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Huntington s $22B TCF Deal Approved With Branch Sales
Law360 (May 25, 2021, 8:57 PM EDT) Huntington Bancshares Inc. and TCF Financial Corp. received approval from banking regulators for their planned $22 billion merger after cutting a deal with the Justice Department to sell around a dozen branches in Michigan over competition concerns.
The regional banks said in a joint statement Tuesday that the move has now been approved by the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency. The approvals came after the banks reached a deal with Horizon Bancorp Inc. to unload 14 branches in Michigan with around $975 million in total deposits for an undisclosed.
Federal regulators have given their blessing to the acquisition of Detroit-based TCF Financial Corp. by Huntington Bancshares Inc. out of Columbus, Ohio, paving the way for the $22 billion merger to formally close next month. First proposed in December 2020, the deal was approved Tuesday afternoon…
Huntington, TCF Announce Receipt Of All Required Regulatory Approvals For Pending Merger
Announce buyer in pending divestiture of 14 TCF branches
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COLUMBUS, Ohio and DETROIT, May 25, 2021 /PRNewswire/ Huntington Bancshares Incorporated (Nasdaq: HBAN; Huntington ) and TCF Financial Corporation (Nasdaq: TCF; TCF ) jointly announced that the Board of Governors of the Federal Reserve System (the Federal Reserve Board ) and the Office of the Comptroller of the Currency, with input from the United States Department of Justice s Antitrust Division (the DOJ ), have approved the proposed merger of Huntington and TCF and of The Huntington National Bank and TCF National Bank.