Chemical Financial to acquire TCF Keep Headquarters in Detroit
DETROIT (CBS Detroit/ AP) - Chemical Financial Corp. announced plans Monday to acquire TCF Financial Corp. for $3.6 billion in an all-stock deal that will keep the bank based in Detroit.
The latest purchase will give the bank $45 billion in assets.
Chemical Financial and Wayzata, Minnesota-based TCF Financial Corp. announced Monday the signing of an agreement that the companies described as a "merger of equals."
TCF's Craig Dahl will remain as CEO.
Plans call for TCF to merge into Chemical Financial, and the combined holding company and bank will operate under the TCF name and brand. The company will have more than 500 branches in nine states, with "significant operation centers" including Minneapolis and Chicago.
The deal is subject to regulatory approval.
Chemical Financial, the holding company for Chemical Bank, last year moved its headquarters from Midland, Michigan, to Detroit and announced plans for a 20-story building downtown.
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