Feds require TCF to sell 14 branches, OK merger with Huntington
TCF Financial Corp. is one step closer to merging into Ohio's Huntington Bancshares Inc. after their tie-up received federal approval, but the Detroit-based bank has to sell off 14 Michigan branches as a condition of completing the transaction.
All required regulatory approvals have been received and the merger is expected to be complete around June 9, the two bank companies said Tuesday in a joint announcement.
As part of the merger with Huntington, which is headquartered in Columbus, TCF National Bank has agreed to sell the 14 banking centers, all outside of Metro Detroit, by the end of the third quarter to Michigan to Horizon Bank, a subsidiary of Michigan City, Indiana-based Horizon Bancorp, Inc. The sales were required by the U.S. Department of Justice's Antitrust Division and the Federal Reserve Board.
Officials said TCF and Horizon Bank will provide information to customers of the affected bank branches. The branches have $975 million in total deposits and $275 million in loans.
The TCF Bank locations being sold to Horizon Bank are:
- 144 W Huron Rd, Au Gres
- 125 N Michigan Ave, Big Rapids
- 1408 N Mitchell St, Cadillac
- 302 S Mitchell St, Cadillac
- 1425 Bridge St, Charlevoix
- 310 N Shiawassee, Corunna
- 211 W Main St, Fremont
- 521 W Main St, Gaylord
- 2500 S I-75 Business Loop, Grayling
- 7409 W Houghton Lake Dr, Houghton Lake
- 101 N Roland St, McBain
- 2910 Jefferson Ave, Midland
- 1345 E M 21, Owosso, MI
- 220 S Main St, Standish, MI