US-based Huntington Bancshares has completed the acquisition of TCF Financial Corporation in an all-stock deal valuing TCF at $6bn.
Huntington Bancshares inked a definitive agreement to acquire TCF Financial in December 2020.
Huntington Bancshares is the parent company of The Huntington National Bank, while TCF Financial is the parent company of TCF National Bank.
The merged entity has approximately $175bn in assets, $142bn in deposits, and $116bn in loans based on 31 March 2021 balances.
The deal positions Huntington for improved profitability and scale, revenue growth opportunities, significant cost synergies, and a strengthened market position.
Huntington president and CEO Stephen D. Steinour said: “We are pleased to announce the completion of this combination with TCF and look forward to welcoming our new colleagues and customers to Huntington.
“We also look forward to strengthening our community impact through the combined bank. This is a significant step forward for Huntington in our vision to build the leading People-First, Digitally Powered bank in the nation.”
Huntington operates 839 branches in seven US states and with TCF’s 475 branches, it will expand into Minnesota, Colorado, Wisconsin, and South Dakota, and strengthen its presence in Chicago.
The merger also gives Huntington with new businesses, including inventory finance lending.
It will have two headquarters – a commercial banking base in Detroit, Michigan, which will house 800 employees – and a retail bank in Columbus, Ohio.