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Huntington Bancshares and TCF Financial Corporation announced that regulatory approvals from the Federal Reserve Board and the Office of the Comptroller of the Currency have been granted for their upcoming merger. As part of this agreement, TCF National Bank will divest 14 banking centers in Michigan to Horizon Bank, totaling approximately $975 million in deposits. The merger is anticipated to close around June 9, 2021, following the satisfaction of customary closing conditions. This merger aims to strengthen Huntington's market presence in the Midwest.
TCF Financial Corporation (NASDAQ: TCF) reported a strong first quarter of 2021, achieving a net income of $123.3 million ($0.79 per diluted share), marking a 35.0% increase from Q4 2020. Adjusted diluted earnings rose by 12.0% to $0.84 per share. The corporation experienced a 5.1% growth in loan and lease balances, totaling $36.2 billion. Deposits also increased by $930 million (2.4%). Credit quality remained stable, with a provision for credit losses of $20.6 million, up 73.9% from the previous quarter. The upcoming merger with Huntington Bancshares received shareholder approval.
TCF Financial Corporation (TCF) has launched the Emerging Leaders Advisory Board, consisting of 15 members, including young leaders from diverse backgrounds. This board aims to provide insights in key areas such as banking technology, workplace culture, financial wellness, and corporate social responsibility. The initiative is designed to bridge the generational gap in finance, aligning with TCF’s commitment to modern banking practices. Members will serve a one-year term and contribute to educational initiatives and talent retention strategies.
Huntington Bancshares and TCF Financial Corporation announced that their shareholders approved the merger at special meetings held on March 25, 2021. This merger aims to create a stronger regional bank, enhancing shareholder value and expanding service offerings to communities. The transaction is pending regulatory approval and expected completion in late Q2 2021. Huntington currently holds $123 billion in assets, while TCF has $48 billion, indicating a significant consolidation in the banking sector.
TCF National Bank has been named the exclusive floor plan financing provider for Speed UTV, a powersports manufacturer founded by former racer Robby Gordon and Todd Romano. The duo brings over 40 years of experience in the industry, having developed products for major OEMs. Romano praised TCF for understanding the unique financing needs of their business. TCF's CEO highlighted the company's excitement about contributing to Speed UTV's growth. TCF Financial Corporation, a significant financial player with $48 billion in assets as of 2020, operates across the U.S. and Canada.
TCF National Bank, a subsidiary of TCF Financial Corporation (TCF) (NASDAQ: TCF), has opened a new banking center in Detroit, addressing the lack of nearby banking services, with the closest bank over three miles away. Located within the Arab American and Chaldean Council (ACC) Community Center, it offers a comprehensive range of financial services to local residents. TCF also donated $25,000 to support the ACC's community initiatives. This opening reflects TCF's commitment to community access and its plans for further expansion in the Detroit area.
TCF Capital Solutions, a division of TCF National Bank, has successfully acquired BB&T Commercial Equipment Capital, Corp., inheriting a portfolio valued at approximately $1 billion in equipment finance leases and loans. This acquisition will integrate around 60 employees from Truist Bank’s national small-ticket equipment leasing and finance division into TCF. Senior executives from both companies expressed optimism about the synergies this deal will create, driving growth and enhancing service delivery in the evolving equipment financing market.
TCF Financial Corporation (NASDAQ: TCF) announced the declaration of quarterly cash dividends on its common shares and 5.70% Series C Non-Cumulative Perpetual Preferred Stock. A cash dividend of $0.35 per common share will be payable on March 1, 2021, to stockholders of record as of February 12, 2021. Additionally, a cash dividend of $0.35625 per depositary share will also be distributed on the same date to holders of record. TCF Financial has approximately $48 billion in total assets and operates numerous banking centers across the Midwest.
TCF Financial Corporation (NASDAQ: TCF) reported fourth quarter 2020 net income of $91.4 million, equating to $0.58 per diluted share, a 63.9% increase from Q3 2020. Adjusted diluted earnings per share rose 19.0% to $0.75. Loan and lease balances grew 1.2% (excluding PPP loans). Key metrics show net charge-offs at $11.6 million, down 83% from Q3, while the efficiency ratio improved to 74.53%. The company announced a merger with Huntington Bancshares, expected to close in Q2 2021.
TCF National Bank, a subsidiary of TCF Financial Corporation (NASDAQ: TCF), appointed Lindsay Yousif as chief compliance officer. Yousif brings six years of experience at TCF, including her previous role as deputy chief compliance officer. Her leadership was pivotal during TCF's merger and in the development of a $1 billion loan commitment to minority-owned businesses. The bank has $48 billion in assets and a strong market presence in the Midwest, supporting diverse banking needs across various states.
