Regional banking is changing once again with the merger of two banks with presence in the Blue Water Area. The merger of Huntington Bank and TCF Bank is one step closer to completion after each company’s shareholders approved the merger of TCF into Huntington last week.
Chemical bank merged into TCF just two years ago. Before that, Talmer bank merged with Chemical in 2016.
TCF Bank is a Detroit-based financial holding company with $48 billion in assets and 470 branches. Huntington, headquartered in Columbus, Ohio, has $123 billion in assets and 839 branches.
Branch closures are expected, particularly those that are within stores like Meijer, along with layoffs. Huntington Bank will have their commercial banking headquarters in a new building in downtown Detroit.
Stock holders are the big winners in the merger. Stephen D. Steinour, Huntington’s chairman, president, and CEO said he is “very pleased Huntington shareholders support this partnership, as it provides a compelling opportunity to accelerate shareholder value creation, while enabling us to help more people and businesses throughout our local communities.”
The merger is expected to be finalized later this year.
Reporting for WGRT – Jennie McClelland
