WINNER: John Irwin
BUSINESS: Huntington Bank
Huntington Bank announced it is merging with TCF Bank in a $22 billion deal and made a $5 billion commitment to Michigan in 2020, further cementing the bank’s West Michigan influence.
Under the terms of the merger, which was unanimously approved in December by the boards of directors of both companies, TCF will merge into Huntington, and the combined holding company and bank will operate under the Huntington name and brand following the closing of the transaction in the second quarter of 2021. The merger will create a top 10 U.S. regional bank with dual headquarters in Detroit and Columbus, Ohio.
The combined company will have about $168 billion in assets, $117 billion in loans and $134 billion in deposits.
The merger with Huntington follows straight on the heels of TCF’s merger with Chemical Bank announced in 2019 and completed last year.
Also in 2020, Huntington committed $20 billion over five years across its seven-state footprint with about $5 billion going to Michigan, which has the largest number of Huntington branches compared to the other states.
The commitment includes lending, investment and philanthropic commitments to help improve financial opportunities for businesses, consumers and communities.
John Irwin, president of the bank’s West Michigan region, said the announcement builds on Huntington’s $16 billion, five-year Community Development Plan launched in 2017, which was completed nearly two years ahead of schedule.
“We asked ourselves and our colleagues and our community partners, ‘What can we do to continue this momentum?’ And these were the areas that they asked us to focus on,” he said. “We really want to help build basic economic security to help people prosper in our communities.”
Click here to read about the other winners of the 2020 Newsmakers of the Year.