The planned merger of Detroit-based TCF Financial Corp. into Huntington Bancshares of Columbus, Ohio, will result in 198 branch closures, including 97 branches that are inside Meijer stores. MORE FROM CBS DETROIT: AG Nessel Says She Will Appeal The Court Ruling Allowing Discrimination Over Sexual Orientation, MORE FROM CBS DETROIT: Michigan COVID-19 Restrictions Extended Through Dec. 20. Steinour said he has known TCF Chairman Gary Torgow for years. In all, TCF has about 475 branch offices, compared with Huntington's 839. Here's Her Update On The State's Response To COVID-19. Huntington Bancshares of Columbus is buying the Detroit-based parent of TCF National Bank in all-stock, $6 billion deal that will extend Huntington's footprint into … The premium that Huntington is paying for TCF caused Huntington's shares to drop 5% in Monday trading. This is two strong players coming together that will benefit both," said Bruce Clapp, president of MarketMatch, a Waynesville, Ohio, marketing firm that works to grow community banks nationwide. (CBS DETROIT) – Detroit-based TCF Financial Corp. will merge into Huntington Bancshares Inc. as part of a $22 billion deal. Huntington will keep its headquarters in Columbus for the holding company and consumer banking. Open-Carry Advocates Who Entered Dearborn PD With Guns, Camera Sentenced, Gov. December 14, 2020 Media: Matt Samson (matt.b.samson@huntington.com), 312.263.0203 Randi Berris (randi.berris@tcfbank.com), 248.608.5293 COLUMBUS, Ohio and DETROIT, Dec. 14, 2020 – Huntington Bancshares Incorporated (“Huntington”) A major merger between Ohio-based Huntington Bank and TCF National Bank has just been announced. Steinour also will be president, chairman and CEO of the holding company. Yeah, when I first heard this I was a bit worried, but as more details come out, it seems like as much of a win-win as it merger can be, anyway. Huntington Bancshares of Columbus is buying the Detroit-based parent of TCF National Bank in all-stock, $6 billion deal that will extend Huntington's footprint into new markets as far west as Colorado. "We will have a stronger future together," Steve Steinour, Huntington's chairman, president and CEO, said in a conference call Monday morning. TCF Financial Corporation and Huntington Bancshares Incorporated announced Monday they will combine in an all-stock merger with two headquarters. The planned merger of Detroit-based TCF Financial Corp. into Huntington Bancshares of Columbus, Ohio, will result in 198 branch closures, including 97 … The deal is expected to bring $490 million in cost savings, much of which will come from closing or merging branches in those areas. Huntington Bancshares and TCF Financial Corp. on Dec. 13 announced an all-stock merger agreement with a total market value of $22 billion. TCF and Huntington National Bank announced the merger in December. Under the merger, Huntington will take over TCF, meaning the Michigan-based bank will lose its name. Under the terms of the agreement, which was unanimously approved by the boards of directors of both companies, TCF will merge into Huntington, and the combined holding company and bank … 60 percent of loan portfolio business will be based in Detroit and 40 percent will be in Columbus. Many major banks in Michigan — Chase, Comerica, PNC, Bank … Though the change might not mean much to Huntington's Ohio operations, the addition of the Twin Cities and Denver could be huge for the bank. By viewing our video content, you are accepting the terms of our. The undeveloped piece of property on the corner of Jebavy Drive and U.S. 10 in Pere Marquette Township has … Stimulus Check Latest: Have The Chances Of A $2,000 Payment Improved? “This partnership will provide us the opportunity for deeper investments in our communities, more jobs in Detroit, an increased commitment in Minneapolis and a better experience for our customers,” Torgow said in a statement. Detroit has about twice as many businesses as Columbus, which is why the bank's commercial operations will be there, Steinour said. Dispatch reporter Jim Weiker contributed to this report. Huntington executives said they expect the premium paid for TCF shares to be fully recovered within three years. The headquarters for the holding company created by the acquisition also will be in Columbus. While both banks had different end customers, I think this type of deal really brings together a clear opportunity to sell wealth management or leasing revenue products (from … The deal, worth about $22 billion, will create a top 10 regional bank in the U.S. Whitmer Mum On Health Chief’s Resignation, Sports Ban, Stimulus Check Update: 'I Believe We Have A Moral Obligation,' Says President-Elect Joe Biden. With a market value of $13.1 billion, Huntington is more than twice the size of TCF, which had a market capitalization of $5.4 billion as of Friday. TCF closed at $34.78 on Friday. © 2020 CBS Broadcasting Inc. All Rights Reserved. Here’s Everything You Need To Know, MORE FROM CBS DETROIT: Stimulus Package Update: Plan Should ‘Give As Generous