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 … TCF’s primary banking subsidiary, TCF National Bank, is a premier Midwest bank offering consumer and commercial banking, trust and wealth management, and specialty leasing and lending products and services to consumers, small businesses and commercial clients. The headquarters for the Commercial Bank will be in Detroit where at least 800 employees of the combined company, nearly three times the number TCF had planned, will be housed in the downtown structure. TCF Financial Corporation (Nasdaq: TCF) is a Detroit, Michigan-based financial holding company with $48 billion in total assets at Sept. 30, 2020 and a … Together we will have a stronger company better able to support our customers and drive economic growth in the communities we serve.”, “This partnership will provide us the opportunity for deeper investments in our communities, more jobs in Detroit, an increased commitment in Minneapolis and a better experience for our customers,” Board chair Gary Torgow said. “We will be a top regional bank, with the scale to compete and the passion to serve. Huntington Bank stock dipped a bit Monday on the news of a merger with TCF Bank, as investors processed the unexpected deal. Huntington Bancshares Incorporated is a regional bank holding company headquartered in Columbus, Ohio, with $120 billion of assets and a network of 839 full-service branches, including 11 Private Client Group offices, and 1,330 ATMs across seven Midwestern states. This material may not be published, broadcast, rewritten, or redistributed. Free copies of this document may be obtained as described in the preceding paragraph. If you experience any issues with this process, please contact us for further assistance. Together we will have a stronger company better able to support our customers and drive economic growth in the communities we serve.”. David L. Porteous will serve as Lead Director of the holding company’s Board of Directors and the bank’s Board of Directors. Huntington’s senior management will host a conference call at 8:30 a.m. Eastern Time, Monday, December 14, 2020, to discuss the strategic and financial implications of the transaction. It's valued at around $22 million. Regional Bank. 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. TCF also conducts business across all 50 states and Canada through its specialty lending and leasing businesses. TCF has approximately 475 branches primarily located in Michigan, Illinois and Minnesota with additional locations in Colorado, Ohio, South Dakota and Wisconsin. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement/prospectus and other relevant materials filed with the SEC. All Rights Reserved. Upon closing, Stephen D. Steinour will remain the chairman, president, and CEO of the holding company and CEO and president of the bank. Copies of the joint proxy statement/prospectus and the filings with the SEC that will be incorporated by reference in the joint proxy statement/prospectus can also be obtained, without charge, by directing a request to Huntington Investor Relations, Huntington Bancshares Incorporated, Huntington Center, HC0935, 41 South High Street, Columbus, Ohio 43287, (800) 576-5007 or to TCF Investor Relations, TCF Financial Corporation, 333 W. Fort Street, Suite 1800, Detroit, Michigan 48226, (866) 258-1807. The banks will operate under the Huntington name and will have two headquarters for different operations. The two organizations announced the merger Sunday, stating the new regional bank would have dual headquarters in Detroit, Michigan, and Columbus, Ohio. You must click the activation link in order to complete your subscription. Merging with the Huntington platform will be a great benefit to all of our stakeholders and will drive significant opportunities for our team members.”. Huntington, TCF, and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of Huntington and TCF in connection with the proposed transaction under the rules of the SEC. TCF Financial Corporation and Huntington Bancshares Incorporated announced Monday they will combine in an all-stock merger with two headquarters. “This merger combines the best of both companies and provides the scale and resources to drive increased long-term shareholder value. Find the latest TCF Financial Corporation (TCF) stock quote, history, news and other vital information to help you with your stock trading and investing. CAUTION REGARDING FORWARD-LOOKING STATEMENTS. After submitting your request, you will receive an activation email to the requested email address. Keefe, Bruyette & Woods, a Stifel Company, is serving as financial advisor to TCF. By mid-August, TCF … Two big bank holding companies with huge name recognition throughout the Midwest — Columbus, Ohio-based Huntington Bancshares and Detroit … The combined organization will significantly improve Huntington’s market position, increase scale and provide greater revenue growth opportunities. The merger of equals in which legacy TCF Financial Corporation merged into Chemical Financial Corporation was closed on Aug. 1, 2019, forming Michigan’s largest national bank holding company. A new headquarters is under construction on Woodward Ave. near the Fox Theatre across from Comerica Park. TCF Bank has announced that it will merge with Huntington, and is expected to change the name of its banking centers and ATMs to the Huntington brand in … In December, Huntington and TCF announced the merger in a $22 billion deal. Neither Huntington nor TCF assumes any obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. Bank with a team that supports your financial wellness. The merger is expected to close in the second quarter of 2021, subject to satisfaction of customary closing conditions, including receipt of customary regulatory approvals and approval by the shareholders of each company. The merger is projected to have an estimated cost savings of approximately $490 million or 37% of TCF’s non-interest expense, according to sources. Strategic and Financial Benefits of the Proposed Merger. To opt-in for email alerts, please enter your email address in the field below and select at least one alert option. Discover our products and services, convenient ATMs, digital banking and more, from TCF Bank. 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