ATM fee refund: N/A; Overdraft fee: Huntington Bank offers 24-Hour Grace® overdraft protection. ET St. Clair Avenue, Suite 310, Cleveland, Ohio, 44113, or by emailing [email protected]. Combinations of smaller banks, similar to the Farmers and First Defiance deals, could be more common in 2020, said Patricia Oliver, a banking consultant with Tucker Ellis. After all, the industry is challenged with drawing in young people, particularly at community banks, which can create additional succession issues. Market analysts signaled from late 2018 that challenging market forces ahead would be a significant trigger for mergers, and this announced merger has now spawned a new round of M&A speculation from commentators. Farmers CEO Kevin Helmick said the company has strived to demonstrate it's a good buyer, so it might be top of mind when other firms go on the market. Don't miss the chance to get the biggest news first! He also noted he is projecting flat to slightly negative earnings growth in 2020, underscoring a concern that could fuel some M&A. Columbus, Ohio-based Huntington will exchange 3.0028 of its shares for each TCF share, equating to a price of $38.83, the bank said in a document published on Monday. Why It Matters: Post-merger, the combined entity would have $168 billion in assets and a geographic span ranging from Pennsylvania to Arizona with a strong presence in the Midwest, particularly Illinois and Michigan, the Journal noted earlier. Regional Bank Published: Dec. 13, 2020 at 9:57 p.m. The biggest bank merger since the financial crisis -- February’s $28 billion tie-up between BB&T Corp. and SunTrust Banks Inc. -- was supposed to spark a wave of copycats. Bank Merger's and Acquisitions Activity Bank mergers and acquisitions happen for many different reasons, such as adding more advanced solutions, gaining deposits or supplementing bank talent. The merger would reportedly also propel Huntington close to its rivals Fifth Third Bancorp (NASDAQ: FITB) and KeyCorp (NYSE: KEY), which have about $200 billion and $170 billion in assets, respectively. In announcing the merger in December, executive said that a combined bank, with TCF merging into Huntington, would have about $168 billion in assets, $117 billion in loans, and $134 billion in deposits with dual headquarters in Detroit and Columbus. Now that PNC Financial Services Group has sold its stake in giant money manager Blackrock Inc. for $14.4 billion, what will it do with all that money? Operating under the Huntington name, the bank would become a top 10 regional bank in the U.S. Whatever the reasons, with each new deal, the financial industry is affected. A news release and supporting financial data will be available at that time on the Investor Relations section of the company’s website. Regional Bank Article Stock Quotes (2) FREE Breaking News Alerts from StreetInsider.com! The bank got its footing in Ohio with the purchase of the failing AmTrust Bank in 2009. Bank of America – Countrywide merger possibility, continued layoffs Badger State Bank – shut by FDIC ... Huntington Bancshares – laid off 200 mortgage employees during third quarter Huntington Financial – to be acquired by Oxford Funding ... Linda Conner June 9, 2020 at 12:15 pm - The economy is coming back quickly in the Midwest, and that's good news for Huntington Bank. The pending merger between BB&T and SunTrust, the biggest bank deal in 15 years, has set off speculation about whether other large regional banks will pursue similar mergers to keep up. Huntington Bancshares is merging with TCF Financial in a $22 billion deal that will result in the development of one of the top 10 U.S. regional banks. Bank Deal On Again. The naming of Chris Gorman as Key's new CEO also points to the bank's interest in organic growth and expense management. The combined bank will have about $6.1 billion in assets. Huntington And TCF Finanical Merger: Building A Powerhouse Bank Dec. 15, 2020 11:21 AM ET Huntington Bancshares Incorporated (HBAN) , TCF 4 Comments 6 Likes ALG Research Yet, the S&P 500's banking industry gained 31.5% last year, while the wider S&P 500 as a whole returned 40.6%. Future of U of M’s stadium name unknown. That company has rolled up a couple of community banks and wealth management outfits in the past five years, and Helmick said the bank is open to more. The merger will create a combined holding company and a bank that would operate under the name of Huntington. Bank M&A, therefore, could be fueled by a desire for synergies as cost-cutting becomes a higher priority in a flattening growth environment. For 40 years, Crain’s Cleveland Business has been the trusted source for business news and