Ohio-based Huntington Bank announces $22 billion merger with TCF Bank
Future of U of M’s stadium name unknown
A major merger between an Ohio-based bank and TCF National Bank has just been announced, but what this will mean for the University of Minnesota’s TCF Bank Stadium name is up in the air.
The deal for the naming rights of the stadium runs through 2030. A company statement on the merger made no mention of the U of M football Gopher’s home field.
Huntington Bancshares is merging with TCF Bank in a $22 billion deal that’s set to be completed next year. By 2021, TCF bank centers and ATMs will be rebranded as Huntington. TCF plans to continue to operate separately until all regulatory and shareholder approvals are received and the merger is completed.
The combined company will have about $168 billion in assets, $117 billion in loans and $134 billion in deposits.
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Stephen D. Steinour will still be the chairman, president and CEO of the holding company and CEO and president of the bank. Gary Targow will serve as the chairman of the bank’s board of directors.
“This merger combines the best of both companies and provides the scale and resources to drive increased long-term shareholder value,” Steinour said in a statement. “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.”
The headquarters for the commercial bank will be in Detroit, where at least 800 employees of the combined company will be housed. Columbus, Ohio will remain the headquarters for the holding company and the consumer Bank.
Some banking centers might close if a Huntington or TCF bank is close by. TCF was based in the Twin Cities until Chemical Bank, a Detroit company, bought it last year.
“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,” 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 our stakeholders and will drive significant opportunities for our team members.”