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Justice Department Requires Divestitures in Huntington Bancshares Incorporated's Acquisition of TCF Financial Corporation

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Justice Dept forces Huntington, TCF to sell 13 branches to do merger

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The Department of Justice is requiring Huntington and TCF banks to sell off 13 bank branches in Michigan to go through with their newly approved merger and assuage antitrust concerns.
The mandatory sell-off, known as a divestiture, will involve $975 million in customer deposits, including those at a 14th branch, and total more than twice what Columbus-based Huntington and Detroit-based TCF initially anticipated would be required to satisfy federal regulators.
The branches are all TCF branches and will remain open, but must be sold to a different bank. Huntington announced late Tuesday that the different bank will be Horizon Bank, which has a tentative deal to buy all 14 of them. ....

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