The proposed merger deal between Chemical Financial and TCF Financial has been approved by the shareholders of both the companies.

In January this year, the two lenders signed a definitive agreement to combine their banking operations through an all-stock merger of equals transaction valued at $3.6bn.

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Commenting on shareholder approval, TCF chairman and CEO said: “This positive shareholder response demonstrates a broad recognition of the shared strategic vision and complementary strengths of the two organisations.

“We look forward to bringing together the best of both banks to benefit our shareholders, customers, employees and the communities we serve.”

Chemical Financial-TCF Financial merger:

According to the agreed terms of transaction, TCF will merge into Chemical. But the merged unit will operate under TCF brand name with its headquarters at Detroit, Michigan.

Once complete, the combined lender will hold more than $45bn in total assets. It would boast significant presence across the US Midwest with more than 500 branches across nine states.

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Chemical executive chairman Gary Torgow said: “As we become one company, we will be able to provide a more robust product set to a broader customer base, with limited overlap and disruption.

“With our increased scale and an enhanced competitive position, our new organization will be poised to thrive in today’s evolving banking environment.”

The combination is expected to complete in third quarter or early fourth quarter of this year, following the receipt of regulatory approvals.