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Other Pre-Announcement, Mergers / Acquisitions

Huntington Bancshares Merges With TCF Financial Corporation

Published: 12/14/2020 04:03 GMT
(TCF) - Huntington Bancshares and Tcf Financial Corporation Announce Merger to Create Top 10 U.S. Regional Bank.companies Will Combine in an All-stock Merger With a Total Market Value of Approximately $22 Billion.
Tcf Will Merge Into Huntington, and Combined Holding Company and Bank Will Operate Under Huntington Name.
Terms of Agreement Unanimously Approved by Boards of Both Companies.
Upon Closing, Stephen Steinour Will Remain Chairman, President, and CEO of Holding Company and CEO and President of Bank.combined Holding Co, Bank Will Operate Under Huntington Name and Brand Following Closing.
Gary Torgow Will Serve As Chairman of Bank's Board of Directors.
Headquarters for Commercial Bank Will Be in Detroit.
Columbus Will Remain Headquarters for Holding Company and Consumer Bank.
Pro Forma Combined Company Will Have Approximately $168 Billion in Assets, $117 Billion in Loans, and $134 Billion in Deposits.
Huntington Expects the Financially Compelling Transaction to Be 18% Accretive to Earnings per Share in 2022.
Estimated Cost Savings of Combined Company Are Approximately $490 Million, Or 37% of Tcf's Noninterest Expense.
at Least 800 Employees of Combined Company Will Be Housed in Detroit.combined Co Expected to Extend Its Top Quartile Financial Metrics After Completion.
at Closing, Five Current Tcf Directors Will Be Added to Board of Directors of Holding Company.