We have to do more, and now is the time.". 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. Operating under the Huntington name, the bank would become a top 10 regional bank in the U.S. Consumers too? 10 new Detroit developments that COVID-19 pandemic couldn't cancel, Your California Privacy Rights/Privacy Policy. 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. 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. This is a significant commitment to Detroit and to Michigan.”. 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. "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. Of that, $5 billion has been dedicated to Michigan. 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 deal with Huntington is the third merger of TCF's Torgow's career in the financial sector. The deal is expected to close in the second quarter of 2021 and is subject to regulatory and shareholder approval. 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. 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. Columbus will remain the headquarters for the holding company and the consumer bank, which will represent about 40% of the combined company's business. 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. He will have an office in Detroit as well as in Ohio. “This is not a wink and a nod. TCF executive chairman Gary Torgow will be chairman of the bank's board of directors. Follow him on Twitter @jcreindl. He founded Troy-based Talmer Bancorp. Steinour said he hopes much of the TCF team will continue at Huntington, though those decisions have not been finalized. 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. 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. Both banks have a history of investment in the city, which they promised to expand. TCF also recently announced a $1 billion commitment over five years to loan to minority- and female-owned small businesses. Once it is complete, the TCF will name disappear, replaced with the Huntington name on its banking centers and ATMs. Consumers too? TCF's merger into Huntington was announced in December and is expected to close in the second quarter. 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. 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. "We've invested so much in Detroit, Michigan, and Columbus, Ohio. TCF has $48 billion in assets with 475 branches in Michigan, Illinois, Minnesota, Colorado, Ohio, South Dakota and Wisconsin. The undeveloped piece of property on the corner of Jebavy Drive and U.S. 10 in Pere Marquette Township has sat vacant for years. 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 -- … A TCF representative declined comment and Meijer did not respond to a comment request. Two big bank holding companies with huge name recognition throughout the Midwest — Columbus, Ohio-based Huntington Bancshares and Detroit-based TCF Financial Corp. … 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. He founded Troy-based Talmer Bancorp. The merger is … 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 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. 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. (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 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 Huntington-TCF merger is the latest deal among regional banks, who have looked to get bigger and more competitive against the Wall Street titans … “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 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. Huntington And TCF Finanical Merger: Building A Powerhouse Bank. More: TCF-Huntington merger could be good for shareholders. The merger is expected to create a premier U.S. regional bank with dual headquarters in Detroit and Ohio. The funds support initiatives in the Grandmont-Rosedale and Warrendale-Cody Rouge communities. TCF-Huntington merger could be good for shareholders. 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