A bank founded in Port Huron more than 80 years ago will be getting another new name after being shut down by the state a decade ago.
On Sunday, the parent company of Huntington National Bank announced it and the parent company of TCF National Bank had signed an agreement to merge with a total market value of approximately $22 billion.
This will not be the bank’s first rebranding:
- The Port Huron-based Citizens Federal Savings & Loans was founded in 1937.
- The savings and loan became a mutual savings bank and changed its name to Citizens Federal Savings Bank in 1990.
- In 1997, it changed its name to Citizens First Savings Bank.
- First Michigan took it over in 2010 after the state shut Citizens down.
- First Michigan changed its name to Talmer Bank in 2011.
- Talmer merged with Chemical Bank in 2016.
- TCF merged with Chemical Bank in 2019.
Under the terms of the latest agreement, which was unanimously approved by both companies’ boards of directors, TCF will merge into Huntington and the combined holding company and bank will operate under the Huntington name and brand after the transaction’s completion, according to a Huntington press release.
“This merger combines the best of both companies and provides the scale and resources to drive increased long-term shareholder value,” Stephen Steinour, CEO and president of the bank, said.
The headquarters for the commercial bank will be in Detroit where at least 800 employees of the combined company will be housed downtown. Columbus will remain the headquarters for the holding company and the consumer bank.
Huntington Bank has multiple banks and ATMs in St. Clair County including Fort Gratiot, East China Township, Marysville and Algonac and TCF Banks and ATMs can be found in Port Huron, Fort Gratiot Township and St. Clair.
The pro forma combined company will have approximately $168 billion in assets, $117 billion in loans, and $134 billion in deposits. Estimated cost savings of the combined company are approximately $490 million, according to the press release.
The merger is expected to close in the second quarter of 2021, subject to satisfaction of customary closing conditions.
According to TCF’s website, right now it’s banking as usual. TCF Bank will continue to operate separately until all regulatory and shareholder approvals are received and the companies are merged. Until then, customers should continue to bank as they always have at current banks and ATMs.
The companies are in the process of reviewing branch networks to determine a combined network and some banking centers will close, like those where there’s another Huntington or TCF Bank close by. People will receive notice prior to any changes at their TCF banking center, according to the company.
“This partnership will provide us the opportunity for deeper investments in our communities,…