Huntington and TCF Financial to merge in $22 billion deal

Melissa M. Munoz

Two big bank holding companies with huge name recognition in Michigan — Columbus, Ohio-based Huntington Bancshares and Detroit-based TCF Financial Corp. — are announcing plans for an all-stock merger valued at $22 billion. 

The deal is expected to close in the second quarter, according to a press briefing given Sunday night with the Detroit Free Press. 

The Huntington brand will survive, while the TCF name will disappear. The merger means that another purely Michigan-based bank will lose its identity. Many major banks in Michigan — Chase, Comerica, PNC, Bank of America and Fifth Third — are all headquartered in other states. Flagstar Bank is based in Troy, and Ally Financial, a bank holding company, is based in Detroit. 

The latest merger, though, calls for keeping two headquarters for different operations in a unique commitment to Detroit and Michigan. 

Huntington Bancshares will retain its headquarters in Columbus for the holding company and consumer banking operations. 

A Detroit headquarters will be used for the combined company’s commercial banking arm. The bankers said 60% of loan portfolio business will be based in Detroit, while 40% will be in Columbus.

Next Post

Beating The Odds, Wuhan Horse Racing Gallops Further than Virus

Blue cushions are up for grabs as masked spectators cheer horses galloping to the end in Wuhan, floor zero for the pandemic but also a major centre for racing in China. The town of 11 million men and women is synonymous with the coronavirus, which emerged in Wuhan about a year […]