Economy

Huntington and TCF Financial merge in a $ 22 billion deal

Two major companies holding the bank with high profile in Michigan – Columbus, Ohio-based Huntington Bankers and Detroit – have announced plans to merge all of the shares worth $ 22 billion.

The deal is expected to close in the second quarter, according to a press briefing that took place Sunday night with the Detroit Free Press.

The Huntington trademark will remain, and the TCF name will disappear. A merger would mean that another bank based only in Michigan would lose its identity. Several of the major banks in Michigan – Chase, Comerica, BNC, Bank of America, and Fifth – are located in other states. Flagstar Bank is headquartered in Troy, and Ally Financial, a banking holding company, is headquartered in Detroit.

However, the recent merger calls for the retention of headquarters for various operations in a unique commitment to Detroit and Michigan.

Huntington Bancshares will maintain its headquarters in Columbus for the holding and retail banking operations.

The Detroit headquarters will be used for the combined company’s commercial banking arm. Bankers said 60% of the loan portfolio business will be based in Detroit, while 40% will be in Columbus.

Thelma Binder

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