Shareholders of Chemical Financial Corp. of Michigan and TCF Financial Corp. of Minnesota have approved the proposed merger in which TCF will merge into Chemical. The combined holding company and bank will be headquartered in Detroit and operate under the TCF name and brand following the closing of the transaction.
“I am encouraged by the strong level of shareholder support received for this partnership and the accelerated shareholder value we expect it to create,” says Craig R. Dahl, chairman and CEO of TCF. “This positive shareholder response demonstrates a broad recognition of the shared strategic vision and complementary strengths of the two organizations. We look forward to bringing together the best of both banks to benefit our shareholders, customers, employees and the communities we serve.”
The merger is expected to close in the third quarter or early fourth quarter of 2019, subject to satisfaction of customary closing conditions, including receipt of regulatory approvals.
“As we become one company, we will be able to provide a more robust product set to a broader customer base, with limited overlap and disruption,” says Gary Torgow, executive chairman of Chemical. “With our increased scale and an enhanced competitive position, our new organization will be poised to thrive in today’s evolving banking environment.”
Upon completion of the merger, the combined company will have more than $45 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 organization will have a substantial presence in key Midwest markets including Detroit, greater Michigan, Chicago, Minneapolis, and Milwaukee.
The new combined bank will be headquartered in Detroit. Chemical Financial Corp. announced it moved its headquarters to the 333 W. Fort Building in downtown Detroit in July 2018. Chemical/TCF is building a 20-story office building at the southwest corner of Woodward Avenue and Elizabeth Street and will move in upon completion in the next two to three years. Chemical had been headquartered in Midland since its founding 1917.