Displaying items tagged: TCF Financial Corp

Huntington Bancshares Inc.’s acquisition last year of Detroit-based TCF Financial Corp. created the second-largest bank operating in Michigan for deposit market share and with more branch offices than any other bank. The Columbus, Ohio-based Huntington, which also now ranks among the 20 largest banks in the U.S., has since worked to integrate TCF.

The new year could bring a continued acceleration of M&A in the banking industry.

Some of the smallest banks in Michigan’s market recorded the biggest growth rates in deposits during a recent 12-month period of the COVID-19 pandemic.

The $22 billion merger with TCF Financial Corp. brought new leadership for Huntington Bancshares Inc. in West Michigan that’s focused on retaining talent and customers while executing a massive corporate pledge to small businesses and underserved markets.

Raising the number of authorized shares by 25 percent gives ChoiceOne Financial Services Inc. greater ability to pursue another acquisition should the opportunity arise.

While Huntington Bancshares Inc. and TCF Financial Corp. executives say a planned merger between the two companies will create a Midwest banking powerhouse, some experts view it as an opportunity for competitors to gain both business and talent.

Huntington Bancshares Inc. intends to close 198 branch offices — about half of which are based in Meijer Inc. stores in Michigan — after completing the proposed $22 billion acquisition of Detroit-based TCF Financial Corp.

The $15 million Sturgis Bancorp Inc. raised through a debt offering will go to support further growth across Southwestern Michigan.

TCF Bank’s pledge to lend $1 billion over five years to minority- and women-owned businesses extends into West Michigan, where the company’s market leader in Grand Rapids says the effort will require leveraging community partnerships.

GRAND RAPIDS — Independent Bank Corp. raised $40 million in a debt offering that comes amid the economic downturn and uncertainty from the COVID-19 pandemic.

In a recent conference call, the president and CEO of Detroit-based TCF Financial Corp. — the parent company of what remains known in Michigan as Chemical Bank — voiced a simple ethic that all businesses, no matter their industry or their size, must keep in mind in the COVID-19 pandemic.

As one bank merger affecting the West Michigan marketplace focuses on integration, another much smaller deal heads toward shareholder votes next month.

Chemical Financial Corp.’s $3.6 billion acquisition of Wayzata, Minn.-based TCF Financial Corp. heads to a close Aug. 1 after receiving final federal regulatory approval.

The proposed $3.6 billion merger between Chemical Financial Corp. and TCF Financial Corp. would create a Midwest bank based in Michigan that’s able to compete with the largest national banks and that’s likely to pursue further acquisitions. Under the $3.6 billion all-stock deal, the Wayzata, Minn.-based TCF Financial (NYSE: TCF) would merge into the Detroit-based Chemical Financial (Nasdaq: CHFC). Once the deal closes, Chemical Bank locations would take on the TCF name.