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Update: 1 p.m. Monday -- Gov. Gretchen Whitmer issued a statement on the merger:
“This announcement is good news for our economy, our families, and the future of our state.If we’re going to ensure Michigan’s success, we’ve got to attract more businesses to create jobs and boost the local economies in cities like Detroit. This merger will create hundreds of jobs in the city, help local businesses attract the talent they need to thrive, and provide investment throughout the state. I’m excited to work with everyone who wants to build a Michigan where more businesses move to for opportunity.”
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Report from Earlier Monday
Detroit-based Chemical Financial Corp. is swallowing TCF Financial Corp. in an acquisition that will create a powerhouse company in the Midwest. The combined banks will operate under the TCF name.
The $3.6 billion all-stock deal will more than double the size of Chemical.
“With a shared strategic vision and increased scale and capabilities, our two complementary banking platforms will be positioned to better serve our customers and communities,” said Chemical’s Chairman Gary Torgow in a statement.
The combined companies will maintain a signfiicant presence in Michigan, Minneapolis and Chicago. Chemical, the largest bank in Michigan, moved from Midland to Detroit last year. TCF is based in Minneapolis.
The acquisition is expected to be completed late third or early fourth quarter of this year, according to a press release.
The combined company will have approximately $45 billion in assets, $34 billion in total deposits and more than 500 branches across nine states, including four of the top 10 Midwest markets.
“We are confident that this merger will enhance our ability to deliver stronger and more sustainable growth and greater value creation than either company could achieve alone," said TCF Chairman and CEO Craig Dahl in a statement.
