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Billion dollar deal: TCF to merge with Huntington Bank
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TCF Bank, Huntington announce merger in $22 billion deal
By: (WXYZ)
and last updated 2020-12-14 06:24:40-05
Two banks with presences in Michigan are merging. TCF Financial Corporation and Huntington Bancshares Incorporated announced Monday they will combine in an all-stock merger with two headquarters. It s valued at around $22 million.
Under the merger, Huntington will take over TCF, meaning the Michigan-based bank will lose its name.
According to the company, they will operate under the Huntington name. The headquarters for the commercial bank will be in Detroit, and there will be around 800 employees working in Downtown Detroit. A new headquarters is under construction on Woodward Ave. near the Fox Theatre across from Comerica Park. A second headquarters for the holding company and consumer bank will be located in Columbus, Ohio.
Press release content from PR Newswire. The AP news staff was not involved in its creation.
Huntington Bancshares And TCF Financial Corporation Announce Merger To Create Top 10 U.S. Regional Bank
December 14, 2020 GMT
Huntington Bancshares Incorporated logo (PRNewsfoto/Huntington Bancshares Incorpora)
COLUMBUS, Ohio and DETROIT, Dec. 13, 2020 /PRNewswire/ Huntington Bancshares Incorporated (“Huntington”) (Nasdaq: HBAN; www.huntington.com ), the parent company of The Huntington National Bank, and TCF Financial Corporation (“TCF”) (Nasdaq: TCF; www.tcfbank.com ), the parent company of TCF National Bank, today announced the signing of a definitive agreement under which the companies will combine in an all-stock merger with a total market value of approximately $22 billion to create a top 10 U.S. regional bank with dual headquarters in Detroit, Michigan and Columbus, Ohio.