the huntington national bank inc

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the huntington national bank inc

The huntington national bank inc -

41 S. High Street Columbus OH 43215

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Last updated 11/10/2021

Источник: https://builtin.com/company/huntington-national-bank
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Huntington Banks merge with TCF

Those TCF Bank signs will change in 2021 after an all stock merger was announced by Huntington Bancshares Incorporated, the parent company of The Huntington National Bank and TCF Financial Corporation, the parent company of TCF National Bank.

The companies will combine in an all-stock merger with a total market value of approximately $22 billion. That will create a top 10 U.S. regional bank with dual headquarters in Detroit and Columbus, Ohio.

TCF recently took over Chemical Bank in August this year. Huntington has only one location in this area, inside the Meijer store.

Stephen D. Steinour will remain chairman and president of the combined firms to retain the Huntington name.

“This merger combines the best of both companies and provides the scale and resources to drive increased long-term shareholder value,” Steinour said. “Huntington is focused on accelerating digital investments to further enhance our award-winning people-first, digitally powered customer experience. 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.”

Headquarters for Commercial Bank will be in Detroit, where at least 800 employees of the combined company, nearly three times the number TCF had planned, will be housed in the downtown structure. Columbus will remain the headquarters for the holding company and Consumer Bank.

The banks will operate independently until the merger is approved and closed. It will take until late 2021 to merge the banking accounting systems.

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Источник: https://www.thedailyreporter.com/story/business/2020/12/21/tcf-bank-to-merge-into-huntington-banks-in-2021/115203078/

You’re going places — eager to learn, filled to the brim with ideas and ready to make an impact.

We welcome and thrive on this type of energy. We’re changing the industry by creating a new standard for banking because we believe everyone — whether customer or colleague — deserves to be treated fairly.

While our perspective on the industry may be fresh, our roots run deep — we’ve been serving communities in the Midwest for over 150 years. We’ve weathered changing economies and financial climates. Our commitment to doing what’s right for our customers, our shareholders, our communities and our colleagues has never waivered, and never will. Our competitors know us by our steadfastness, our customers know us by our loyalty and, once you join our team, you’ll know firsthand just how much we value our people.

Our Values not only represent the foundation of our company, they guide us in everything we do. Do the Right thing with a...
•Can-Do Attitude – Enthusiastically work and succeed together.
•Service Heart – Inclusive spirit to put yourself in each other's shoes-then help.
•Forward Thinking – Always look ahead for ways to be the very best.

We invite you to learn more about who we are and how a position with Huntington Bank can inspire you to succeed professionally, grow personally and exceed what you imagined a career in banking could be.



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Источник: https://www.indeed.com/cmp/Huntington-Bank/about

Justice News

The Department of Justice announced today that Huntington Bancshares Incorporated and TCF Financial Corporation have agreed to sell 13 branches in Michigan, with approximately $872.3 million in deposits, to resolve antitrust concerns arising from Huntington’s planned acquisition of TCF Bank. The divested assets include all of the deposits and loans associated with the divested branches, as well as the physical assets.

“Banks are a critical part of the American economy,” said Acting Assistant Attorney General Richard A. Powers for the Justice Department’s Antitrust Division. “Families and small businesses rely on them to keep their money safe and obtain credit for important life purchases and investments. This settlement protects banking customers by ensuring that they continue to have access to competitively priced banking products and services.”

Under the agreement with the Justice Department, the parties will divest branches in Michigan, located in Arenac, Charlevoix, Crawford, Newaygo, Otsego, Mecosta, Shiawassee, Wexford and Missaukee counties, and in the City of Midland. The companies also have agreed to suspend existing, and not to enter into new, non-compete agreements with branch managers and loan officers located in the divestiture counties for a period of 180 days following the consummation of their merger. Further, the companies have agreed that any traditional branches located in any overlap market in Michigan and Ohio that are closed within three years of the merger’s closing will be sold or leased to an insured depository institution that offers deposit and credit services to small businesses. As a result of the acquisition, Huntington will become the 25th largest bank holding company based on assets.

