CF Financial Corp. has closed its previously announced merger of equals in which legacy TCF Financial Corp. merged into Chemical Financial Corp., with Chemical as the surviving company. Upon the closing, Chemical was renamed TCF Financial Corp., and its common shares will trade on The NASDAQ Stock Market under the symbol “TCF.”
Each share of common stock of Legacy TCF has converted into 0.5081 common shares of new TCF, and each common share of Chemical is now a common share of new TCF. In addition, each depositary share with respect to Legacy TCF 5.70 percent Series C non-cumulative perpetual preferred stock has converted into a depositary share with respect to new TCF 5.70 percent Series C non-cumulative perpetual preferred stock, which will trade on The NASDAQ Stock Market under the symbol “TCFCP.”
As a result of the merger, customers will not experience any immediate changes to their accounts, loan payment terms, access to account information through mobile and online banking applications, use of debit cards or access to ATMs. Initially, TCF Bank will operate under both the TCF and Chemical Bank brands. The company expects to combine its banking technology platforms by the middle of 2020 without any disruption to customers.
“We are pleased to close our merger ahead of schedule and excited to begin operating as one organization,” TCF President and CEO Craig R. Dahl said, in a statement. “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.”
Headquartered in Detroit, TCF has $47 billion in assets, $35 billion in total deposits, more than 500 branches across nine states, and a top 10 deposit market share in the Midwest.