information for Northeast Ohio’s top executives and business owners. When the market shifts as a result of mergers, you need to reassess where you are," Oliver said. Columbus-based Huntington (NASDAQ: HBAN) announced the … The most likely acquirer of the bank would be Fifth Third Bancorp of Cincinnati, at a price of $53, Mr. Hanley told clients through his sales force.. Huntington, like most midsize banks, has always been the subject of merger rumors, but speculation dogs the company more than it has before. Posted-In: Banking Stocks Detroit Stephen SteinourM&A News Penny Stocks Rumors Media Best of Benzinga, Thank you for subscribing! Both Key and U.S. Bancorp would neither confirm nor deny such conversations, saying they don't comment on market rumors. Huntington Bancshares Incorporated expects to report its 2020 second quarter earnings on Thursday, July 23, 2020, prior to the market opening. Huntington Events. He'll succeed Don Hileman at that time; Hileman will become chairman. The Huntington National Bank is an Equal Housing Lender and Member FDIC. By creating an account, you agree to theTerms of Service and acknowledge our Privacy Policy. Huntington Bancshares And TCF Financial Corporation Announce Merger To Create Top 10 U.S. ... 2020 1:13 PM EST. Huntington Chairman Stephen Steinour will continue to serve as the chairman, president, and CEO of the combined company while TCF Financial Chairman Gary Torgow will serve as chairman of the bank’s board of directors. William T. Dentzer Jr., the New York State Superintendent of Banks, disapproved the pro posed merger of the $1.2‐billion Lincoln Savings Bank, Brook lyn, … 12/18/2020: Beal Financial Corporation, Plano, Texas; to become a bank holding company through the conversion of the charter of its existing wholly owned subsidiary bank, Beal Bank SSB, Plano, Texas, and to engage in the operation of an industrial bank, 3 and 4: Dallas: 11/12/2020: Blue Ridge Bankshares, Inc., Charlottesville, Virginia; Huntington provides online banking solutions, mortgage, investing, loans, credit cards, and personal, small business, and commercial financial services. Press Release Huntington Bancshares And TCF Financial Corporation Announce Merger To Create Top 10 U.S. "In this case, I would think the smaller banks may need to focus on smaller or similarly sized community banks to gain market share and position themselves either to go on a buying spree to become a regional bank or at least increase their asset size to the point where one of the smaller regionals would consider them to be an attractive target. In October, First Citizens BancShares Inc (NASDAQ: FCNCA) and CIT Group Inc (NYSE: CIT) had announced a merger. TD Bank - Get Repor, according to several analysts. Everything you need to know about the market - quick & easy. "So there is going to be a transaction on the horizon that will be exactly in line with the kinds of things that we've done in the past. What We Do Huntington is a full-service banking provider primarily operating across a seven-state banking franchise of Ohio, Illinois, Indiana, Kentucky, Michigan, Pennsylvania, and … 14 on Moviemaker's list of the best places for filmmakers to live and work, When it comes to COVID, forewarned is forearmed, After a banner year, GOJO Industries gets set for the long haul, On a day of change, some things remain the same, Hyland inks new three-year sponsorship deal with star golfer Xander Schauffele, Collin Sexton's remarkable improvement could put him in line for max deal from Cavs after season, Browns' loss to Chiefs finishes three points shy of massive rating for playoff win over Steelers, Things to watch for the Browns this offseason: Free agents, big-money extensions, the salary cap and more, Middleburg Heights BJ's building sells for $11.2 million, Weston buys massive South Carolina portfolio, West Side continues to gain more realty projects, UH Rainbow acquires two pediatric practices; Health Action Council brings AI to online tool, UH Ventures is exploring biomimicry in health care innovation, Summit looks to future of children's health, Cleveland Clinic receives five NIH grants totaling more than $13 million, Metalformers starting to feel a little optimistic about the economy, PMA report says, Case Western Reserve University teams represent Cleveland at CES tech show, Cleveland schools CEO recommends remote learning continue through February, GM to invest $12 million to support workforce development, infrastructure in Mahoning Valley, Gener8tor calls on founders of color to apply for spring Lightning Rounds pitch event, Petitioners ask Ohio medical board to consider new medical marijuana qualifying conditions including