Huntington Bank-TCF's $22B all-stock merger completed
Huntington Bancshares Inc. said Wednesday it has completed its $22 billion all-stock merger with Detroit-based TCF Financial Corp.
Huntington, based in Columbus, Ohio, and TCF announced the merger in December 2020.
We're offering a great deal on all-access subscriptions. Check it out here.
"We are pleased to announce the completion of this combination with TCF and look forward to welcoming our new colleagues and customers to Huntington. We also look forward to strengthening our community impact through the combined bank," Stephen Steinour, chairman, president and CEO of Huntington, said in a statement.
The combined company has about $175 billion in assets, $142 billion in deposits and $116 billion in loans based on March 31 balances.
Officials said when they announced the merger that the TCF name would disappear, replaced with the Huntington name on its banking centers and ATMs once the merger was completed.
The new banking company's commercial bank business will be based in Detroit while the holding company and its consumer banking business will be headquartered in Columbus, Ohio. Its Detroit headquarters will be in TCF's 20-story building on Woodward and Elizabeth Street, which will be dubbed the Huntington Tower.
In addition, the company said it is expanding into Minnesota and Colorado.
"Columbus, Detroit, and the Twin Cities are all very important markets for the future of Huntington," Steinour said.
Huntington has more than 1,100 total branches, according to the company. In May, the two banks said the U.S. Department of Justice's Antitrust Division and the Federal Reserve Board required TCF to sell off 14 of its Michigan branches to Horizon Bank, a subsidiary of Michigan City, Indiana-based Horizon Bancorp Inc. by the end of the third quarter to complete the merger. All of the branches were outside Metro Detroit.
Both Huntington and TCF customers will continue to bank at their existing branches and TCF customer accounts will be converted to Huntington's systems in the fourth quarter. TCF customers will receive detailed information about the conversions in the coming weeks. Huntington customers will not be affected.
Also Wednesday, the company's Board of Directors appointed five new members in connection with the merger. The five, all former members of TCF's Board of Directors, are:
► Richard King, retired managing director of operations for Thomson Reuters Corp.;
► Barbara McQuade, law professor at the University of Michigan and former U.S. Attorney for the Eastern District of Michigan;
► Roger Sit, CEO, global chief investment officer and director of Sit Investment Associates;
► Jeffrey Tate, executive vice president and chief financial officer, Leggett & Platt;
► Gary Torgow, chairman of the Board of Directors, Huntington National Bank.
"Huntington is privileged to add these five directors with their unique skillsets and impressive experience to our board," Steinour said. "We are committed to delivering top quartile financial performance to our shareholders and continuing to support all of our stakeholders."