Aid To Local Governments As Possible,’ Economist Says. The companies on Sunday announced an … “This … According to the Detroit Free Press, the deal is expected to close in the second quarter. According to the Detroit Free Press, the deal is expected to close in the second quarter. In addition, executives plan to apply Huntington’s consumer-friendly policies, such as overdraft protections to all customers of the combined bank. Stimulus Check Latest: Parents Could Receive Monthly Payments With Expanded Child Tax Credit, Missed Gov. Huntington Center is a helluva lot more aesthetic than TCF Center. © 2021 www.dispatch.com. Huntington, TCF Financial to merge in $22B deal. I like their team and I like what they do.". The banks will maintain headquarters in both Columbus and Detroit, with commercial operations based in Detroit and consumer operations based in Columbus. TCF, the Michigan-based firm that operates Minnesota’s third-largest bank, is merging with Ohio-based Huntington Bancshares. 2 bank with about a 14% market share, trailing only JPMorgan Chase & Co. The banks will operate under the Huntington name and will have two headquarters for different operations. On Monday, it was announced Huntington Bancshares Inc. is combining the two companies together to create a top 10 U.S. regional bank under the Huntington name. We believe that we will be stronger together and … Under the terms of the agreement, which was unanimously approved by the boards of directors of both companies, TCF will merge into Huntington, and the combined holding company and bank will operate under the Huntington name and brand following the closing of … But observers nonetheless said the deal makes sense. Thursday, December 17, 2020 Josh Medore Huntington-TCF Merger All About Scaling Up, CEO Says YOUNGSTOWN, Ohio – When its merger with TCF Financial Corp. is completed next year, the new scale of Huntington Bank will allow it to invest more in technology and expand its reach among small businesses, CEO Stephen Steinour says. It's a perfect combination.". The Detroit Free Press reports construction will continue and the tower expects to be open in the next 16 months or so under the new name: The Huntington Tower. Barstool Sports Portnoy Uses Online Sports Betting To Help Michigan Small Businesses During Pandemic. Stimulus Package Update: When Will The Checks Start Arriving? Huntington Banks merge with TCFThose TCF Bank signs will change in 2021 after an all stock merger was announced by Huntington Bancshares Incorporated, the parent company of The Huntington National Bank and TCF Financial Corporation, the parent company of TCF National Bank.The companies will combine in an all-stock merger with a total market value of … The merger also would put Huntington in reach of its biggest in-state competitors, Cincinnati-based Fifth Third, with assets of $202 billion, and Cleveland-based KeyCorp, with $170.5 billion in assets. Huntington Bancshares Inc. agreed to merge with TCF Financial Corp. in the latest in a recent string of regional-bank tie-ups. “We will be a top regional bank, with the scale to compete and the passion to serve.". Under the terms of the agreement, which was unanimously approved by the boards of directors of both companies, TCF will merge into Huntington, and the combined holding company and bank will operate under the Huntington name and brand following the closing of … Both companies share an operating philosophy that focuses on our customers and communities. Huntington now plans to occupy the building and it may have up to 1,100 employees there according to Stephen Steinour, chairman, president and CEO of Huntington Bank. "The broader footprint is clearly a big win for Huntington," Clapp said. Huntington Bancshares is merging with TCF Financial in a $22 billion deal that will result in the development of one of the top 10 U.S. regional banks. In announcing the merger in December, executive said that a combined bank, with TCF merging into Huntington, would have about $168 billion in assets, $117 billion in loans, and $134 billion in deposits with dual headquarters in Detroit and Columbus. Here’s Everything You Need To Know, Stimulus Package Update: Plan Should ‘Give As Generous Aid To Local Governments As Possible,’ Economist Says. The Detroit operations will move into a new building under construction in downtown Detroit that will open early in 2022. "We're gaining two highly attractive markets," Steinour said. In December, Huntington and TCF announced the merger in a $22 billion deal. TCF customers are likely to see the biggest changes in the merger, starting with taking on the Huntington name. Torgow will be chairman of the bank's board of directors. The acquisition is the latest in a string of financial institution mergers, as smaller banks seek to compete with giants such as JPMorgan Chase and Bank of America. He said Torgow first suggested the merger over the summer. Stimulus Check Update: When Could The Third Payment Arrive? Huntington Bancshares, the parent company of Huntington National