anxiety, autism and opioid use disorder, Squire Patton Boggs among first major law firms to freeze PAC donations following Capitol insurrection, The Paycheck Protection Program reopens for applications next week. "I do think we will see more M&A activity, given the possible risk of a change in the regulatory environment if Dems win the election," said Peter Winter, an analyst with Wedbush Securities who covers several Midwest banks. Steinour, also a director at L Brands, Inc (NYSE: LB), was awarded the 2020 Outstanding Leadership Award on Oct. 18 during a virtual event by the Yeshiva Beth Yehudah — a 105-year old Jewish educational institution based in Michigan. Huntington Bank stock dipped a bit Monday on the news of a merger with TCF Bank, as investors processed the unexpected deal. However, slumping share prices have created pockets of value among regional U.S. banks, and Bank of America says rumors among hedge fund managers suggest interest in merger activity has picked up. Some super-regionals could be attractive to national companies, though: Word on the street is that Cleveland's KeyCorp ($145 billion in assets) was courted by some potential buyers as CEO Beth Mooney contemplated retirement, a move that she announced last September and will take place in May. The companies did not provide a value for the merger, but Huntington … The combined company will have headquarters in both Detroit and Columbus. Huntington, with $120 billion in assets, outsizes TCF, which has assets of around $50 billion. Suite 310 Because of how long it takes a bank deal to come together, though, a large bank wanting a deal with another large bank may need to be working on that now, or very soon, to get something done by the end of the year. With $5.6 billion in cash on the balance sheet, PNC’s management could be looking to increase its presence by acquiring one of its smaller peers. The Huntington brand will survive, while the TCF name will disappear in the bank merger. Regional banks have been consolidating to bolster themselves against competition posed by banking giants such as JPMorgan Chase & Co (NYSE: JPM) and Bank of America Corp (NYSE: BAC), the Journal noted. In the last two weeks, shares of the Columbus, Ohio-based regional gained 6%, while the Standard & Poor's bank index lost less than 1%. And if a premium is priced into a stock, and a buyout doesn’t come through, the declines can be steep. That means 95% of the industry each year doesn't participate in a combination. Following is a comprehensive list of recent Bank Mergers and Acquisitions by non-survivor institution. Regional banks Huntington and TCF have announced a merger that will create the country's sixth-largest regional ... 2020 9:14 am. 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This list can be sequenced by merger date, non-survivor institution, non-survivor state, merger transformation type, method (banks only), survivor institution, survivor state by clicking on the label at the head of the column. 12/18/2020: Beal Financial Corporation, Plano, Texas; to become a bank holding company through the conversion of the charter of its existing wholly owned subsidiary bank, Beal Bank SSB, Plano, Texas, and to engage in the operation of an industrial bank, 3 and 4: Dallas: 11/12/2020: Blue Ridge Bankshares, Inc., Charlottesville, Virginia; The simultaneous closing and conversion were completed successfully with the Advantage banking offices having opened March 3, 2014, as Huntington branches. Huntington Bank will absorb Detroit's TCF Financial in an all-stock deal worth $6 billion, the latest in a string of tie-ups that have led to a crop of new and larger U.S. regional banks. There are fewer than 5,000 U.S. banking companies in the country today, and the industry has historically consolidated at a pace of 4% to 5% each year, said Fred Cummings, president of Elizabeth Park Capital Management. A daily collection of all things fintech, interesting developments and market updates. Power Small Business Customer Satisfaction Rankings In Region Jan 29, 2020 05:28 PM Form 4 HUNTINGTON BANCSHARES For: Jan 27 Filed by: PORTEOUS DAVID L Don't have a Benzinga account? "Our capital allocation priorities are organic balance sheet growth, fee-generating nonbank acquisitions, paying a strong dividend and share repurchases," said Fifth Third Bank CEO Greg Carmichael in a Jan. 22 earnings call. "Together we will have a stronger company better able to support our customers and drive economic growth in the communities we serve.”