We are one step closer to another sign change at what were originally Chemical Bank branches across Michigan’s Great Southwest, changed last year to TCF and now are slated to become Huntington Bancshares following merger approval from shareholders of both institutions.
Huntington Bancshares Incorporated and TCF Financial Corporation jointly announced that each company’s shareholders have approved the proposed merger of TCF into Huntington at their respective special meetings of shareholders held Thursday.
Stephen D. Steinour, Huntington’s Chairman, President, and CEO says, “Today’s shareholder approval is a key milestone in our journey to combine Huntington and TCF,” and adds, “I am very pleased Huntington shareholders support this partnership, as it provides a compelling opportunity to accelerate shareholder value creation, while enabling us to help more people and businesses throughout our local communities. I look forward to TCF shareholders becoming Huntington shareholders when the transaction is complete.”
Meanwhile, Gary Torgow, TCF’s Executive Chairman, says, “With our shareholders’ approval, we are one step closer to bringing together our two purpose-driven organizations to create an even stronger, market-leading regional bank for our customers, communities and colleagues.” Torgow adds, “I’m excited about what the future holds for the combined company and for the talented employees from both TCF and Huntington who will take it to the next level.”
Completion of the transaction remains subject to regulatory approval and the satisfaction of the other customary closing conditions set forth in the merger agreement. Huntington and TCF currently anticipate completing the transaction late in the second quarter.
Huntington Bancshares Incorporated is a regional bank holding company headquartered in Columbus, Ohio, with $123 billion of assets and a network of 839 branches, including 11 Private Client Group offices, and 1,322 ATMs across seven Midwestern states. Founded in 1866, The Huntington National Bank and its affiliates provide consumer, small business, commercial, treasury management, wealth management, brokerage, trust, and insurance services. Huntington also provides vehicle finance, equipment finance, national settlement, and capital market services that extend beyond its core states.
TCF Financial Corporation is a Detroit-based financial holding company with $48 billion in total assets at Dec. 31, 2020 and a top 10 deposit market share in the Midwest. TCF’s primary banking subsidiary, TCF National Bank, is a premier Midwest bank offering consumer and commercial banking, trust and wealth management, and specialty leasing and lending products and services to consumers, small businesses and commercial clients. TCF has approximately 470 branches primarily located in Michigan, Illinois and Minnesota with additional locations in Colorado, Ohio, South Dakota and Wisconsin. TCF also conducts business across all 50 states and Canada through its specialty lending and leasing businesses.
