TCF - TCF Financial sells 14 bank branches to Horizon Bank amid merger with Huntington
Horizon Bancorp's (HBNC) wholly owned subsidiary Horizon Bank is acquiring 14 national bank branches of TCF Financial (TCF) in Michigan counties with about $976M in deposits and $278M in associated loans.TCF is divesting the Michigan-based branches in connection with its ongoing merger with Huntington Bancshares.Horizon Bank, a unit of Horizon Bancorp (HBNC), will pay about $17.1M, or 1.75% premium on deposits acquired at closing.Horizon expects the transaction to be in excess of 17% accretive to its 2022 EPS, excluding non-recurring transaction-related expenses.Horizon Bank noted that it is acquiring performing residential mortgage, consumer, and small business loans linked with the branches at a 3.50% discount.The transaction is expected to expand Horizon's low-cost core deposit franchise and the company aims to add over 50,000 primarily retail and small business customer accounts and the entire workforce of the acquired branches.The deal is expected to close by the end of the third quarter. Source: Press Release
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TCF Financial sells 14 bank branches to Horizon Bank amid merger with Huntington