The tower is expected to open in mid-2022. "Between COVID-19, and the economic fallout because of it, and the social unrest, and the political divisiveness all coming together around the same timeframe, we just knew that we needed to live our purpose more than ever, which is looking out for people. TCF executive chairman Gary Torgow will be chairman of the bank's board of directors. The undeveloped piece of property on the corner of Jebavy Drive and U.S. 10 in Pere Marquette Township has sat vacant for years. Huntington Bancshares and TCF Financial Corp. on Dec. 13 announced an all-stock merger agreement with a total market value of $22 billion. Huntington Bancshares Inc. will acquire TCF Financial Corp. in an all-stock deal valued at almost $6 billion, one of the largest regional bank tie-ups this year. Huntington CEO Stephen Steinour will remain chairman, president and CEO of the holding company as well as CEO and president of the bank. The planned merger of Detroit-based TCF Financial Corp. into Huntington Bancshares of Columbus, Ohio, will result in 198 branch closures, including 97 branches that are inside Meijer stores. Huntington has $120 billion of assets and a network of full-service branches, including 11 private client group offices, and 1,330 ATMs across Ohio, Illinois, Indiana, Kentucky, Michigan, Pennsylvania and West Virginia. We believe that we will be stronger together and that this combination will benefit you. Detroit will house the other 60% of the $117 billion in the merger's total loans. Chemical moved its headquarters to Detroit in 2018. More: TCF-Huntington merger could be good for shareholders. The two banks have a combined 532 branches in Michigan, according to data from the Federal Deposit Insurance Corp. The companies did not provide a … The deal with Huntington is the third merger of TCF's Torgow's career in the financial sector. and facilitated its merger with Midland's Chemical Financial Corp. in a transaction valued at $1.7 billion in 2016, creating the largest bank headquartered and operating branch offices in Michigan. In announcing the merger in December, executive said that a combined bank, with TCF merging into Huntington, would have about $168 billion in assets, $117 billion in loans, and $134 billion in deposits with dual headquarters in Detroit and Columbus. The integration of the bank's services was completed just four months ago. A Huntington representative Tuesday would not say how many of the 198 branch closures will happen in Michigan, but said that all 97 in-store Meijer locations in Michigan will be closed. The Huntington brand will survive, while the TCF name will disappear. "We’ve been well served by the nature of the economics around the in-store branches, but there is a changing distribution, frankly, a thinning of distribution as we move forward," Huntington bank Chairman and CEO Stephen Steinour said in the call. Upon closing, Stephen D. Steinour will remain the chairman, president, and CEO of the holding company and CEO and president … The first big deal came last year between BB&T and SunTrust, which merged together to become Trust Bank. Huntington Bancshares (NASDAQ:HBAN) agrees to a merger deal with TCF Financial (NASDAQ:TCF), WSJ reports. TCF-Huntington merger could be good for shareholders. The combined company will have more than 20,000 employees. TCF's merger into Huntington was announced in December and is expected to close in the second quarter. He will have an office in Detroit as well as in Ohio. Dec. 15, 2020 11:21 AM ET Huntington Bancshares Incorporated (HBAN), TCF 4 Comments … The newly enlarged Huntington would have a $22 billion market value, be a top-10 regional bank and rank as the second biggest bank in Michigan by deposits, behind JPMorgan Chase. “We started this with a view that this had to be a win-win, or it wasn’t worth doing,” Steinour said on a conference call Sunday night. And so store traffic, while the volumes are up, the revenues are up, traffic is down and preference for doing banking activities in the in-stores is changing a bit.". Contact JC Reindl at 313-222-6631 or jcreindl@freepress.com. On "day one," Huntington will invest $50 million into a fund at the Community Foundation for Southeast Michigan to serve Metro Detroit communities, Steinour said. Estimated cost savings of the combined company are approximately $490 million. Huntington brings its own $20 billion commitment for economic inclusion, from access to capital to homeownership. 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