Bank, and TCF Financial, the parent company of TCF National Bank, signed 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 … The merger will create a top 10 U.S. regional bank with dual headquarters in Columbus and Detroit. Columbus-based Huntington’s acquisition of Detroit-based TCF, previously announced in December, is expected to take place in the second quarter. The deal will strengthen Huntington's consumer, wealth, business banking and commercial businesses and is meant to drive growth and investment, Steinour said. The merger means that another Michigan-based bank will go by the wayside. Last month, PNC Financial Services Group of Pittsburgh announced that it was buying the U.S. subsidiary of Spain’s BBVA bank for $11.6 billion. The banks will operate under the Huntington name and will have two headquarters for different operations. "This is a union of opportunity. TCF Bank halted its plans to construct a building at 5646 West U.S. 10 after it announced a merger with Huntington National Bank in December. TCF is joining Huntington to create a top 10 U.S. regional bank that is better positioned to create value for you. In Michigan, the combination will become the No. Operating under the Huntington name, the bank would become a top 10 regional bank in the U.S. Huntington Bancshares Inc HBAN 0.8% and TCF Financial Corporation TCF 0.93% announced late Sunday the two banks have agreed to merge in an all-stock deal. The combined bank will operate under the Huntington brand. Huntington officials said they have had multiple conversations with regulators already and are confident the deal will be approved. The acquisition, announced Sunday night, will be the biggest in Huntington's 154-year history and nearly twice the size of Huntington's last big acquisition, the $3.4 billion purchase of Akron-based FirstMerit in 2016. Huntington Bank to merge with TCF Bank leading to a new name for TCF Center in 2021 when merger is completed. A Detroit headquarters will be used for the combined company’s commercial banking arm, the Detroit Free Press reports. It will have about $168 billion in assets, $117 billion in loans, and $134 billion in deposits, making Huntington one of the 20 biggest banks in the U.S. and one of the nation's 10 largest regional banks. AG Nessel Says She Will Appeal The Court Ruling Allowing Discrimination Over Sexual Orientation, Michigan COVID-19 Restrictions Extended Through Dec. 20. "TCF has long been innovative on the consumer side, with extended hours and other ideas, and Huntington is in the forefront of technology and small business lending. Steinour will remain CEO and president of the bank. The deal calls for TCF Financial shareholders to get about three Huntington shares for each of their TCF shares, which are worth about $38.83. In the conference call, Steinour was particularly enthusiastic about TCF's presence in Chicago, where Huntington has a much smaller footprint, and in two markets Huntington is absent from: Minneapolis and Denver. It's valued at around $22 million. The banks overlap significantly, however, in other markets, especially Detroit and Grand Rapids, and in smaller communities including Traverse City, Michigan, and Youngstown and Elyria, Ohio. 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 … All rights reserved. A new landmark office tower will be in downtown Detroit for at least 800 employees of the combined company, according to the Detroit Free Press. Whitmer's Press Conference? "I think of this as a win," Steinour said. "Minneapolis is an evolving market, very technology-savvy, and Denver is a strong marketplace.". "They will definitely be growth markets.". Stimulus Check Latest: Will You Receive A Third Payment Later This Year? 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. This material may not be published, broadcast, rewritten, or redistributed. "It's not something we had to do. Your California Privacy Rights / Privacy Policy. Other sources of savings will come from centralizing operations and equipment, Huntington said. (Reuters) - Huntington Bancshares Inc has agreed to buy TCF Financial Corp for $6 billion in stock, marking the latest tie-up among U.S. regional … The deal is expected to close in the spring. As for the TCF Center, it will become the Huntington Center after the merger, according to Gary Torgow, executive chairman of TCF Financial. (CBS DETROIT) – Detroit-based TCF Financial Corp. will merge into Huntington Bancshares Inc. as part of a $22 billion deal. ©2021 CBS Broadcasting Inc. All Rights Reserved. In the fall of 2019 construction began on the TCF Tower — a 20-story headquarters for TCF located on Woodward Avenue — to create 200 new jobs and bring another 300 workers to downtown Detroit, according to the website of Neumann/Smith Architecture, who are designers of the project. Create a top regional bank with dual headquarters in Columbus Payment Later This Year will... To apply Huntington ’ s third-largest bank, is merging with Ohio-based Huntington and... 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