Press release
Huntington, TCF Announce Receipt Of All Required Regulatory Approvals For Pending Merger
Announce buyer in pending divestiture of 14 TCF branches COLUMBUS, Ohio and DETROIT, May 25, 2021 /PRNewswire/ -- Huntington Bancshares Incorporated (Nasdaq:
About this update from Huntington Bancshares Incorporated
[{"type":"text","content":"Announce buyer in pending divestiture of 14 TCF branches\n\n\n COLUMBUS, Ohio and DETROIT, May 25, 2021 /PRNewswire/ -- Huntington Bancshares Incorporated (Nasdaq: HBAN; \"Huntington\") and TCF Financial Corporation (Nasdaq: TCF; \"TCF\") jointly announced that the Board of Governors of the Federal Reserve System (the \"Federal Reserve Board\") and the Office of the Comptroller of the Currency, with input from the United States Department of Justice's Antitrust Division (the \"DOJ\"), have approved the proposed merger of Huntington and TCF and of The Huntington National Bank and TCF National Bank. \n\n \n \n \n \n \n \n\n \nIn connection with the proposed merger, TCF National Bank has entered into a definitive purchase and assumption agreement to sell 14 banking centers in Michigan to Horizon Bank, the wholly owned subsidiary of Michigan City, IN-based Horizon Bancorp, Inc. (Nasdaq: HBNC). The branches, with approximately $975 million in total deposits and approximately $275 million in total loans, are being divested in satisfaction of commitments to the DOJ and the Federal Reserve Board in connection with Huntington's proposed acquisition of TCF.\nTCF and Horizon Bank will be providing additional information to customers of the branches slated for divestiture, which is expected to be completed by the end of the 2021 third quarter, subject to regulatory approval and other customary closing conditions, including completion of the merger of Huntington and TCF.\nTCF will divest the following branch locations:\n144 W Huron Rd, Au Gres, MI 125 N Michigan Ave, Big Rapids, MI 1408 N Mitchell St, Cadillac, MI 302 S Mitchell St, Cadillac, MI 1425 Bridge St, Charlevoix, MI 310 N Shiawassee, Corunna, MI 211 W Main St, Fremont, MI 521 W Main St, Gaylord, MI 2500 S I-75 Business Loop, Grayling, MI 7409 W Houghton Lake Dr, Houghton Lake, MI 101 N Roland St, McBain, MI 2910 Jefferson Ave, Midland, MI 1345 E M 21, Owosso, MI 220 S Main St, Standish, MIAll required regulatory approvals to complete the Huntington-TCF transaction have now been received and the transaction is expected to be completed on or around June 9, 2021, subject to the satisfaction or waiver of the remaining customary closing conditions set forth in the merger agreement between Huntington and TCF. \nAbout HuntingtonHuntington Bancshares Incorporated is a regional bank holding...