In this Jan. 28, 2019 file photo, a TCF Bank sign is shown in Eastpointe, Mich. 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. The tower is expected to open in mid-2022. "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.”. Contact JC Reindl at 313-222-6631 or [email protected] He founded Troy-based Talmer Bancorp. and facilitated its merger … "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 combined company will have more than 20,000 employees. In late October, TCF CEO Craig Dahl retired. We believe that we will be stronger together and that this combination will benefit you. A TCF representative declined comment and Meijer did not respond to a comment request. "As we’ve seen over the past year with the pandemic, more and more home goods delivered, including groceries. The deal is expected to close in the second quarter of 2021 and is subject to regulatory and shareholder approval. 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-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. Operating under the Huntington name, the bank would become a top 10 regional bank in the U.S. 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. "We've invested so much in Detroit, Michigan, and Columbus, Ohio. TCF customers are likely to see the biggest changes in the merger, starting with taking on the Huntington name. “This is not a wink and a nod. 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. The integration of the bank's services was completed just four months ago. We have to do more, and now is the time.". Huntington, TCF to close 198 branches for planned merger freep.com - JC Reindl. 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. The merger is expected to create a premier U.S. regional bank with dual headquarters in Detroit and Ohio. Under the merger, Huntington will take over TCF, meaning the Michigan-based bank will lose its name. 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. One Detroit leader took note Sunday night. 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. Two big bank holding companies with huge name recognition throughout the Midwest — Columbus, Ohio-based Huntington Bancshares and Detroit-based TCF Financial Corp. … TCF-Huntington merger could be good for shareholders. 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. Huntington CEO Stephen Steinour will remain chairman, president and CEO of the holding company as well as CEO and president of the bank. Consumers too? Huntington And TCF Finanical Merger: Building A Powerhouse Bank. Both banks already have "adopted" two neighborhoods in the city with $5 million commitments each for Detroit's Strategic Neighborhood Fund. Huntington Bancshares Inc. agreed to merge with TCF Financial Corp. in the latest in a recent string of regional-bank tie-ups. Dec. 15, 2020 11:21 AM ET Huntington Bancshares Incorporated (HBAN), TCF 4 Comments … "When Steve and I started to talk, we knew the only way was to have a dual headquarters," Torgow said on the conference call. 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. TCF executive chairman Gary Torgow will be chairman of the bank's board of directors. He founded Troy-based Talmer Bancorp. By Ashley Schafer, Midland Daily News. 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. "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 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 new Huntington will continue to grow its presence in Detroit and Midland, Torgow said, as well as in Minneapolis. He will have an office in Detroit as well as in Ohio. 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. Huntington Bancshares and TCF Financial Corp. on Dec. 13 announced an all-stock merger agreement with a total market value of $22 billion. It was $4 billion more than its previous community plan, a commitment lauded by local and state officials. The two banks have a combined 532 branches in Michigan, according to data from the Federal Deposit Insurance Corp. 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. 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. Some branches are expected to close, Steinour said, though the number is not yet clear. Both companies share an operating philosophy that focuses on our customers and communities. Huntington Bancshares and TCF Financial Corp. on Dec. 13 announced an all-stock merger agreement with a total market value of $22 billion. TCF's merger into Huntington was announced in December and is expected to close in the second quarter. The merger is … 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. Upon closing, Stephen D. Steinour will remain the chairman, president, and CEO of the holding company and CEO and president … The funds support initiatives in the Grandmont-Rosedale and Warrendale-Cody Rouge communities. 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 … 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. The deal with Huntington is the third merger of TCF's Torgow's career in the financial sector. Huntington Bank and will close nearly 200 branches ahead of a planned merger with TCF Bank, Huntington confirmed to 7 Action News. 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 … Once it is complete, the TCF will name disappear, replaced with the Huntington name on its banking centers and ATMs. The building is expected to open in the mid-2022. This was an opportunity to highlight two centers of community.". Follow him on Twitter @jcreindl. 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. “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. 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 companies did not provide a … 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. That includes TCF's commitment to add neighborhood branch locations in Detroit. 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. The first big deal came last year between BB&T and SunTrust, which merged together to become Trust Bank. 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. This is the second tie-up for TCF in as many years after merging with Chemical Financial Corp. in August of last year. Huntington expects the transaction to be 18% accretive to earnings per share in 2022. "These consolidations are not driven by the performance of our Meijer in-store locations and are based solely on market overlap," the spokesperson said. Billion dollar deal: TCF to merge with Huntington Bank Will have dual headquarters in Detroit and Columbus, Ohio. 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 first big deal came last year between BB&T and SunTrust, which merged together to become Trust Bank. 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'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. Consumers too? 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. 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