DETROIT – Huntington Bancshares Incorporated -- the parent company of Huntington Bank -- and TCF Financial Corporation -- the parent company of TCF National Bank -- announced Sunday the companies would combine in an all-stock merger, with a total market value of about $22 billion.
The combined company would one of the largest banks in the country. The company said it will have two headquarters, one in Detroit and one in Columbus, Ohio.
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The company said the new, bigger bank will be better equipped to provide cutting-age technology and other services that customers throughout Michigan.
The Detroit headquarters will employee at least 800 people, about three times more than TCF had planned. Columbus will remain the headquarters for the holding company and the consumer bank.
Under the terms of the agreement, which was unanimously approved by the boards of directors of both companies, 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.
With the removal of the TCF branding, the TCF Center -- recently renamed in late 2019 -- will be renamed the Huntington Center.
The merger is expected to close in the mid-2021.