Chemical Financial Corp.’s $3.6 billion acquisition of Wayzata, Minn.-based TCF Financial Corp. heads to a close Aug. 1 after receiving final federal regulatory approval.
The Federal Reserve Board of Governors announced approval Tuesday of the all-stock deal that creates a bank with more than $46 billion in assets and 500 offices in nine states across the Midwest. Once the merger closes, the Detroit-based Chemical Financial will take on the TCF Financial name and trade on the Nasdaq stock exchange under the ticker symbol “TCF.”
“With the support of our shareholders and approval from our regulators, we are ready to leverage the complementary strengths of both organizations as we come together to create a premier Midwest bank,” said Gary Torgow, Chemical Financial’s executive chairman. “We look forward to executing on our shared strategic vision to create value and opportunities for our shareholders, customers, employees and the communities we serve.”
Under the deal announced in January, common shares of TCF Financial stock will convert into 0.5081 shares of the new company.
Chemical Financial presently has 212 offices, mostly in Michigan, plus northeast Ohio and northern Indiana with total assets of $21.8 billion.
MiBiz finance news coverage is supported by Chemical Bank, the largest banking company headquartered and operating branch offices in Michigan. Visit chemicalbank.com for information. (This sponsorship is advertising. It has no effect on editorial consideration in MiBiz.)