Updated: December 14, 2020 07:55 AM
Created: December 14, 2020 07:48 AM
Huntington Bancshares Incorporated and TCF Financial Corporation announced a planned merger, with the combined company operating under the Huntington name and brand following the transaction's approval.
The two organizations announced the merger Sunday, stating the new regional bank would have dual headquarters in Detroit, Michigan, and Columbus, Ohio.
About 800 employees of the combined company are expected to staff the Detroit headquarters. Meanwhile, Columbus will remain the headquarters for the holding company and the consumer bank.
"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,” Gary Torgow, who will serve as chairman of the bank’s board of directors, said in a statement. “We will be a top regional bank, with the scale to compete and the passion to serve. Merging with the Huntington platform will be a great benefit to all of our stakeholders and will drive significant opportunities for our team members.”
“This merger combines the best of both companies and provides the scale and resources to drive increased long-term shareholder value," Stephen D. Steinour, who will be the CEO and president of the bank, said in a statement. "We look forward to welcoming the TCF Team Members. Together we will have a stronger company better able to support our customers and drive economic growth in the communities we serve."
The combined company is expected to have approximately $168 billion in assets, $117 billion in loans and $134 billion in deposits.
The merger is expected to be finalized in the second quarter of 2021, subject to customary closing conditions.
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