(WXYZ) — Chemical Bank and TCF Bank have announced a merger that will "create a premier bank in the Midwest."
TCF will merge into Chemical, and the bank will operate under the TCF name and brand.
"With a shared strategic vision and increased scale and capabilities, our two complementary banking platforms will be positioned to better serve our customers and communities," said Chemical's Chairman Gary Torgow in a release. "The combination of TCF and Chemical creates the largest midcap bank in the Midwest, poised to deliver double-digit EPS accretion for each set of shareholders, significant cost synergies, top-tier return metrics, a more diversified balance sheet and a lower risk profile. We also share a deep commitment to supporting and giving back to the communities we serve."
The combined company will be headquartered in Detroit and have a significant operating presence in Minneapolis along with Midland and Chicago.