July 17, 2024


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Huntington and TCF Financial to merge in $22 billion deal

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. 

Huntington Bancshares will give Michigan's economy a much-needed boost through a $5 billion, five-year commitment that aims to help small businesses, minority-owned businesses, homeowners and others.

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.