Detroit’s Chemical Financial Corp. and TCF Financial Corp. today announced they have received approval from the Federal Reserve System Board of Governors to complete the proposed merger in which TCF will merge into Chemical.
The Federal Reserve approval follows recent approvals from the Office of the Comptroller of the Currency and from shareholders of both companies. All necessary regulatory approvals have now been received and the companies expect to close the merger on Aug 1.
Once the merger is completed, the company will be renamed and operate as TCF Financial Corp. and will trade on NASDAQ under the ticker symbol “TCF.” Each current share of TCF common stock will be converted into 0.5081 shares of the new company common stock at closing.
“We are pleased to have received all necessary approvals for our merger of equals and we look forward to completing the transaction ahead of schedule,” says Craig R. Dahl, chairman and CEO of TCF. “Our teams have worked collaboratively and efficiently on our integration planning and their efforts will position us well to begin delivering on the value for shareholders we outlined at the onset of the transaction.”
Gary Torgow, executive chairman of Chemical, says, “With the support of our shareholders and approval from our regulators, we are ready to leverage the complementary strengths of both organizations as we come together to create a premier Midwest bank. We look forward to executing on our shared strategic vision to create value and opportunities for our shareholders, customers, employees and the communities we serve.”
Upon completion of the merger, the combined company is expected to have more than $46 billion in total assets and be a top 10 bank in the Midwest based on deposit market share. With more than 500 combined branches across nine states, the new TCF will have a substantial presence in key Midwest markets including Detroit, greater Michigan, Minneapolis, Chicago, and Milwaukee.
