Huntington Bancshares Buys TCF Financial for $6 Billion

Huntington Bancshares  (HBAN) – Get Report agreed to buy TCF Financial  (TCF) – Get Report in an all-stock deal valued at almost $6 billion, one of the biggest regional bank tie-ups this year with a total market value of roughly $22 billion.

Under terms of the agreement, Detroit-based TCF will merge into Columbus, Ohio-based Huntington, with the combined holding company and bank operating under the Huntington name and brand following the closing of the transaction. The combined bank will have dual headquarters in Columbus and Detroit.

The merger will boost assets to about $168 billion, lifting it closer to competitors like Fifth Third Bancorp  (FITB) – Get Report and KeyCorp  (KEY) – Get Report. Upon closing, Stephen Steinour will remain chairman, president, and CEO of the holding company and CEO and president of the bank. Gary Torgow will serve as 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. “Together we will have a stronger company better able to support our customers and drive economic growth in the communities we serve.”

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