We have to do more, and now is the time.". Steinour said he hopes much of the TCF team will continue at Huntington, though those decisions have not been finalized. TCF's merger into Huntington was announced in December and is expected to close in the second quarter. Huntington Bank and will close nearly 200 branches ahead of a planned merger with TCF Bank, Huntington confirmed to 7 Action News. 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 -- … The two banks have a combined 532 branches in Michigan, according to data from the Federal Deposit Insurance Corp. That deal created one of the 50 largest regional banks in the United States and a major resident in the city of Detroit. "These consolidations are not driven by the performance of our Meijer in-store locations and are based solely on market overlap," the spokesperson said. The combined company will have more than 20,000 employees. 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 … The tower is expected to open in mid-2022. Chemical moved its headquarters to Detroit in 2018. "When Steve and I started to talk, we knew the only way was to have a dual headquarters," Torgow said on the conference call. The merger is … Of that, $5 billion has been dedicated to Michigan. We believe that we will be stronger together and that this combination will benefit you. Huntington brings its own $20 billion commitment for economic inclusion, from access to capital to homeownership. 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. Columbus will remain the headquarters for the holding company and the consumer bank, which will represent about 40% of the combined company's business. "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.”. (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. More: TCF-Huntington merger could be good for shareholders. Both companies share an operating philosophy that focuses on our customers and communities. Huntington CEO Stephen Steinour will remain chairman, president and CEO of the holding company as well as CEO and president of the bank. Once it is complete, the TCF will name disappear, replaced with the Huntington name on its banking centers and ATMs. 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. This is the second tie-up for TCF in as many years after merging with Chemical Financial Corp. in August of last year. The funds support initiatives in the Grandmont-Rosedale and Warrendale-Cody Rouge communities. 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. "We've invested so much in Detroit, Michigan, and Columbus, Ohio. A TCF representative declined comment and Meijer did not respond to a comment request. "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. One Detroit leader took note Sunday night. He will have an office in Detroit as well as in Ohio. Billion dollar deal: TCF to merge with Huntington Bank Will have dual headquarters in Detroit and Columbus, Ohio. Estimated cost savings of the combined company are approximately $490 million. TCF has $48 billion in assets with 475 branches in Michigan, Illinois, Minnesota, Colorado, Ohio, South Dakota and Wisconsin. 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. 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. His duties were split between Tom Shafer, TCF Bank chief operating officer and president, and vice chairman David Provost. Huntington Bancshares and TCF Financial Corp. on Dec. 13 announced an all-stock merger agreement with a total market value of $22 billion. Huntington And TCF Finanical Merger: Building A Powerhouse Bank. The deal with Huntington is the third merger of TCF's Torgow's career in the financial sector. This was an opportunity to highlight two centers of community.". Follow him on Twitter @jcreindl. The integration of the bank's services was completed just four months ago. It was $4 billion more than its previous community plan, a commitment lauded by local and state officials. More: 10 new Detroit developments that COVID-19 pandemic couldn't cancel. 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. Consumers too? Huntington expects the transaction to be 18% accretive to earnings per share in 2022. Read more on business and sign up for our business newsletter. Huntington, TCF to close 198 branches for planned merger freep.com - JC Reindl. 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 97 branches that are inside Meijer stores. Both banks have a history of investment in the city, which they promised to expand. In late October, TCF CEO Craig Dahl retired. Some branches are expected to close, Steinour said, though the number is not yet clear. 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 also recently announced a $1 billion commitment over five years to loan to minority- and female-owned small businesses. The first big deal came last year between BB&T and SunTrust, which merged together to become Trust Bank. A major merger between Ohio-based Huntington Bank and TCF National Bank has just been announced. The deal with Huntington is the third merger of TCF's Torgow's career in the financial sector. 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. 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. Two big bank holding companies with huge name recognition throughout the Midwest — Columbus, Ohio-based Huntington Bancshares and Detroit-based TCF Financial Corp. … The deal is expected to close in the second quarter of 2021 and is subject to regulatory and shareholder approval. Huntington Bancshares Inc. agreed to merge with TCF Financial Corp. in the latest in a recent string of regional-bank tie-ups. "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'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. 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. Operating under the Huntington name, the bank would become a top 10 regional bank in the U.S. Detroit will house the other 60% of the $117 billion in the merger's total loans. The first big deal came last year between BB&T and SunTrust, which merged together to become Trust Bank. 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 building is expected to open in the mid-2022. 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 companies did not provide a … 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. 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. The planned merger of Detroit-based TCF Financial Corp. into Huntington Bancshares of Columbus, Ohio, will result in 198 branch closures, including … The merger means that another purely Michigan-based bank will lose its identity. TCF-Huntington merger could be good for shareholders. He founded Troy-based Talmer Bancorp. Both banks already have "adopted" two neighborhoods in the city with $5 million commitments each for Detroit's Strategic Neighborhood Fund. By Ashley Schafer, Midland Daily News. 10 new Detroit developments that COVID-19 pandemic couldn't cancel, Your California Privacy Rights/Privacy Policy. © 2021 The Detroit News, a Digital First Media Newspaper. Consumers too? The new Huntington will continue to grow its presence in Detroit and Midland, Torgow said, as well as in Minneapolis. TCF is joining Huntington to create a top 10 U.S. regional bank that is better positioned to create value for you. “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. 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. This is a significant commitment to Detroit and to Michigan.”. 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.". "As we’ve seen over the past year with the pandemic, more and more home goods delivered, including groceries. 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. 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. He founded Troy-based Talmer Bancorp. Contact JC Reindl at 313-222-6631 or jcreindl@freepress.com. 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, 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 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. In this Jan. 28, 2019 file photo, a TCF Bank sign is shown in Eastpointe, Mich. The two banks have a combined 532 branches in Michigan, according to … Huntington Bancshares (NASDAQ:HBAN) agrees to a merger deal with TCF Financial (NASDAQ:TCF), WSJ reports. The Huntington brand will survive, while the TCF name will disappear. 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. 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. TCF executive chairman Gary Torgow will be chairman of the bank's board of directors. 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. It will host every other board of directors meeting. and facilitated its merger … Dec. 15, 2020 11:21 AM ET Huntington Bancshares Incorporated (HBAN), TCF 4 Comments … That includes TCF's commitment to add neighborhood branch locations in Detroit. Under the merger, Huntington will take over TCF, meaning the Michigan-based bank will lose its name. “This is not a wink and a nod. "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. 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. According to the company, they will operate under the Huntington … TCF shares rose 4.6%, while Huntington declined 4.4%. 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. With Huntington, a major player in the industrial Midwest, the acquisition will create one of the top 10 largest regional banks in the country. 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