Huntington Bancshares Has 15% Fewer TCF Employees Than Before Merger tcbmag.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tcbmag.com Daily Mail and Mail on Sunday newspapers.
9 & 10 News
January 22, 2021
DETROIT (AP) Chemical Financial Corp. (TCF) on Friday reported fourth-quarter earnings of $91.4 million.
The bank, based in Detroit, said it had earnings of 58 cents per share. Earnings, adjusted for one-time gains and costs, were 75 cents per share.
The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 71 cents per share.
The financial holding company posted revenue of $538.7 million in the period. Its revenue net of interest expense was $508.6 million, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $500.6 million.
For the year, the company reported profit of $222.8 million, or $1.39 per share. Revenue was nearly unchanged at $2.05 billion.
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.
With Huntington, a major player in the industrial Midwest, the acquisition will create one of the top 10 largest regional banks in the country. Once it is complete, the TCF will name disappear, replaced with the Huntington name on its banking centers and ATMs.
The deal is expected to close in the second quarter of 2021 and is subject to regulatory and shareholder approval.
TCF Bank announces merger, name change
Founded nearly a century ago in the Twin Cities, TCF will merge with Huntington and is expected to take its name in 2021. Author: Jeremiah Jacobsen Updated: 11:58 AM CST December 14, 2020
The name TCF is on track to disappear from the Twin Cities after nearly a century in the business of money.
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 2021. TCF is joining Huntington to create a top 10 U.S. regional bank that is better positioned to create value for you, read an announcement on the TCF website. Both companies share an operating philosophy that focuses on our customers and communities. We believe that we will be stronger together and that this combination will benefit you. We look forward to sharing even more with you about this exciting partnership as time goes on.
TCF Name to Disappear in Huntington Bancshares Merger tcbmag.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tcbmag.com Daily Mail and Mail on Sunday newspapers.