The merger is expected to close in the second quarter of 2021.
TCF Bank announced Sunday evening that it had been acquired by Columbus, Ohio-based Huntington Bank and that the combined entity would have ‘dual headquarters’ in Detroit and Columbus, marking a big moment in the career of TCF Bank chair and prominent Jewish Detroit philanthropist Gary Torgow.
Under the agreement, TCF will merge into Huntington, and the combined holding company and bank will operate under the Huntington name and brand following the closing of the transaction. Upon closing, Stephen D. Steinour will remain the chairman, president, and CEO of the holding company and CEO and president of the bank. Torgow will serve as chairman of the bank’s board of directors.
The move was unanimously approved by the boards of directors of both companies, the Sunday press release said.
“This partnership will provide us the opportunity for deeper investments in our communities, more jobs in Detroit, an increased commitment in Minneapolis and a better experience for our customers,” Torgow said in the release. “We will be a top regional bank, with the scale to compete and the passion to serve. Merging with the Huntington platform will be a great benefit to all of our stakeholders and will drive significant opportunities for our team members.”
Torgow, an Orthodox Jew, also serves on the board of the Jewish Federation of Metropolitan Detroit, as senior vice president of the Orthodox Union, as board president of Yeshiva Beth Yehudah and as chairman of the Mosaic United Steering Committee, an Israeli Jewish initiative for the benefit of the diaspora Jewry.
The headquarters for the Commercial Bank will be in Detroit where “at least 800 employees of the combined company, nearly three times the number TCF had planned, will be housed in the downtown structure”, the press release said. Columbus will remain the headquarters for the holding company and the Consumer Bank.
The merger means the TCF Center in downtown Detroit will be renamed the Huntington Center, just one year after a deal was made to remove the Cobo name from the conference center.
This is the second merger for TCF in as many years after a $3.6 billion merger with Chemical Financial Corp last August. The integration was completed this August, and marked the end of the Chemical Bank brand.
The combined company will have approximately $168 billion in assets, $117 billion in loans, and $134 billion in deposits. The combined organization is believed to significantly improve Huntington’s market position, increase scale and provide greater revenue growth opportunities.
The merger, which is expected to close in the second quarter of 2021, is believed to create a top 10 U.S. regional bank, with a total market value of approximately $22 billion.
TCF Bank and Torgow were not available for comment at time of publication.