Huntington Bancshares to merge with TCF Financial in all-stock deal
Dec. 13, 2020 10:05 PM ETHuntington Bancshares Incorporated (HBAN), TCF, FITB, KEYFITB, TCF, KEY, HBANBy: Carl Surran, SA News Editor25 Comments
- Huntington Bancshares (NASDAQ:HBAN) agrees to a merger deal with TCF Financial (NASDAQ:TCF), WSJ reports.
- The all-stock deal, which would be one of the larger recent bank mergers, reportedly values Detroit-based TCF at nearly $6B, or ~11% above its current share price.
- TCF's nine-state network would add ~475 new branches and five states where Huntington lacks a physical presence; Huntington's 839 branches are spread across seven states, mostly in the Midwest.
- The pro forma combined company would have $168B in assets, bringing it closer to rivals such as Fifth Third Bancorp (NASDAQ:FITB) and Key Corp. (NYSE:KEY)
- Bank deals have picked up this year, especially among regional banks seeking scale to better compete with larger competitors; most recently, PNC Financial agreed to buy the U.S. arm of Spain's BBVA for $11.6B.