TCF disclaims any obligation to update or revise any forward-looking statements contained in this press release, which speak only as of the date hereof, whether as a result of new information, future events or otherwise, except as required by law. Statements included in this press release, which are not historical in nature are intended to be, and hereby are identified as, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Of … You can sign up for additional alert options at any time.At TCF, we promise to treat your data with respect and will not share your information with any third party. "We want to be acquisition-ready," David Provost, the new executive vice chairman of TCF Financial Corp., said in an exclusive interview with Crain's.But first TCF will be focused on integrating two Midwestern banks with about 500 branches across nine states and building up the TCF brand under a marketing campaign that, in Detroit, is expected to center on the The new Detroit-based TCF Bank, which has $47 billion in assets and $35 billion in deposits, becomes the 27th-largest bank in the country following Thursday's financial close of the $3.6 billion all-stock deal.There will be little consolidation of public-facing operations because Michigan-based Chemical Bank and Minnesota-based TCF Bank have "very little overlap" in retail branches and commercial lending and leasing operations, said Craig Dahl, president and CEO of TCF Bank. "These two banks — Chemical and TCF — were so complementary with an opportunity," Torgow said. TCF National Bank, Chemical Bank complete integration TCF Bank has completed its integration with Chemical Bank following the closing of the merger between TCF Financial and Chemical Financial. A groundbreaking ceremony is expected to take place as soon as next month, company leaders said. "In the next two years, I think the public is going to see a much stronger combined franchise. "It's consistent with how we've done every other thing," Dahl added with a laugh.Please select at least one newsletter to subscribe. The company’s shares have risen nearly 20% so far this year. Craig R. Dahl, TCF’s president and chief executive officer said, “With complementary banking platforms and the additional scale created through the merger, we are uniquely positioned to provide a more robust product set to a broader customer base with limited overlap and disruption.”Per the agreement, legacy TCF Financial was merged into Chemical Financial, with the latter being the surviving company. ... funds on deposit at TCF Bank and Chemical Bank at the time of the merger will temporarily continue to be separately insured by the FDIC up to the $250,000 per account ownership category at each bank.
As One TCF, we can bring the full breadth and depth of our services – and our team members’ expertise – to support our customers and communities.“Today is a historic day for the new TCF, and we want all of our customers to know that with the final step complete in the merger of equals, we remain deeply committed to the communities where we live, work and serve.”TCF Financial said that it is constructing a new headquarters in Detroit, Michigan. Now TCF is switching to Chemical's stock exchange, while TCF is moving to Chemical's home state and Detroit headquarters. The merger of equals in which legacy TCF Financial Corporation merged into Chemical Financial Corporation was closed on Aug. 1, 2019, forming Michigan’s largest national bank … Forward-looking statements are subject to risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence, which could cause actual results to differ materially from anticipated results.
NorthEast Region President Scot Zimmerman stands inside the Chemical Bank on Garfield in Traverse City. The combined Chemical Bank and TCF Bank will adopt the TCF name.
The company’s shares have risen nearly 20% so far this year.
Customers of new TCF will benefit from the bank’s strong community banking and wealth management capabilities, large deposit franchise and expertise in wholesale lending on a national basis. Words such as “will,” “may,” “anticipate,” “create,” “plan,” “expect,” “should,” and “could” and variations of such words and similar expressions are intended to identify such forward-looking statements.
"By joining forces, TCF Bank's new leadership team believes it will be better positioned to compete for retail and commercial banking business with larger national financial institutions. Also, as decided at the time of announcement, Chemical Financial was renamed as TCF Financial.Further, upon closing of the transaction, each share of legacy TCF Financial was converted into 0.5081 common shares of the merged company, and each common share of Chemical Financial is now a common share of the new entity. The company expects to combine its banking technology platforms by the middle of 2020 without any disruption to customers.The latest acquisition is likely to support TCF Financial’s prospects.
In addition, each depositary share with respect to Legacy TCF 5.70% Series C Non-Cumulative Perpetual Preferred Stock has converted into a depositary share with respect to new TCF 5.70% Series C Non-Cumulative Perpetual Preferred Stock, which will trade on The NASDAQ Stock Market under the symbol “TCFCP” beginning today.
With its latest earnings, TCF Financial begins reporting the results of its 2019 merger with Chemical Bank.
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