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WARREN -- Detroit-based TCF National Bank, which just last year acquired Chemical Bank, will merge into Huntington National Bank of Columbus in a $22 billion deal that will create a top 10 regional bank in the U.S.
Under terms of the agreement, the combined holding company and bank will operate under the Huntington name and brand following the closing of the transaction, expected to happen in the second quarter of 2021.
"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," said Stephen D. Steinour, chairman, president and CEO of the holding company / CEO and president of the bank.
The pro forma combined company will have approximately $168 billion in assets, $117 billion in loans and $134 billion in deposits. The combined organization will significantly improve Huntington's market position, increase scale and provide greater revenue growth opportunities.
The headquarters for the commercial bank will be in Detroit. Columbus will remain the headquarters for the holding company and the consumer bank. The merger was announced Sunday by the banks' parent companies, Huntington Bancshares Inc. and TCF Financial Corp.