TCF Financial Corporation closes off its previously announced merger of equals with Chemical Financial. In terms of the deal, the legacy TCF Financial Corporation merges into Chemical Financial Corporation.  Chemical is the surviving company but upon the merger closing, Chemical is renamed TCF Financial Corporation.

The TCF, Chemical merger was originally announced on 27 January 2019.

“We are pleased to close our merger ahead of schedule. And we are excited to begin operating as one organisation,” says Craig R Dahl, TCF’s president and chief executive officer.

“With complementary banking platforms and the additional scale created through the merger, we are uniquely positioned to provide a more robust product set to a broader customer base with limited overlap and disruption.”

TCF executive chairman Gary Torgow adds: “our shared strategic vision and culture will generate value and opportunities for our shareholders, customers, employees and the communities we serve.”

Mid 2020 target to combine technology platforms

Initially, TCF Bank will operate under both the TCF and Chemical Bank brands. The company expects to combine its banking technology platforms by the middle of 2020 without any disruption to customers.

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That means that customers will not see any immediate changes to their accounts. In particular, loan payment terms, access to account information, use of debit cards and access to ATMs remain unchanged.

On the other hand, customers of legacy TCF will be unable to use legacy Chemical branches until the platforms combine. Similarly, Chemical customers cannot use legacy TCF branches until then.

The aim of the merger between legacy TCF and Chemical is to create a premier Midwest bank. Headquartered in Detroit, TCF has $47bn in assets, $35bn in total deposits and more than 500 branches across nine states.

The bank forecasts the merger will save approximately $180m by 2020. Minimal branch closures are forecast as a result of little overlap of footprint.