(WXYZ) — Two banks with presences in Michigan are merging. TCF Financial Corporation and Huntington Bancshares Incorporated announced Monday they will combine in an all-stock merger with two headquarters. It's valued at around $22 million.
Under the merger, Huntington will take over TCF, meaning the Michigan-based bank will lose its name.
According to the company, they will operate under the Huntington name. The headquarters for the commercial bank will be in Detroit, and there will be around 800 employees working in Downtown Detroit. A new headquarters is under construction on Woodward Ave. near the Fox Theatre across from Comerica Park. A second headquarters for the holding company and consumer bank will be located in Columbus, Ohio.
“This merger combines the best of both companies and provides the scale and resources to drive increased long-term shareholder value. Huntington is focused on accelerating digital investments to further enhance our award-winning people-first, digitally powered customer experience,” CEO of the holding company Stephen Steinour said in a release Sunday night. “We look forward to welcoming the TCF Team Members. Together we will have a stronger company better able to support our customers and drive economic growth in the communities we serve.”
“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,” Board chair Gary Torgow said. “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.”
In January 2019, TCF announced it was merging with Chemical Bank to create one company, and then in August 2019, the company took over naming rights for the former Cobo Center, which is now the TCF Center. It's not clear what will happen to the name.