your California Privacy Rights/Privacy Policy. It will host every other board of directors meeting. 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. Detroit will house the other 60% of the $117 billion in the merger's total loans. The deal is expected to close in the second quarter of 2021 and is subject to regulatory and shareholder approval. Huntington Bancshares and TCF Financial Corp. on Dec. 13 announced an all-stock merger agreement with a total market value of $22 billion. Consumers too? Huntington, TCF to close 198 branches for planned merger freep.com - JC Reindl. Consumers too? On "day one," Huntington will invest $50 million into a fund at the Community Foundation for Southeast Michigan to serve Metro Detroit communities, Steinour said. "As we’ve seen over the past year with the pandemic, more and more home goods delivered, including groceries. He founded Troy-based Talmer Bancorp. Huntington Bank and will close nearly 200 branches ahead of a planned merger with TCF Bank, Huntington confirmed to 7 Action News. 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. The two banks have a combined 532 branches in Michigan, according to data from the Federal Deposit Insurance Corp. The new Huntington will continue to grow its presence in Detroit and Midland, Torgow said, as well as in Minneapolis. Once it is complete, the TCF will name disappear, replaced with the Huntington name on its banking centers and ATMs. Contact JC Reindl at 313-222-6631 or jcreindl@freepress.com. 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. (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. The deal with Huntington is the third merger of TCF's Torgow's career in the financial sector. It was $4 billion more than its previous community plan, a commitment lauded by local and state officials. 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. In late October, TCF CEO Craig Dahl retired. In this Jan. 28, 2019 file photo, a TCF Bank sign is shown in Eastpointe, Mich. TCF has $48 billion in assets with 475 branches in Michigan, Illinois, Minnesota, Colorado, Ohio, South Dakota and Wisconsin. One Detroit leader took note Sunday night. 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. Upon closing, Stephen D. Steinour will remain the chairman, president, and CEO of the holding company and CEO and president … Huntington CEO Stephen Steinour will remain chairman, president and CEO of the holding company as well as CEO and president of the bank. Steinour said he hopes much of the TCF team will continue at Huntington, though those decisions have not been finalized. Huntington brings its own $20 billion commitment for economic inclusion, from access to capital to homeownership. “TCF’s merger with Huntington Bancshares positions Detroit and Wayne County to be a national financial hub that will continue to drive our regions’ recovery," Wayne County Executive Warren Evans said in a statement. Columbus will remain the headquarters for the holding company and the consumer bank, which will represent about 40% of the combined company's business. This is the second tie-up for TCF in as many years after merging with Chemical Financial Corp. in August of last year. 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 planned merger of Detroit-based TCF Financial Corp. into Huntington Bancshares of Columbus, Ohio, will result in 198 branch closures, including … His duties were split between Tom Shafer, TCF Bank chief operating officer and president, and vice chairman David Provost. The deal with Huntington is the third merger of TCF's Torgow's career in the financial sector. 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. TCF's merger into Huntington was announced in December and is expected to close in the second quarter. "When Steve and I started to talk, we knew the only way was to have a dual headquarters," Torgow said on the conference 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. 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 … Both companies share an operating philosophy that focuses on our customers and communities. The integration of the bank's services was completed just four months ago. Billion dollar deal: TCF to merge with Huntington Bank Will have dual headquarters in Detroit and Columbus, Ohio. The first big deal came last year between BB&T and SunTrust, which merged together to become Trust Bank. According to the company, they will operate under the Huntington … "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 (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. 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 Under the merger, Huntington will take over TCF, meaning the Michigan-based bank will lose its name. "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. The merger means that another purely Michigan-based bank will lose its identity. Overall, the Huntington-TFC bank merger is expected to result in $490 million in cost savings or "synergies," including an unspecified number of layoffs plus money savings from branch closures. Both banks have a history of investment in the city, which they promised to expand. TCF executive chairman Gary Torgow will be chairman of the bank's board of directors. And so store traffic, while the volumes are up, the revenues are up, traffic is down and preference for doing banking activities in the in-stores is changing a bit.". The first big deal came last year between BB&T and SunTrust, which merged together to become Trust Bank. Detroit-based TCF Financial Corp. will merge into Huntington Bancshares Inc. in a $22 billion all-stock merger that creates one of the largest regional banks in the U.S. with dual headquarters in Detroit and Columbus, Ohio, the companies announced Sunday. 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 -- … He will have an office in Detroit as well as in Ohio. and facilitated its merger … "We've invested so much in Detroit, Michigan, and Columbus, Ohio. The merger is expected to create a premier U.S. regional bank with dual headquarters in Detroit and Ohio. The tower is expected to open in mid-2022. and facilitated its merger with Midland's Chemical Financial Corp. in a transaction valued at $1.7 billion in 2016, creating the largest bank headquartered and operating branch offices in Michigan. 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 undeveloped piece of property on the corner of Jebavy Drive and U.S. 10 in Pere Marquette Township has sat vacant for years. 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. 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 … The funds support initiatives in the Grandmont-Rosedale and Warrendale-Cody Rouge communities. 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 branch closures are separate from Huntington's tentative plan to shed about $450 million in current TCF and Huntington customer deposits, a move called a "deposit divestiture," to help ease antitrust concerns about the merger. With Huntington, a major player in the industrial Midwest, the acquisition will create one of the top 10 largest regional banks in the country. 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. TCF also recently announced a $1 billion commitment over five years to loan to minority- and female-owned small businesses. TCF, Minnesota's third-largest bank, will merge with Huntington and give up its name The name of the U of M's football stadium will change, along with bank branches. TCF customers are likely to see the biggest changes in the merger, starting with taking on the Huntington name. 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. 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. 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. We believe that we will be stronger together and that this combination will benefit you. 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