Huntington and TCF complete merger, creating top 25 U.S. bank holding companies
Huntington Bancshares Inc. today announced the completion of its merger with TCF Financial Corp., creating one of the 25 largest US bank holding companies. The merger is expected to create both short and long term value increases for shareholders.
The combined company has about $ 175 billion in assets, $ 142 billion in deposits and $ 116 billion in loans as of March 31. With the merger, Huntington now operates more than 1,100 branches in total. It also marks the entry of the brands into the Minnesota and Colorado markets.
“We are delighted to announce the finalization of this combination with TCF and look forward to welcoming our new colleagues and clients to Huntington. We also look forward to strengthening our impact in the community through Combined Banking, ”said Stephen D. Steinour, Chairman, President and CEO of Huntington.
“This is an important step forward for Huntington in our vision to create the leading people-first digital bank in the country. “
The merger also saw Huntington’s board of directors appointing five new members, all of whom were former members of the TCF board. Richard H. King, Barbara L. McQuade, Roger J. Sit, Jeffrey L. Tate, and Gary Torgow.
Huntington and TCF customers will be able to continue to conduct normal banking transactions at their current branches. TCF accounts will be converted to the Huntington system in the fourth quarter. This information and much more will be detailed in an email in the coming weeks.
On June 9, 2021, at the time of the merger, each common share of TCG was converted into a right to receive 3,00028 common shares of Huntington. TCF shareholders will receive cash in lieu of fractional shares as part of the merger agreement. Those who hold their converted shares until June 17 will receive Huntington’s previously announced dividend of $ 0.15 per common share, payable July 1.
Founded in 1866, Huntington National Bank and its affiliates provide consumers, small and medium-sized businesses, corporations, municipalities and other organizations with a full range of banking, payments, wealth management and other products and services. risk management.