It announced today that it has added an executive who will lead the bank's search for companies it can buy. Huntington Chairman Stephen Steinour will continue to serve as the chairman, president, and CEO of the combined company while TCF Financial Chairman Gary Torgow will serve as chairman of the bank’s board of directors. Huntington Bancshares Incorporated (Nasdaq: ... whose principal subsidiary is The Huntington National Bank. Bank M&A, therefore, could be fueled by a desire for synergies as cost-cutting becomes a higher priority in a flattening growth environment. A news release and supporting financial data will be available at that time on the Investor Relations section of the company’s website. TD Bank - Get Repor, according to several analysts. Detroit-based TCF Financial Corp. will merge into Huntington Bancshares Inc. in a $22 billion all-stock merger that creates one of the largest regional banks … That means 95% of the industry each year doesn't participate in a combination. Don't have a Benzinga account? Huntington Bank will absorb Detroit's TCF Financial in an all-stock deal worth $6 billion, the latest in a string of tie-ups that have led to a crop of new and larger U.S. regional banks. Huntington Bancshares is merging with TCF Financial in a $22 billion deal that will result in the development of one of the top 10 U.S. regional banks. In announcing the merger in December, executive said that a combined bank, with TCF merging into Huntington, would have about $168 billion in assets, $117 billion in loans, and $134 billion in deposits with dual headquarters in Detroit and Columbus. Press Release Huntington Bancshares And TCF Financial Corporation Announce Merger To Create Top 10 U.S. The combined company will have headquarters in both Detroit and Columbus. © 2021 Benzinga.com. 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", "NYCB, they will go anywhere," Winter said. ATM fee: No fee for Huntington Bank ATMs, $3 fee per non-Huntington Bank ATM transaction, plus applicable fees from out-of-network ATM as applicable. Hannah Yang. The Huntington National Bank is an Equal Housing Lender and Member FDIC. What We Do Huntington is a full-service banking provider primarily operating across a seven-state banking franchise of Ohio, Illinois, Indiana, Kentucky, Michigan, Pennsylvania, and … By creating an account, you agree to theTerms of Service and acknowledge our Privacy Policy. That company has rolled up a couple of community banks and wealth management outfits in the past five years, and Helmick said the bank is open to more. "In this case, I would think the smaller banks may need to focus on smaller or similarly sized community banks to gain market share and position themselves either to go on a buying spree to become a regional bank or at least increase their asset size to the point where one of the smaller regionals would consider them to be an attractive target. BB&T, SunTrust Announce Merger To Create Sixth-Largest US Bank, Price Over Earnings Overview: Huntington Bancshares, Earnings Outlook for Huntington Bancshares, Benzinga's Top Upgrades, Downgrades For January 5, 2021, Barron's Picks And Pans: Bank Mergers, Comcast, Dogs of the Dow, Square And More, Privacy Policy / Do Not Sell My Personal Data. The region's larger players face similar pressures, of course, but those may be more likely to stay on the sidelines when it comes to buying another bank. If buying, what could be of more interest for those groups are additive nonbank acquisitions, particularly those that bring in new business lines — such as what Key did with Laurel Road, a student loan refinancing business that builds on the bank's digital lending capabilities — or fee-generating revenues, like what comes with wealth management services. Bank of America – Countrywide merger possibility, continued layoffs Badger State Bank – shut by FDIC ... Huntington Bancshares – laid off 200 mortgage employees during third quarter Huntington Financial – to be acquired by Oxford Funding ... Linda Conner June 9, 2020 at 12:15 pm - Huntington Bancshares, subject to takeover rumors for years, is turning the table on such talk. Now that PNC Financial Services Group has sold its stake in giant money manager Blackrock Inc. for $14.4 billion, what will it do with all that money? COLUMBUS, Ohio and DETROIT, Dec. 13, 2020 /PRNewswire/ -- Huntington Bancshares Incorporated ("Huntington") (Nasdaq: