The Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency, with input from the United States Department of Justice’s Antitrust Division, approved the proposed merger of Huntington Bancshares and TCF and of Huntington National Bank and TCF National Bank.
In connection with the proposed merger, TCF National Bank entered into a definitive purchase and assumption agreement to sell 14 banking centers in Michigan to Horizon Bank, the wholly-owned subsidiary of Michigan City, IN-based Horizon Bancorp. The branches, with approximately $975 million in total deposits and approximately $275 million in total loans, are being divested in satisfaction of commitments to the DOJ and the Federal Reserve Board in connection with Huntington’s proposed acquisition of TCF.
TCF and Horizon Bank will be providing additional information to customers of the branches slated for divestiture, which is expected to be completed by the end of Q3/21, subject to regulatory approval and other customary closing conditions, including completion of the merger of Huntington and TCF.
All required regulatory approvals to complete the Huntington-TCF transaction have now been received and the transaction is expected to be completed on or around June 9, subject to the satisfaction or waiver of the remaining customary closing conditions set forth in the merger agreement between Huntington and TCF.