Follow him on Twitter @jcreindl. 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 has 839 branches and 1,300 ATMs in Ohio, Michigan, Pennsylvania, Indiana, Illinois, West Virginia and Kentucky. "TCF is … Huntington intends to keep a significant presence in Detroit after the merger and put its commercial banking headquarters in a new 20-story downtown office tower under construction at 2047 Woodward. More: TCF-Huntington merger could be good for shareholders. The Chemical Bank comes to an end under Thursday's merger with TCF Bank. TCF-Huntington merger could be good for shareholders. Huntington was founded in 1866, and is currently headquartered in Columbus, Ohio. "Both companies share an operating philosophy that focuses on our customers and communities. 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. The merger makes sense, though, given their overlapping footprints and their complementing business lines. (CBS DETROIT) – Detroit-based TCF Financial Corp. will merge into Huntington Bancshares Inc. as part of a $22 billion deal. Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article. The now-former Minnesota company combined with Detroit-based Chemical Bank over the weekend. We believe that we will be stronger together and that this combination will benefit you. 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. "We’ve been well served by the nature of the economics around the in-store branches, but there is a changing distribution, frankly, a thinning of distribution as we move forward," Huntington bank Chairman and CEO Stephen Steinour said in the call. (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. This is the second merger for TCF in recent years; the banking company merged with Detroit-based Chemical Financial Corp. in 2019. 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. A major merger between Ohio-based Huntington Bank and TCF National Bank has just been announced. It's unclear if any current TCF branches will close following the completion of the merger. RELATED: TCF Bank to merge with Detroit-based bank. The acquisition by Huntington Bancshares comes nearly two years after TCF Financial, which had been based in Wayzata, and Michigan-based Chemical Bank announced a $3.6 billion 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. The merger means that another Michigan-based bank will go by the wayside. MINNEAPOLIS (WCCO) — TCF Bank says it’s investigating why some debit cards aren’t working. Operating under the Huntington name, the bank would become a top 10 regional bank in the U.S. Following that merger, the combined company kept the TCF name, but moved its headquarters out of its namesake Twin Cities to Chemical's headquarters in Detroit. It was previously known as "Twin City Federal.". Huntington Bancshares Inc. agreed to merge with TCF Financial Corp. in the latest in a recent string of regional-bank tie-ups. He said Torgow first suggested the merger over the summer. Show full articles without "Continue Reading" button for {0} hours. A TCF representative declined comment and Meijer did not respond to a comment request. Show full articles without "Continue Reading" button for {0} hours. 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. 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. We look forward to sharing even more with you about this exciting partnership as time goes on.". Some customers reported Monday that they could … 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. Huntington's chief executive explained the branch closures late last week in an earnings call with Wall Street analysts, saying that a substantial share of the closures would happen in Michigan. TCF's merger into Huntington was announced in December and is expected to close in the second quarter. 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 to merge with Detroit-based bank, Citi names Jane Fraser next CEO, the first woman to lead major US bank. However, the FDIC has a special rule that allows a customer's deposits to be considered as separately insured when two banks merge — as if the two banks are still operating separately — for at least six months and possibly longer for certificates of deposit (CDs). Huntington Bancshares Inc HBAN 0.8% and TCF Financial Corporation TCF 0.93% announced late Sunday the two banks have agreed to merge in an all-stock deal. 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 … "As we’ve seen over the past year with the pandemic, more and more home goods delivered, including groceries. A Huntington representative Tuesday would not say how many of the 198 branch closures will happen in Michigan, but said that all 97 in-store Meijer locations in Michigan will be closed. The undeveloped piece of property on the corner of Jebavy Drive and U.S. 10 in Pere Marquette Township has sat vacant for years. Read more on business and sign up for our business newsletter. The tower is expected to open in mid-2022. © Provided by KARE-TV Minneapolis-St. Paul. Contact JC Reindl at 313-222-6631 or jcreindl@freepress.com. Huntington Bank and will close nearly 200 branches ahead of a planned merger with TCF Bank, Huntington confirmed to 7 Action News. Huntington Bancshares Inc. (NASDAQ: HBAN) and TCF Financial Corp. (NASDAQ: TCF) on Sunday announced that the two regional banks will merge in a … Huntington, TCF to close 198 branches for planned merger. 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. Steinour will remain CEO and president of the bank… 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. More: 10 new Detroit developments that COVID-19 pandemic couldn't cancel. And, at least for now, it will stay that way. The Huntington brand will survive, while the TCF name will disappear. 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. After the merger, TCF and Huntington will become one bank for purposes of calculating limits on limits on deposit insurance. 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. TCF customers can continue to use current TCF banking centers, ATMs, checks, cards and online banking. 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.". According to the Detroit Free Press, the deal is expected to close in the second quarter. I was surprised to see this merger, since TCF just got done merging with Chemical bank. Start the day smarter. Two banks with presences in Michigan are merging. In this Jan. 28, 2019 file photo, a TCF Bank sign is shown in Eastpointe, Mich. Consumers too? The banks will operate under the Huntington name and will have two headquarters for different operations. The two banks have a combined 532 branches in Michigan, according to data from the Federal Deposit Insurance Corp. "These consolidations are not driven by the performance of our Meijer in-store locations and are based solely on market overlap," the spokesperson said.