HBAN; www.huntington.com), the parent company of The Huntington National Bank, and TCF Financial Corporation ("TCF") (Nasdaq: TCF; www.tcfbank.com), the parent company of TCF National Bank, today announced the signing of a definitive agreement under which the companies … Huntington Bancshares Incorporated expects to report its 2020 second quarter earnings on Thursday, July 23, 2020, prior to the market opening. "Our capital allocation priorities are organic balance sheet growth, fee-generating nonbank acquisitions, paying a strong dividend and share repurchases," said Fifth Third Bank CEO Greg Carmichael in a Jan. 22 earnings call. Some super-regionals could be attractive to national companies, though: Word on the street is that Cleveland's KeyCorp ($145 billion in assets) was courted by some potential buyers as CEO Beth Mooney contemplated retirement, a move that she announced last September and will take place in May. Billion dollar deal: TCF to merge with Huntington Bank Will have dual headquarters in Detroit and Columbus, Ohio. There is still some interest among banks on Ohio's borders to get more market penetration here as well, Crowley said, like those in western Pennsylvania or eastern Indiana. However, slumping share prices have created pockets of value among regional U.S. banks, and Bank of America says rumors among hedge fund managers suggest interest in merger activity has picked up. The economy is coming back quickly in the Midwest, and that's good news for Huntington Bank. Huntington Bancshares Inc (NASDAQ: HBAN) and TCF Financial Corporation (NASDAQ: TCF) announced late Sunday the two banks have agreed to merge in an all-stock deal. Larger banks, if they're interested in deals, may pull the trigger on something this year because of the catalyst that is the presidential election. 2020 Fourth Quarter Earnings Conference Call Friday, January 22, 2021. The deal would create a regional bank that would rank No. In the last two weeks, shares of the Columbus, Ohio-based regional gained 6%, while the Standard & Poor's bank index lost less than 1%. When the market shifts as a result of mergers, you need to reassess where you are," Oliver said. TCF Bank announced Sunday evening that it had been acquired by Columbus, Ohio-based Huntington Bank and that the combined entity would have ‘dual headquarters’ in Detroit and Columbus, marking a big moment in the career of TCF Bank chair and prominent Jewish Detroit philanthropist Gary Torgow. The Huntington National Bank is an Equal Housing Lender and Member FDIC. Another bank stock to have on your radar is Pittsburgh’s PNC Bank (NYSE:PNC), which will lose its position as the ninth-largest bank by assets once the BBT/SunTrust deal is final. Yet, the S&P 500's banking industry gained 31.5% last year, while the wider S&P 500 as a whole returned 40.6%. Columbus, Ohio-based Huntington will exchange 3.0028 of its shares for each TCF share, equating to a price of $38.83, the bank said in a document published on Monday. Huntington And TCF Finanical Merger: Building A Powerhouse Bank Dec. 15, 2020 11:21 AM ET Huntington Bancshares Incorporated (HBAN) , TCF 4 Comments 6 Likes ALG Research Scott Brewer, formerly of financial services A retiring CEO was a factor at Maple Leaf Financial, the holding company of Geauga Savings Bank, which was bought by Canfield's Farmers National Banc Corp. ($2.7 billion in assets) last year. Steinour, also a director at L Brands, Inc (NYSE: LB), was awarded the 2020 Outstanding Leadership Award on Oct. 18 during a virtual event by the Yeshiva Beth Yehudah — a 105-year old Jewish educational institution based in Michigan. Huntington Bank stock dipped a bit Monday on the news of a merger with TCF Bank, as investors processed the unexpected deal. On March 4, 2014, Huntington Bancshares Incorporated (NASDAQ: HBAN) announced that it completed its merger of Camco Financial Corp., parent company of Advantage Bank, based in Cambridge, Ohio. KeyCorp's stock rose over three percent Thursday on a Regional Bank Published: Dec. 13, 2020 at 9:57 p.m. Home Savings CEO Gary Small, who is serving as president of the combined entity's bank and holding company, will move up to the CEO role at both levels in 2021. The organization could be said of PNC Bank ( $ 495 billion ) CEO William Demchak, according earnings., TCF Financial ’ s shares closed 2.5 % lower at $.... 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