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Huntington completes acquisition of Detroit-based TCF Financial

Mark Williams, The Columbus Dispatch on

Published in Business News

Huntington Bancshares said Wednesday it has closed on its acquisition of Detroit-based TCF Financial, creating one of the biggest banks in the country.

Huntington announced the deal to buy the Detroit-based parent of TCF National Bank in December in a $6 billion, all-stock deal that extends Huntington's Midwest footprint to Minnesota and Colorado.

The combined bank has about $175 billion in assets, $142 billion in deposits and $116 billion in loans as of March 31, Huntington said. The bank now has more than 1,100 branch offices.

The headquarters for the commercial bank is in Detroit; Columbus remains the headquarters for the holding company and the consumer operations.

The bank is selling 14 offices in Michigan as part of the transaction.

"It's a great day," said Steve Steinour, the bank's chairman, president and CEO. "We're feeling really good. We have a wonderful group of thousands of new employees joining us."

He said the timing on the completion of the deal has been ideal as employees return to work and the economy strengthens.

 

"It's almost like a reunion," he said of workers who have had to look at each other through computer screens for the past year.

"The economy is picking up growth now that COVID is behind us. ... It feels very fortuitous," he said.

The acquisition creates a bank that is among the top 25 largest in the country and makes it one of the biggest 10 regional banks in the country.

Beyond that, Huntington has said the deal gives it new businesses including inventory finance lending.

Huntington and TCF customers will continue to bank as they normally do at their existing branches.

TCF customer accounts will be converted to Huntington's systems this fall. TCF customers will receive information about account conversions in the coming weeks. Huntington customers will not be affected by the conversion.

©2021 www.dispatch.com. Distributed by Tribune Content Agency, LLC.
 

 

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