Huntington Bank To Acquire TCF Bank
Dec. 15, 2020
Bank consolidation continues: Huntington Bank agreed to acquire TCF Bank less than two years after TCF acquired Chemical Bank. The all-stock deal, which will pay an 11 percent premium on TCF's shares, is likely to close in 2021. The combined bank will become one of the 20 largest in the U.S.
No word yet on any potential impact on Traverse City area branches or jobs.
Per the most recent FDIC filings, TCF operates six Traverse City branches; its Grand Traverse County banking market share is 17.3 percent, putting them in second place behind Fifth Third. Huntington operates four Traverse City branches and is ranked fourth in deposits with 14.7 perecnt market share.
More on the proposed deal here.Comment