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Department of Justice
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FOR IMMEDIATE RELEASE
Tuesday, May 25, 2021

Justice Department Requires Divestitures in Huntington Bancshares Incorporated’s Acquisition of TCF Financial Corporation

Thirteen Branches in Michigan will be Divested — Ensuring Bank Customers Have Access to Competitively Priced Products and Services

The Department of Justice announced today that Huntington Bancshares Incorporated and TCF Financial Corporation have agreed to sell 13 branches in Michigan, with approximately $872.3 million in deposits, to resolve antitrust concerns arising from Huntington’s planned acquisition of TCF Bank. The divested assets include all of the deposits and loans associated with the divested branches, as well as the physical assets.

“Banks are a critical part of the American economy,” said Acting Assistant Attorney General Richard A. Powers for the Justice Department’s Antitrust Division. “Families and small businesses rely on them to keep their money safe and obtain credit for important life purchases and investments. This settlement protects banking customers by ensuring that they continue to have access to competitively priced banking products and services.”

Under the agreement with the Justice Department, the parties will divest branches in Michigan, located in Arenac, Charlevoix, Crawford, Newaygo, Otsego, Mecosta, Shiawassee, Wexford and Missaukee counties, and in the City of Midland. The companies also have agreed to suspend existing, and not to enter into new, non-compete agreements with branch managers and loan officers located in the divestiture counties for a period of 180 days following the consummation of their merger. Further, the companies have agreed that any traditional branches located in any overlap market in Michigan and Ohio that are closed within three years of the merger’s closing will be sold or leased to an insured depository institution that offers deposit and credit services to small businesses. As a result of the acquisition, Huntington will become the 25th largest bank holding company based on assets.

The proposed merger is subject to the final approval of the Board of Governors of the Federal Reserve System. The department’s role when reviewing a proposed bank merger necessarily focuses on the merger’s competitive effects. Here, the department has advised the Federal Reserve Board that the department will not challenge the merger provided that the parties divest branches in certain areas of overlap and agree that any traditional branches in Michigan and in the five overlapping counties in Ohio that are closed within three years following the merger, will be marketed to an institution with a demonstrated record of providing services and loans to the local community. The parties’ commitments to the department are included as a condition to the Federal Reserve Board Order allowing the transaction.

Huntington is the holding company of The Huntington National Bank, Columbus, Ohio, with approximately $120 billion in assets. Huntington has 839 full-service branches across seven Midwestern states. Huntington provides a wide range of banking and other financial services to consumers, businesses and wealth management customers.

TCF is the holding company of TCF National Bank, Detroit, Michigan, and has approximately $48 billion in assets. TCF has 475 branches primarily located in Michigan, Illinois and Minnesota. TCF also provides a broad array of consumer and business banking services, along with other services like wealth management and specialty leasing services, to its customers.

A list of the branches to be divested is below.

 

Branch

Address

City

County

State

Zip Code

Au Gres Branch

144 W Huron Road

Au Gres

Arenac

MI

48703

Standish Branch

220 South Main Street

Standish

Arenac

MI

48658

Grayling Main

2500 South I-75 Business Loop

Grayling

Crawford

MI

49738

Charlevoix Branch

1425 Bridge Street

Charlevoix

Charlevoix

MI

49720

Fremont Branch

211 W Main Street

Fremont

Newaygo

MI

49412

Cadillac North End

1408 N Mitchell Street

Cadillac

Wexford

MI

49601

Cadillac Downtown

302 S Mitchell Street

Cadillac

Wexford

MI

49601

McBain Branch

101 N Roland Street

McBain

Missaukee

MI

49657

Gaylord Main

521 W Main Street

Gaylord

Otsego

MI

49735

Circle Branch

2910 Jefferson Avenue

Midland

Midland

MI

48640

Big Rapids Main

125 N Michigan Avenue

Big Rapids

Mecosta

MI

49307

Corunna Office

310 N Shiawassee Street

Corunna

Shiawassee

MI

48817

Owosso East Branch

1345 E Main Street

Owosso

Shiawassee

MI

48867

Topic(s): 
Antitrust
Component(s): 
Press Release Number: 
21-478
Updated May 25, 2021