Shareholders of Chemical Financial Corp. and TCF Financial Corp. approved the proposed merger of TCF into Chemical. The combined holding company and bank will be based in Detroit and operate under the TCF name following the closing.
Upon completion of the merger, the combined company will have more than $45 billion in total assets and be a top 10 bank in the Midwest based on deposit market share. With more than 500 combined branches across nine states, the new organization will have a substantial presence in key Midwest markets including Detroit, Chicago, Minneapolis and Milwaukee.
The merger is expected to close in the third quarter or early fourth quarter of 2019, subject to satisfaction of customary closing conditions, including receipt of regulatory approvals.
