Huntington Bancshares Inc. agreed to merge with TCF Financial Corp. in the latest in a recent string of regional-bank tie-ups. RELATED: TCF Bank to merge with Detroit-based bank. A TCF representative declined comment and Meijer did not respond to a comment request. TCF has around 475 branches in Minnesota, Michigan, Illinois, Colorado, Ohio, South Dakota and Wisconsin. The branch closures are separate from Huntington's tentative plan to shed about $450 million in current TCF and Huntington customer deposits, a move called a "deposit divestiture," to help ease antitrust concerns about the merger. By joining up with TCF, Huntington expects to realize $490 million in cost savings and believes the merger will increase earnings by 18% by 2022. Consumers too? Huntington Bank and will close nearly 200 branches ahead of a planned merger with TCF Bank, Huntington confirmed to 7 Action News. "TCF is joining Huntington to create a top 10 U.S. regional bank that is better positioned to create value for you," read an announcement on the TCF website. Read more on business and sign up for our business newsletter. "TCF is … Detroit-based TCF Financial Corp. will merge into Huntington Bancshares Inc. in a $22 billion all-stock merger that creates one of the largest regional banks … Huntington, TCF to close 198 branches for planned merger. He said Torgow first suggested the merger over the summer. The Huntington brand will survive, while the TCF name will disappear. This article originally appeared on Detroit Free Press: Huntington, TCF to close 198 branches for planned merger, Like us on Facebook to see similar stories, Man in plot to kidnap Michigan governor to plead guilty, prosecutor says, Sanofi to help produce millions of rival Pfizer's COVID vaccines in Europe. TCF Bank has announced that it will merge with Huntington, and is expected to change the name of its banking centers and ATMs to the Huntington brand in 2021. According to its website, TCF will continue to operate separately until shareholders and regulators approve the merger, which is expected in 2021. The undeveloped piece of property on the corner of Jebavy Drive and U.S. 10 in Pere Marquette Township has sat vacant for years. RELATED: Citi names Jane Fraser next CEO, the first woman to lead major US bank, Like us on Facebook to see similar stories, Videos show Florida school resource officer slam student to concrete, Sarah Huckabee Sanders bets Trump's culture wars will help make her Arkansas' next governor. It was previously known as "Twin City Federal.". TCF Financial Corporation and Huntington Bancshares Incorporated announced Monday they will combine in an all-stock merger with two headquarters. We look forward to sharing even more with you about this exciting partnership as time goes on.". (CBS DETROIT) – Detroit-based TCF Financial Corp. will merge into Huntington Bancshares Inc. as part of a $22 billion deal. A major merger between Ohio-based Huntington Bank and TCF National Bank has just been announced. The name "TCF" is on track to disappear from the Twin Cities after nearly a century in the business of money. Chemical Bank … The two banks have a combined 532 branches in Michigan, according to data from the Federal Deposit Insurance Corp. Connect with friends faster than ever with the new Facebook app. "These consolidations are not driven by the performance of our Meijer in-store locations and are based solely on market overlap," the spokesperson said. TCF’s primary banking subsidiary, TCF National Bank, is a premier Midwest bank offering consumer and commercial banking, trust and wealth management, and specialty leasing and lending products and services to consumers, small businesses and commercial clients. TCF Bank to merge with Detroit-based bank, Citi names Jane Fraser next CEO, the first woman to lead major US bank. This is the second merger for TCF in recent years; the banking company merged with Detroit-based Chemical Financial Corp. in 2019. Dec 13 (Reuters) - U.S. lender Huntington Bancshares Inc HBAN.O was nearing a deal to merge with TCF Financial Corp TCF.O, the Wall Street Journal reported on … TCF Bank has announced that it will merge with Huntington, and is expected to change the name of its banking centers and ATMs to the Huntington brand in 2021. The now-former Minnesota company combined with Detroit-based Chemical Bank over the weekend. The newly enlarged Huntington would have a $22 billion market value, be a top-10 regional bank and rank as the second biggest bank in Michigan by deposits, behind JPMorgan Chase. Steinour said he has known TCF Chairman Gary Torgow for years. The deal values TCF at $6 billion, 11% above the level at which the bank's stock closed Friday. (Reuters) - Huntington Bancshares Inc has agreed to buy TCF Financial Corp for $6 billion in stock, marking the latest tie-up among U.S. regional lenders seeking scale. For more … Some customers reported Monday that they could … More: TCF-Huntington merger could be good for shareholders. Huntington Bancshares is merging with TCF Financial in a $22 billion deal that will result in the development of one of the top 10 U.S. regional banks. Follow him on Twitter @jcreindl. Show full articles without "Continue Reading" button for {0} hours. Overall, the Huntington-TFC bank merger is expected to result in $490 million in cost savings or "synergies," including an unspecified number of layoffs plus money savings from branch closures. Start the day smarter. The major banking news comes nearly two years after TCF Financial, which had been based in Wayzata, Minnesota, and the Michigan-based Chemical Bank announced a $3.6 billion deal. Huntington Bank and TCF Bank agreed to merge Sunday in an all-stock deal to create a regional bank with nearly $168 billion in assets, $117 billion in loans, $134 billion in deposits and $22 billion in market value, the companies said in a press release. The merger of equals in which legacy TCF Financial Corporation merged into Chemical Financial Corporation closed on Aug. 1, 2019, forming Michigan’s largest national bank holding company. According to the Detroit Free Press, the deal is expected to close in the second quarter. Consumers too? Steinour will remain CEO and president of the bank… TCF's merger into Huntington was announced in December and is expected to close in the second quarter. And, at least for now, it will stay that way. The merger means that another Michigan-based bank will go by the wayside. "As we’ve seen over the past year with the pandemic, more and more home goods delivered, including groceries. More: 10 new Detroit developments that COVID-19 pandemic couldn't cancel. The merger makes sense, though, given their overlapping footprints and their complementing business lines. The planned merger of Detroit-based TCF Financial Corp. into Huntington Bancshares of Columbus, Ohio, will result in 198 branch closures, including 97 branches that are inside Meijer stores. TCF Bank's deal to be merged into Huntington Bank marks the 14th merger that Torgow has had a hand in engineering since buying a small Troy-based bank … In this Jan. 28, 2019 file photo, a TCF Bank sign is shown in Eastpointe, Mich. On Monday, it was announced Huntington Bancshares Inc. is combining the two companies together to create a top 10 U.S. regional bank under the Huntington name. By HANNAH HUBBARD Daily News Staff Writer 6 min ago TCF Bank halted its plans to construct a building at 5646 West U.S. 10 after it announced a merger with Huntington National Bank in December. Get all the news you need in your inbox each morning. TCF Bank has announced that it will merge with Huntington, and is expected to change the name of its banking centers and ATMs to the Huntington brand in 2021. In announcing the merger in December, executive said that a combined bank, with TCF merging into Huntington, would have about $168 billion in assets, $117 billion in loans, and $134 billion in deposits with dual headquarters in Detroit and Columbus. And so store traffic, while the volumes are up, the revenues are up, traffic is down and preference for doing banking activities in the in-stores is changing a bit.". 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