. BB&T, SunTrust Announce Merger To Create Sixth-Largest US Bank, Price Over Earnings Overview: Huntington Bancshares, Earnings Outlook for Huntington Bancshares, Benzinga's Top Upgrades, Downgrades For January 5, 2021, Barron's Picks And Pans: Bank Mergers, Comcast, Dogs of the Dow, Square And More, Privacy Policy / Do Not Sell My Personal Data. There is still some interest among banks on Ohio's borders to get more market penetration here as well, Crowley said, like those in western Pennsylvania or eastern Indiana. If buying, what could be of more interest for those groups are additive nonbank acquisitions, particularly those that bring in new business lines — such as what Key did with Laurel Road, a student loan refinancing business that builds on the bank's digital lending capabilities — or fee-generating revenues, like what comes with wealth management services. Meanwhile, the market dynamics driving regional bank M&A remain very much in place, as analysts and investors point to a tough operating environment and the imperative to invest in technology as key drivers of regional bank consolidation. The following month, PNC Financial Services Group Inc (NYSE: PNC) said it was buying the Spanish bank Banco Bilbao Vizcaya Argentaria SA’s (NYSE: BBVA) U.S. business. ", Write us: Crain's welcomes responses from readers. The TCF brand will be changed to Huntington, and Detroit's TCF Center Huntington Bancshares Inc. Huntington Bancshares, Inc. operates as a bank holding company. The region's larger players face similar pressures, of course, but those may be more likely to stay on the sidelines when it comes to buying another bank. Scott Brewer, formerly of financial services The Columbus-based bank reported net income of just $817 million for all of 2020… Cleveland, OH 44113 December 14, 2020 11:41 a.m. Putting two and two together, then, iRobot could fetch a sizable bid from a big tech suitor in 2020 like Apple (NASDAQ: AAPL), much like Fitbit did in 2019 from Google. The merger is … Bank M&A in the Northeast Ohio market is likely to involve smaller banks, particularly more community-oriented institutions near or under $10 billion in assets that are looking for scale, cost efficiencies and fee-generating businesses that could support revenue in what is projected to be a down year for earnings. "I don't buy the rumors," said Stifel Nicolaus analyst Christopher Mutascio in an email. Hannah Yang. Huntington Bank will absorb Detroit’s TCF Financial in an all-stock deal worth $6 billion, the latest in a string of tie-ups that have led to a crop of new, larger U.S. regional banks. 700 W. St. Clair Create one. Many smaller and community banks are still run by aging baby boomers, noted Crowley, some of whom may view a combination as a good succession plan for the business. Charlie Crowley, managing director with investment bank Boenning & Scattergood, said he sees the current climate for banks as generally stable. Huntington, Key and Fifth Third each completed significant bank acquisitions in recent years: Huntington bought Akron's FirstMerit Bank, Key bought First Niagara Bank of New York and Fifth Third bought MB Financial of Chicago. The Huntington brand will survive, while the TCF name will disappear. Huntington Bancshares And TCF Financial Corporation Announce Merger To Create Top 10 U.S. Also last year, United Community Financial Corp., the Youngstown parent company of Home Savings Bank, announced a merger of equals with First Defiance Financial Corp., the Defiance-based parent company of First Federal Bank of the Midwest. Huntington Bank and will close nearly 200 branches ahead of a planned merger with TCF Bank, Huntington confirmed to 7 Action News. 11 in the country. Huntington, with $120 billion in assets, outsizes TCF, which has assets of around $50 billion. Of course, it's a toss-up as to what actually plays out. Huntington Bancshares Inc. will acquire TCF Financial Corp. in an all-stock deal valued at almost $6 billion, one of the largest regional bank tie-ups this year. Dive Brief: Huntington Bank and TCF Bank agreed to merge Sunday in an all-stock deal to create a regional bank with nearly $168 billion in assets, $117 billion in loans, $134 billion in deposits and $22 billion in market value, the companies said in a press release.The deal values TCF at $6 billion, 11% above the level at which the bank's stock closed Friday. A retiring CEO was a factor at Maple Leaf Financial, the holding company of Geauga Savings Bank, which was bought by Canfield's Farmers National Banc Corp. ($2.7 billion in assets) last year. The deal would create a regional bank that would rank No. Recent Documents. Some of the market's super-regionals, such as KeyBank, Fifth Third Bank ($171 billion in assets) and Huntington Bank ($109 billion in assets), are unlikely to pursue bank