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Huntington buys TCF for $6 billion in U S regional bank merger wave
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Huntington Buys TCF for $6B in Regional Bank Merger Wave
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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.
Huntington Bancshares to acquire TCF Financial for £4 5 billion in stock
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Huntington Bancshares to buy TCF Financial for $6 billion
BLOOMBERG
A Huntington Bank branch
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.
The merger will boost Columbus-based Huntington s assets to about $168 billion, nudging it closer to in-state competitors Fifth Third Bancorp and KeyCorp. The price is about 11% higher than TCF Financial s closing level Friday, Dec. 11, according to the company.
Huntington, with a market value of $13.1 billion and $120 billion in assets, operates a network with 839 branches across seven Midwest states, the company which has a big presence in Akron said in a statement Sunday, Dec. 13. TCF Financial, based in Detroit, was worth $5.3 billion as of Friday, with $48 billion in assets. It has a 475-branch network in states including Michigan, Illinois and Minnesota.