fbpx
Published in Finance

Shareholders approve TCF, Huntington merger

BY Thursday, March 25, 2021 06:22pm

Shareholders at TCF Financial Corp. and Huntington Bancshares Inc. on Thursday backed the planned $22 billion merger between the two banks.

The deal remains on track to close in the second quarter, pending federal regulatory approvals.

“The executive and the board have always been focused on creating value for our shareholders and this strategic merger does just that,” TCF Executive Chairman Gary Torgow said following the shareholder vote that was held virtually.

Under the deal, the Detroit-based TCF Financial (Nasdaq: TCF) would merge into Columbus, Ohio-based Huntington (Nasdaq: HBAN) to create a Midwest banking powerhouse. After the deal closes, Huntington would have about $168 billion in assets, $117 billion in loans, and $140 billion in deposits with dual headquarters in Detroit and Columbus.

Both banks have sizable market positions in Michigan, ranking sixth and seventh, respectively, in the Federal Deposit Insurance Corp.’s 2020 summary of deposits. In the Grand Rapids-area market, Huntington ranked second in last year’s summary of deposits while TCF was fourth.

The deal will result in numerous branch closures in Michigan for both banks. A merger application to federal banking regulators said 198 TCF and Huntington branches will either close or consolidate into a nearby branch. Among them are two dozen West Michigan locations for both banks, plus all 97 of Huntington’s in-store branches at Meijer Inc. stores.

Huntington presently has 277 offices in Michigan with $17.1 billion in deposits, according to the merger application to the Office of the Comptroller of the Currency, which is one of three federal regulatory bodies that needs to approve the deal, along with the FDIC and Federal Reserve Board. The FDIC lists TCF as having 243 offices in Michigan as of June 30, 2020, with $20.7 billion in deposits.

Read 3852 times
SUBSCRIBE TO MIBIZ TODAY FOR WEST MICHIGAN’S FINEST BUSINESS NEWS REPORTING >