deals. For one thing, there are simply a greater number of them in the industry. Regional Bank Article Stock Quotes (2) FREE Breaking News Alerts from StreetInsider.com! All rights reserved. Billion dollar deal: TCF to merge with Huntington Bank Will have dual headquarters in Detroit and Columbus, Ohio. The Huntington National Bank is an Equal Housing Lender and Member FDIC. Huntington Bancshares Inc (NASDAQ: HBAN) and TCF Financial Corporation (NASDAQ: TCF) announced late Sunday the two banks have agreed to merge in an all-stock deal. The same could be said of PNC Bank ($410 billion) CEO William Demchak, according to earnings commentary. “This merger combines the best of both companies and provides the scale and resources to drive increased long‐term shareholder value," Steinour said in a statement. Huntington Bancshares Incorporated is a regional bank holding company headquartered in Columbus, Ohio, with $123 billion of assets and a network of … One of those was reportedly the largest bank in Ohio by deposits, Minneapolis-based U.S. Bancorp ($495 billion). The weakening loan demand being felt across the industry, including in the Federal Reserve's Cleveland district, means banks may make fewer loans this year while simultaneously collecting less from those they do make. © 2021 Benzinga.com. Huntington buys TCF for $6 billion in U.S. regional bank merger wave. Get pre-market outlook, mid-day update and after-market roundup emails in your inbox. Barron's Picks And Pans: Bank Mergers, Comcast, Dogs of the Dow, Square And More Benzinga's Top Upgrades, Downgrades For December 17, 2020 Benzinga's Top Upgrades, Downgrades For December 15, 2020 On March 4, 2014, Huntington Bancshares Incorporated (NASDAQ: HBAN) announced that it completed its merger of Camco Financial Corp., parent company of Advantage Bank, based in Cambridge, Ohio. Geauga CEO Jim Kleinfelter announced he would retire Jan. 31. Jan 30, 2020 08:05 AM Huntington Bank Tops J.D. The only challenge may be identifying good targets open to a sale. Huntington Bancshares Incorporated (Nasdaq: ... whose principal subsidiary is The Huntington National Bank. Huntington Bancshares Inc. agreed to merge with TCF Financial Corp. in the latest in a recent string of regional-bank tie-ups. KeyCorp's stock rose over three percent Thursday on a Send letters to Crain's Cleveland Business, 700 West. Huntington is valued 17% below the average regional bank's trailing 12 month price to book ratio of 1.58. On the same day, TCF Financial’s shares closed 2.5% lower at $34.78. The Wall Street Journal had reported on the advanced merger discussions earlier on Sunday. "I have always advised my clients that on the M&A front, they need to have both an offensive and a defensive strategy in place. United Community Financial Corp., the parent company of Home Savings Bank (whose Youngstown headquarters are pictured), is merging with First Defiance Financial Corp. Citizens M&A report: Concerns with tax policies, desires for growth through acquisition will drive deal activity in 2021, MAI Capital buys Beachwood's HW Financial Advisors, Riverside buys Australian allied health services provider Altius Group, Sponsored Content: PRESIDENT’S LETTER: An optimistic year-end review and 2021 outlook. Huntington is viewed by some as a potential merger partner, but executives have downplayed merger speculation when asked about it by analysts. Demchak also said, in response to a question about potentially pursuing a merger of equals, that PNC would want to be "the drivers in this outcome" if an acquisition came up. The merger means that another purely Michigan-based bank will lose its identity. Huntington Bancshares is becoming a favorite pick among investors who are betting on the next bank merger target.. 7, 2019, announcement of the merger between BB&T and SunTrust is likely the first of many sizeable US bank mergers to come4,5. Price Action: Huntington shares closed nearly 0.8% lower at $12.93 on Friday and fell 0.23% in the after-hours session. Larger banks, if they're interested in deals, may pull the trigger on something this year because of the catalyst that is the presidential election. See Also: BB&T, SunTrust Announce Merger To Create Sixth-Largest US Bank. Webcast Replay. By Ashley Schafer, Midland Daily News. Huntington Bancshares is pushing back against some challengers questioning the bank’s pending merger with Akron’s FirstMerit Corp. CHARLOTTE, N.C. (AP) — Huntington Bank will absorb Detroit's TCF Financial in an all-stock deal worth $6 billion, the latest in a string of tie-ups that have led to a crop of new and larger U.S. regional banks. 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