Press release
Huntington Completes Merger With TCF, Adds Five New Board Members
Huntington Now Top 25 U.S. Bank Holding Company COLUMBUS, Ohio, June 9, 2021 /PRNewswire/ -- Huntington Bancshares Incorporated (Nasdaq: HBAN; "Huntington")
About this update from Huntington Bancshares Incorporated
[{"type":"text","content":"Huntington Now Top 25 U.S. Bank Holding Company\n\n\nCOLUMBUS, Ohio, June 9, 2021 /PRNewswire/ -- Huntington Bancshares Incorporated (Nasdaq: HBAN; \"Huntington\") today announced it has closed its merger with TCF Financial Corporation (\"TCF\"), creating a Top 25 U.S. bank holding company.\n\n \n \n \n \n \n \n\n \nThe combination positions Huntington for enhanced profitability and scale, revenue growth opportunities, significant cost synergies, and a strengthened market position, all driving increased long-term shareholder value. \n\"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,\" said Stephen D. Steinour, chairman, president and CEO of Huntington. \"This is a significant step forward for Huntington in our vision to build the leading People-First, Digitally Powered bank in the nation.\"\nThe 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 branches1. The combination also marks Huntington's entrance into attractive markets in Minnesota and Colorado, as well as new businesses, including inventory finance lending. The headquarters for the Commercial Bank is in Detroit; Columbus remains the headquarters for the holding company and the Consumer Bank.\n\"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.\"\nIn connection with the merger, Huntington's Board of Directors appointed five new directors, all former directors of TCF: \nRichard H. King, Managing Director of Operations - Retired, Thomson Reuters Corporation; Barbara L. McQuade, Law Professor, University of Michigan; Roger J. Sit, Chief Executive Officer, Global Chief Investment Officer and Director, Sit Investment Associates; Jeffrey L. Tate, Exec...