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Huntington, TCF Agree to $22B Merger
Huntington Bancshares Incorporated and TCF Financial Corporation agreed to an all-stock merger with a total market value of approximately $22 billion. The combined company will have dual headquarters in Detroit and Columbus, OH.
Under the terms of the agreement, TCF will merge into Huntington, and the combined holding company and bank will operate under the Huntington name and brand. Stephen D. Steinour will remain the chairman, president, and CEO of the holding company and CEO and president of the bank. Gary Torgow will serve as chairman of the bank’s board of directors.
“This merger combines the best of both companies and provides the scale and resources to drive increased long-term shareholder value,” Steinour said.
The headquarters for the Commercial Bank will be in Detroit, where at least 800 employees of the combined company will be housed. Columbus will remain the headquarters for the holding company and the Consumer Bank.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Sale/Acquisition
