Share December 13, 2020, 10:10 PM Detroit-based TCF Financial Corp. will merge into Huntington Bancshares Inc. in a $22-billion merger, The Detroit News reported Sunday night. The all-stock deal creates one of the largest regional banks, with dual headquarters in Detroit and Columbus, Ohio. The banks will operate under the Huntington name. That means the TCF Center, known as Cobo Center until August 2019, will be renamed Huntington Center.
This name went up just 16 months ago. (Photo from bank) The deal is expected to close in the second quarter of 2021, pending regulatory approvals. We will be stronger together and that this combination will benefit you, TCF says on its website. We look forward to sharing even more with you about this exciting partnership as time goes on.
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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.
Huntington to acquire TCF Bank in deal creating top 20 bank valued at $22 billion
Bank to be among largest in U.S.
Executives wanted win-win deal for their respective companies
Crain s Detroit Business
Two of the Midwest s largest banks are joining forces as one.
Detroit-based TCF Financial Corp. will be acquired by Huntington Bancshares Inc. out of Columbus, Ohio, in an all-stock deal that will create a combined company with approximately $168 billion in assets and would be in the top 20 for largest banks in the country in terms of total assets, according to a recent list by the U.S. Federal Reserve Bank.
Huntington Bancshares, TCF Financial Agree To Combine In All-stock Merger
WASHINGTON (dpa-AFX) - Huntington Bancshares Inc (HBAN), the parent company of The Huntington National Bank, and TCF Financial Corp (TCF), the parent company of TCF National Bank, agreed to combine in an all-stock merger with a total market value of about $22 billion with dual headquarters in Detroit, Michigan and Columbus, Ohio. The merger is expected to close in the second quarter of 2021.
Under deal terms, 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 combination expands the Huntington footprint to include Minnesota, Colorado, Wisconsin, and South Dakota, and deepens its presence in Chicago.