Huntington Bancshares to Acquire TCF Financial for $6 Billion
- Date: 14-Dec-2020
- Source: Bloomberg
- Sector:Financial Services
- Country:Middle East
Huntington Bancshares to Acquire TCF Financial for $6 Billion
Huntington Bancshares Inc. will acquire TCF Financial Corp. in an all-stock deal valued at nearly $6 billion, one of the largest regional bank tie-ups this year.The transaction is an 11% premium to TCF Financial's closing price on Friday, Huntington Chief Executive Officer Steve Steinour said in an interview. The merger will boost Columbus, Ohio-based Huntington's assets to about $168 billion, nudging it closer to larger in-state competitors including Fifth Third Bancorp and KeyCorp.
Huntington, with a market value of $13.1 billion and $120 billion in assets, operates a network with 839 branches across seven Midwest states, the company said in a statement Sunday. TCF Financial, based in Detroit, was worth $5.3 billion as of Friday, with $48 billion in assets. It