COLUMBUS, Ohio (WKBN) – Parent companies of TCF National Bank and Huntington National Bank announced that the banks will be merging.
In a Sunday announcement, Huntington Bancshares said boards of directors from both companies unanimously approved the all-stock merge with an approximately $22 billion market value.
Under the agreement, TCF will operate under the Huntington name and brand.
It will have dual headquarters in Columbus and Detroit.
“This merger combines the best of both companies and provides the scale and resources to drive increased long-term shareholder value. Huntington is focused on accelerating digital investments to further enhance our award-winning people-first, digitally-powered customer experience,” president and CEO Stephen Steinour said. “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.”
Huntington Bank leaders said the merge will improve their market position and make room for revenue growth.
It will have about $168 billion in assets, $117 billion in loans and $134 billion in deposits.
More stories from WKBN.com: