Huntington Bancshares Inc. announced today it has closed its merger with TCF Financial Corp., creating a top 25 U.S. bank holding company. The merger is expected to create both short-term and long-term version increases in value for shareholders.
The combined company has around $175 billion in assets, $142 billion in deposits, and $116 billion in loans as of March 31 balances. With the merger, Huntington now operates over 1,100 total branches. It also marks the brands entrance into the Minnesota and Colorado markets.
“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,” says Stephen D. Steinour, chairman, president and CEO of Huntington.
“This is a significant step forward for Huntington in our vision to build the leading People-First, Digitally Powered bank in the nation.”’
The merger also saw Huntington’s Board of Directors appoint five new members, all former members of the TCF Board of Directors. Richard H. King, Barbara L. McQuade, Roger J. Sit, Jeffrey L. Tate, and Gary Torgow.
Customers of Huntington and TCF will be able to continue normal banking at their current branches. TCF accounts will be converted to Huntington’s system in the fourth quarter. This information and more will be detailed in an email in the coming weeks.
On June 9, 2021, at the effective time of merger, each share of TCG common stock was converted into the right to receive 3.00028 shares of Huntington common stock. TCF shareholders will receive cash instead of fractional shares as part of the merger agreement. Those who hold their converted stock through June 17 will receive Huntington’s previously announced dividend of $0.15 per common share, payable on July 1.
Founded in 1866, The Huntington National Bank and its affiliates provide consumers, small and middle-market businesses, corporations, municipalities, and other organizations with a comprehensive suite of banking, payments, wealth management, and risk management products and services.