(Reuters) - Huntington Bancshares Inc has agreed to buy TCF Financial Corp for $6 billion in stock, marking the latest tie-up among U.S. regional lenders seeking scale.
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.
PNC Financial Services Group Inc last month bought the U.S. business of Spain’s BBVA for $11.6 billion, while Truist Financial Corp, now the sixth-largest U.S. bank by assets, was created last year by a merger of BB&T Corp and SunTrust Banks Inc.
The new combination, centered on Ohio and Michigan, will operate under the Huntington brand and have around $168 billion in assets, making it a top-15 U.S. bank by that measure.
The deal gives Huntington entry into the Minneapolis and Denver metro areas, as well as a bigger Chicago presence.
Huntington, “ It’s, ”, Stephen Steinour, Trump, Goldman Sachs, Wachtell Lipton, Katz, Keefe, Simpson Thacher
Reuters, Huntington Bancshares Inc, TCF Financial Corp, TCF, ” Huntington, JPMorgan Chase & Co, Wells Fargo & Co, PNC Financial Services Group Inc, Spain’s BBVA, Truist Financial Corp, U.S, BB, T Corp, SunTrust Banks Inc, Huntington, Minneapolis, Rosen, Bartlett
U.S, Columbus , Ohio, Detroit, Ohio, Michigan, Denver, Chicago