Huntington Bancshares closed its merger with TCF Financial, creating a top 25 U.S. bank holding company.
“We are pleased to announce the completion of this combination with TCF and look forward to welcoming our new colleagues and customers to Huntington. We also look forward to strengthening our community impact through the combined bank,” Stephen D. Steinour, chairman, president and CEO of Huntington Bancshares, said. “This is a significant step forward for Huntington in our vision to build the leading people-first, digitally powered bank in the nation.”
The combined company has approximately $175 billion in assets, $142 billion in deposits and $116 billion in loans based on March 31, 2021, balances. Huntington now operates more than 1,100 total branches. The combination also marks Huntington’s entrance into markets in Minnesota and Colorado, as well as new business lines, including inventory finance lending. The headquarters for the commercial bank are in Detroit, while Columbus, OH, remains the headquarters for the holding company and the consumer bank.
“Columbus, Detroit and the Twin Cities are all very important markets for the future of Huntington. We want a broad senior management presence, not only to lead our efforts with colleagues and support our customers, but also to strengthen the communities we serve,” Steinour said. “Our business is about having the right people in the right places. We will continue to have a distributed leadership model to maximize our local advantage across the footprint.”
In connection with the merger, Huntington’s board of directors appointed five new directors, who are all former directors of TCF, including:
- Richard H. King, Managing Director of Operations – Retired, Thomson Reuters
- Barbara L. McQuade, Law Professor, University of Michigan
- Roger J. Sit, CEO, Global Chief Investment Officer and Director, Sit Investment Associates
- Jeffrey L. Tate, Executive Vice President and CFO, Leggett & Platt
- Gary Torgow, Chairman of the Board of Directors, The Huntington National Bank
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“Huntington is privileged to add these five directors with their unique skill sets and impressive experience to our board,” Steinour said. “Our board is comprised of a deeply engaged, diverse group of directors with a shared vision and shared values. We are committed to delivering top quartile financial performance to our shareholders and continuing to support all of our stakeholders.”
Both Huntington and TCF customers will continue to bank as they normally do at their existing branches. TCF customer accounts will be converted to Huntington’s systems in the fourth quarter, and TCF customers will receive information about pending account conversions in the coming weeks. Huntington customers will not be impacted by the conversion.
At the effective time of the merger on June 9, each share of TCF common stock was converted into the right to receive 3.0028 shares of Huntington common stock. TCF shareholders will receive cash in lieu of fractional shares, in accordance with the merger agreement. Former TCF common stock shareholders who received Huntington common shares in the merger and who continue to own those shares through the June 17, 2021, record date, will receive Huntington’s previously announced dividend of $0.15 per common share payable on July 1.