The proposed merger is subject to the final approval of the Board of Governors of the Federal Reserve System. The department’s role when reviewing a proposed bank merger necessarily focuses on the merger’s competitive effects. Here, the department has advised the Federal Reserve Board that the department will not challenge the merger provided that the parties divest branches in certain areas of overlap and agree that any traditional branches in Michigan and in the five overlapping counties in Ohio that are closed within three years following the merger, will be marketed to an institution with a demonstrated record of providing services and loans to the local community. The parties’ commitments to the department are included as a condition to the Federal Reserve Board Order allowing the transaction.

Huntington is the holding company of The Huntington National Bank, Columbus, Ohio, with approximately $120 billion in assets. Huntington has 839 full-service branches across seven Midwestern states. Huntington provides a wide range of banking and other financial services to consumers, businesses and wealth management customers.

TCF is the holding company of TCF National Bank, Detroit, Michigan, and has approximately $48 billion in assets. TCF has 475 branches primarily located in Michigan, Illinois and Minnesota. TCF also provides a broad array of consumer and business banking services, along with other services like wealth management and specialty leasing services, to its customers.

A list of the branches to be divested is below.

Branch

Address

City

County

State

Zip Code

Au Gres Branch

144 W Huron Road

Au Gres

Arenac

MI

48703

Standish Branch

220 South Main Street

Standish

Arenac

MI

48658

Grayling Main

2500 South I-75 Business Loop

Grayling

Crawford

MI

49738

Charlevoix Branch

1425 Bridge Street

Charlevoix

Charlevoix

MI

49720

Fremont Branch

211 W Main Street

Fremont

Newaygo

MI

49412

Cadillac North End

1408 N Mitchell Street

Cadillac

Wexford

MI

49601

Cadillac Downtown

302 S Mitchell Street

Cadillac

Wexford

MI

49601

McBain Branch

101 N Roland Street

McBain

Missaukee

MI

49657

Gaylord Main

521 W Main Street

Gaylord

Otsego

MI

49735

Circle Branch

2910 Jefferson Avenue

Midland

Midland

MI

48640

Big Rapids Main

125 N Michigan Avenue

Big Rapids

Mecosta

MI

49307

Corunna Office

310 N Shiawassee Street

Corunna

Shiawassee

MI

48817

Owosso East Branch

1345 E Main Street

Owosso

Shiawassee

MI

48867

Источник: https://www.justice.gov/opa/pr/justice-department-requires-divestitures-huntington-bancshares-incorporated-s-acquisition-t-0

Billion dollar deal: TCF to merge with Huntington Bank

Under the terms of the agreement, which was unanimously approved by the boards of directors of both companies, TCF will merge into Huntington, and the combined holding company and bank will operate under the Huntington name and brand following the closing of the transaction. Upon closing, Stephen D. Steinour will remain the chairman, president, and CEO of the holding company and CEO and president of the bank. Gary Torgow, the current chairman of TCF, will serve as chairman of the bank’s board of directors.

“This merger combines the best of both companies and provides the scale and resources to drive increased long-term shareholder value," Steinour said. “Huntington is focused on accelerating digital investments to further enhance our award-winning people-first, digitally powered customer experience. 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.”

The headquarters for the Commercial Bank will be in Detroit where at least 800 employees of the combined company, nearly three times the number TCF had planned, will be housed in the downtown structure. Columbus will remain the headquarters for the holding company and the Consumer Bank.

“This partnership will provide us the opportunity for deeper investments in our communities, more jobs in Detroit, an increased commitment in Minneapolis and a better experience for our customers,” Torgow said. “We will be a top regional bank, with the scale to compete and the passion to serve. Merging with the Huntington platform will be a great benefit to all of our stakeholders and will drive significant opportunities for our team members.”

