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The Columbus, Ohio-based TCF and Huntington merger, which was formally closed Tuesday night, provides the framework for one of the largest regional banks in the country and adds significant scale to the combined institutions.
“The Detroit hometown bank is now nearly quadrupling in size,” Gary Torgow, now Huntington Bank’s chairman and chairman of TCF before the acquisition, said of the deal during a Tuesday interview with Crain’s. “We will have much greater capacity to serve our customers and our colleagues and our communities. It is the largest hometown bank Detroit has ever had.”
In addition to chairing the new bank’s board of directors, Torgow will receive $12.5 million over three years to serve as “advisor” to Huntington Bank through 2024, according to a securities filing filed Wednesday morning.
According to the filing, the advisory fee is the only fee Torgow will receive from Huntington.
With approximately $175 billion in assets as of March 31, the merged bank will be a top 25 bank in the country, according to the US Federal Reserve. The combined bank has more than 1,100 branches.
The overall integration of the banks, along with the conversion of TCF branding to Huntington logos and other branding, will be done “in a thoughtful manner,” said Stephen Steinour, Huntington chairman, president and CEO.
The technology integration, changing the signage of the branches and a new, undisclosed name for the downtown Detroit convention center now called TCF Center, will roll out over the summer and fall months, Steinour told Tuesday afternoon. Crain’s in an interview.
TCF customers will be transitioned to Huntington systems in the latter part of this year, and the bank will send more details about that switch in the coming weeks, according to a statement.
In addition, as part of the merger, Huntington has recruited five new board members. They are:
- Richard King, General Manager of Operations – Retired, Thomson Reuters Corp.
- Barbara McQuade, law professor at the University of Michigan
- Roger Sit, CEO, global chief investment officer and director at Sit Investment Associates
- Jeffrey Tate, executive vice president and chief financial officer at Leggett & Platt
- Torgow, Chairman of the Board of Directors of The Huntington National Bank
At the time of the merger, each share of TCF common stock was converted into the right to receive 3,0028 Huntington common stock. Huntington’s stock (NASDAQ:HBAN) closed Tuesday at $15.21 a share, showing a slight decline in pre-market trading Wednesday morning.
The deal between the two lenders, first announced late last year, was blessed by regulators on May 25 and paved the way for Tuesday’s close.
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