Chemical Financial Corporation and TCF Financial Corporation announced the receipt of regulatory approval from the Board of Governors of the Federal Reserve System to complete the proposed merger of equals in which TCF will merge into Chemical.
The Federal Reserve approval follows recent approvals from the Office of the Comptroller of the Currency and from shareholders of both companies. All necessary regulatory approvals have now been received and the companies expect to close the merger on Aug. 1, subject to satisfaction of customary closing conditions.
Once the merger is completed, the company will be renamed and operate as TCF Financial Corporation and will trade under the ticker symbol “TCF” on NASDAQ. Each current share of TCF common stock will be converted into 0.5081 shares of the new company common stock at closing.
“We are pleased to have received all necessary approvals for our merger of equals and we look forward to completing the transaction ahead of schedule,” said Craig R. Dahl, TCF chairman and chief executive officer. “Our teams have worked collaboratively and efficiently on our integration planning and their efforts will position us well to begin delivering on the value for shareholders we outlined at the onset of the transaction.”
“With the support of our shareholders and approval from our regulators, we are ready to leverage the complementary strengths of both organizations as we come together to create a premier Midwest bank,” said Gary Torgow, Chemical’s Executive Chairman. “We look forward to executing on our shared strategic vision to create value and opportunities for our shareholders, customers, employees and the communities we serve.”
Upon completion of the merger, the combined company is expected to have over $46 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 TCF will have a substantial presence in key Midwest markets including Detroit, Minneapolis, Chicago, Milwaukee and greater Michigan.
The planned merger was announced in January.