The pro forma combined company will have approximately $168 billion in assets, $117 billion in loans, and $134 billion in deposits. The combined organization will significantly improve Huntington’s market position, increase scale and provide greater revenue growth opportunities. The company is expected to extend its top quartile financial metrics after completion of the integration.

Huntington also expects the financially compelling transaction to be 18% accretive to earnings per share in 2022, assuming the fully phased-in transaction cost synergies. The merger uniquely positions the combined organization to capitalize on market opportunities and broaden the channels and customers it serves through expanded distribution and product offerings.

With a rich history of caring for customers and colleagues, the new organization will have a top five rank in approximately 70% of its deposit markets and will leverage its scale to serve customer needs through a distinctive, “people-first, digitally-powered” customer experience.

Strategic and financial benefits of proposed merger

• Enhanced profitability and scale: The combined company’s expanded distribution and scale positions Huntington to serve an expanded customer base through a distinctive customer experience while driving top-quartile financial performance.

• Significant cost synergies: Estimated cost savings of the combined company are approximately $490 million, or 37% of TCF’s noninterest expense.

• Revenue growth through combined segments and expanded national footprint businesses: The combined company will strengthen its consumer, wealth, business banking, and commercial businesses. Huntington will leverage its broader product and services offering, as well as its award-winning digital capabilities, across the expanded combined customer base. In addition, TCF operates national inventory and equipment finance businesses, which will complement Huntington’s existing commercial efforts.

• Strengthened market position: The combined company will maintain its leading market position with the largest branch share and second position in consumer deposits in the footprint. The combination expands the Huntington footprint to include Minnesota, Colorado, Wisconsin, and South Dakota, and deepens its presence in Chicago.

• Strong brand and cultural alignment: The combined company expands the reach of Huntington’s “welcome” culture and enriches an inclusive, diverse, high-performing team.

• Community commitment: Huntington will contribute $50 million to a donor advised fund at the Community Foundation for Southeast Michigan to serve the needs of communities in Detroit and across the footprint of the combined bank. This donor advised fund will be in addition to commitments already made by both banks, including a combined $10 million to Detroit’s Strategic Neighborhood Fund. The combined company also will remain committed to Minneapolis, where TCF was founded nearly a century ago. Huntington and TCF have consistently earned “outstanding” ratings under the Community Reinvestment Act.

Huntington recently announced a $20 billion community plan, which is focused on driving economic inclusion through access to capital, affordable housing and home ownership, and community lending and investment. Included is $5 billion to be specifically dedicated to Michigan. The most recent component of the community plan is “Huntington’s Lift Local Business” which provides much-needed capital to local minority, woman and veteran owned businesses, as well as giving customers access to business planning and educational programs to support local businesses.

TCF also recently announced a $1 billion commitment over five years to support minority-owned and women-owned small businesses, which will be added to Huntington’s commitment. Huntington is the No. 1 SBA Lender in the nation for loan origination, and this merger will provide expanded opportunity to bring that expertise to a larger, combined footprint.

Board of directors

At closing, five current TCF directors will be added to the board of directors of the holding company. David L. Porteous will serve as lead director of the holding company’s board of directors and the bank’s board of directors.

Timing and approvals

The merger is expected to close in the second quarter of 2021, subject to satisfaction of customary closing conditions, including receipt of customary regulatory approvals and approval by the shareholders of each company.

Advisors

Goldman Sachs & Co. LLC is serving as financial advisor to Huntington. Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Huntington.

Keefe, Bruyette & Woods, a Stifel Company, is serving as financial advisor to TCF. Simpson, Thacher & Bartlett LLP is serving as legal advisor to TCF.

— Processed by Ashley Schafer, [email protected]

Источник: https://www.ourmidland.com/news/article/22-billion-deal-TCF-to-merge-with-Huntington-15800044.php
the huntington national bank inc