TCF, Huntington Banks To Merge In $22B Deal
(CBS DETROIT) - Detroit-based TCF Financial Corp. will merge into Huntington Bancshares Inc. as part of a $22 billion deal.
According to the Detroit Free Press, the deal is expected to close in the second quarter.
The banks will operate under the Huntington name and will have two headquarters for different operations.
Huntington will keep its headquarters in Columbus for the holding company and consumer banking. A Detroit headquarters will be used for the combined company's commercial banking arm, the Detroit Free Press reports.
60 percent of loan portfolio business will be based in Detroit and 40 percent will be in Columbus.
A new landmark office tower will be in downtown Detroit for at least 800 employees of the combined company, according to the Detroit Free Press.
In the fall of 2019 construction began on the TCF Tower — a 20-story headquarters for TCF located on Woodward Avenue — to create 200 new jobs and bring another 300 workers to downtown Detroit, according to the website of Neumann/Smith Architecture, who are designers of the project.
Huntington now plans to occupy the building and it may have up to 1,100 employees there according to Stephen Steinour, chairman, president and CEO of Huntington Bank.
The Detroit Free Press reports construction will continue and the tower expects to be open in the next 16 months or so under the new name: The Huntington Tower.
As for the TCF Center, it will become the Huntington Center after the merger, according to Gary Torgow, executive chairman of TCF Financial.
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