TCF - Huntington Bancshares on verge of deal for TCF Financial - WSJ

Huntington Bancshares (HBAN) is near a deal to merge with TCF Financial (TCF), WSJ reports.The proposed all-stock deal, which would be one of the larger recent bank mergers, values Detroit-based TCF at nearly $6B, or ~11% above its current share price, according to the report.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.Together, the new bank would have $170B in assets, bringing it closer to rivals such as Fifth Third Bancorp (FITB) and Key Corp. (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.

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Huntington Bancshares on verge of deal for TCF Financial - WSJ