COLUMBUS, OHIO AND DETROIT — Huntington Bancshares Inc. (NASDAQ: HBAN) and TCF Financial Corp. (NASDAQ: TCF) have signed a definitive agreement under which the companies will combine in an all-stock merger with a total market value of approximately $22 billion. According to a release, the merger will create a top 10 U.S. regional bank with dual headquarters in Columbus, Ohio and Detroit. Under the terms of the agreement, which was unanimously approved by the boards of directors of both companies, TCF will merge into Huntington. The combined holding company and bank will operate under the Huntington name and brand following the closing of the transaction, which is expected to occur in the second quarter of 2021. Stephen Steinour will remain the chairman, president and CEO. Gary Torgow will serve as chairman of the bank’s board of directors.
“This merger combines the best of both companies and provides the scale and resources to drive increased long-term shareholder value,” says Steinour. “Huntington is focused on accelerating digital investments to further enhance our people-first, digitally powered customer experience.”
At least 800 employees of the combined company will work in downtown Detroit at the headquarters of the commercial bank. Columbus will remain the headquarters for the holding company and consumer bank. The pro forma combined company will have approximately $168 billion in assets, $117 billion in loans and $134 billion in deposits. The combined organization will “significantly improve Huntington’s market position, increase scale and provide greater revenue growth opportunities,” according to the company.
Columbus-based Huntington is the parent company of The Huntington National Bank. The regional bank holding company maintains a network of 839 full-service branches and 1,330 ATMs across seven Midwest states.
Detroit-based TCF is the parent company of TCF National Bank, which has approximately 475 branches primarily located in Michigan, Illinois and Minnesota with additional locations in Colorado, Ohio, South Dakota and Wisconsin. TCF also conducts business across all 50 states and Canada through its specialty lending and leasing businesses.