Chemical Financial & TCF Financial Shareholders Approve Merger
JUN 10, 2019 - 6:50 am
The respective shareholders of Chemical Financial and TCF Financial each approved the proposed merger of equals in which TCF will merge into Chemical.
The combined holding company and bank will be headquartered in Detroit, Michigan and operate under the TCF name and brand following the closing of the transaction.
“I am encouraged by the strong level of shareholder support received for this partnership and the accelerated shareholder value we expect it to create,” said Craig R. Dahl, TCF chairman and CEO. “This positive shareholder response demonstrates a broad recognition of the shared strategic vision and complementary strengths of the two organizations. We look forward to bringing together the best of both banks to benefit our shareholders, customers, employees and the communities we serve.”
“Today’s vote was an important step for us as we move forward with our focus on creating a premier Midwest bank,” said Gary Torgow, Chemical’s executive chairman. “As we become one company, we will be able to provide a more robust product set to a broader customer base, with limited overlap and disruption. With our increased scale and an enhanced competitive position, our new organization will be poised to thrive in today’s evolving banking environment.”
Upon completion of the merger, the combined company will have over $45 billion in total assets and be a top 10 bank in the Midwest based on deposit market share. With over 500 combined branches across nine states, the new organization will have a substantial presence in key Midwest markets including Detroit, Chicago, Minneapolis, Milwaukee and greater Michigan.
The merger is expected to close in the third quarter or early fourth quarter of 2019, subject to customary closing conditions and regulatory approvals.
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