TCF - With Organic Growth Under Pressure Huntington Bancorp And TCF Financial Agree To A Merger
- Huntington Bancorp and TCF Financial announced a merger agreement wherein Huntington will acquire TCF for a 12% premium in a stock-for-stock deal.
- Acquiring TCF Financial will create some meaningful cost saving opportunities and will vault Huntington into the top 15 banks in terms of deposits.
- M&A is a realistic strategic response to short-term challenges in the banking sector, and TCF will further diversify a strong Midwestern lending franchise.
- TCF shareholders are getting a fair price, while Huntington shares look modestly undervalued with an improving growth profile.
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With Organic Growth Under Pressure Huntington Bancorp And TCF Financial Agree To A Merger