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; He also noted he is projecting flat to slightly negative earnings growth in 2020, underscoring a concern that could fuel some M&A. Huntington is valued 17% below the average regional bank's trailing 12 month price to book ratio of 1.58. 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. 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. Webcast Replay. The Wall Street Journal had reported on the advanced merger discussions earlier on Sunday. Hannah Yang. One of those was reportedly the largest bank in Ohio by deposits, Minneapolis-based U.S. Bancorp ($495 billion). The simultaneous closing and conversion were completed successfully with the Advantage banking offices having opened March 3, 2014, as Huntington branches. “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. 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. Huntington Bancshares Incorporated is a regional bank holding company headquartered in Columbus, Ohio, with $123 billion of assets and a network of … Tuesday, March 2, 2021 - 4:00 p.m.-5:00 p.m. -- REGISTER NOW! The only challenge may be identifying good targets open to a sale. 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. ", Write us: Crain's welcomes responses from readers. With mergers of equals, companies tend to pay more reasonable valuation premiums than when a big bank acquires a smaller firm, making it more likely the transaction will pay off. That means, for the bulk of the industry, there won't be any dire need to sell — at least not yet. "I don't buy the rumors," said Stifel Nicolaus analyst Christopher Mutascio in an email. Huntington Bancshares Incorporated (Nasdaq: ... whose principal subsidiary is The Huntington National Bank. 11 in the country. Huntington Events. 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. If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com. 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. 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. Pressure on PNC. 2020 Fourth Quarter Earnings Conference Call Friday, January 22, 2021. Huntington Bancshares And TCF Financial Corporation Announce Merger To Create Top 10 U.S. Please select at least one newsletter to subscribe. 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. 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%. TD Bank - Get Repor, according to several analysts. 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. Rumors of acquisitions don’t always pan out. But that could change after the 2020 elections, leading to some predictions that large deals will be front-loaded in the year ahead. 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 … A daily collection of all things fintech, interesting developments and market updates. © 2021 Benzinga.com. Both Key and U.S. Bancorp would neither confirm nor deny such conversations, saying they don't comment on market rumors. 700 W. St. Clair Huntington Bancshares and TCF Financial Corp. on Dec. 13 announced an all-stock merger agreement with a total market value of $22 billion. 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. Everything you need to know about the market - quick & easy. 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; 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. After all, the industry is challenged with drawing in young people, particularly at community banks, which can create additional succession issues. 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. 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. ATM fee: No fee for Huntington Bank ATMs, $3 fee per non-Huntington Bank ATM transaction, plus applicable fees from out-of-network ATM as applicable. For one thing, there are simply a greater number of them in the industry. 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 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? Cleveland, OH 44113 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. Bank Deal On Again. Another bank stock to have on your radar is Pittsburgh’s PNC Bank (NYSE:PNC), which will lose its position as the ninth-largest bank by assets once the BBT/SunTrust deal is final. 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. 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. By Ashley Schafer, Midland Daily News. 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. When the market shifts as a result of mergers, you need to reassess where you are," Oliver said. 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. The Huntington National Bank is an Equal Housing Lender and Member FDIC. ATM fee refund: N/A; Overdraft fee: Huntington Bank offers 24-Hour Grace® overdraft protection. The same could be said of PNC Bank ($410 billion) CEO William Demchak, according to earnings commentary. The TCF brand will be changed to Huntington, and Detroit's TCF Center Detroit-based TCF Financial Corp. will merge into Huntington Bancshares Inc. in a $22 billion all-stock merger that creates one of the largest regional banks … 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. 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. 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. "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. Geauga CEO Jim Kleinfelter announced he would retire Jan. 31. TCF Bank announced Sunday evening that it had been acquired by Columbus, Ohio-based Huntington Bank and that the combined entity would have ‘dual headquarters’ in Detroit and Columbus, marking a big moment in the career of TCF Bank chair and prominent Jewish Detroit philanthropist Gary Torgow. Following is a comprehensive list of recent Bank Mergers and Acquisitions by non-survivor institution. "Together we will have a stronger company better able to support our customers and drive economic growth in the communities we serve.”. Sign up for free email news alerts and stay connected to important business news straight to your inbox. Citizens Bank ($165 billion in assets) is an example of that strategy, having completed acquisitions in the prior two years of M&A advisory businesses Western Reserve Partners (of Cleveland) and Bowstring Advisors (of Florida), which beefed up its fee income and give it a lively revenue stream as it eyes a slower growth market. 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. ", "NYCB, they will go anywhere," Winter said. Columbus, Ga.-based Synovus Financial, with about $27 billion in assets, is a potential target, according to an activist fund manager who focuses on financial firms.The bank, which has a … Stay connected to Northeast Ohio business news in print and online. 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. "It would make sense for someone like them, if there is an opportunity to do an acquisition in Ohio, that they would pursue it.". Those integrations can take time to play out, usually pre-empting the desire for another deal at conservative banks until the prior one is completely digested. Huntington Bancshares is becoming a favorite pick among investors who are betting on the next bank merger target.. Huntington Bancshares is pushing back against some challengers questioning the bank’s pending merger with Akron’s FirstMerit Corp. The merger is … Billion dollar deal: TCF to merge with Huntington Bank Will have dual headquarters in Detroit and Columbus, Ohio. Ohio-based Huntington Bank announces $22 billion merger with TCF Bank. Suite 310 And if a premium is priced into a stock, and a buyout doesn’t come through, the declines can be steep. The naming of Chris Gorman as Key's new CEO also points to the bank's interest in organic growth and expense management. 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. Scott Brewer, formerly of financial services The Huntington brand will survive, while the TCF name will disappear in the bank merger. Of course, it's a toss-up as to what actually plays out. That means 95% of the industry each year doesn't participate in a combination. Regional banks Huntington and TCF have announced a merger that will create the country's sixth-largest regional ... 2020 9:14 am. Huntington buys TCF for $6 billion in U.S. regional bank merger wave. Huntington Bancshares Incorporated expects to report its 2020 second quarter earnings on Thursday, July 23, 2020, prior to the market opening. All rights reserved. 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. Huntington Bank stock dipped a bit Monday on the news of a merger with TCF Bank, as investors processed the unexpected deal. Bank M&A, therefore, could be fueled by a desire for synergies as cost-cutting becomes a higher priority in a flattening growth environment. What Happened: The combined company will have a market valuation of $22 billion and continue to operate under the Huntington name and brand once the deal is closed. December 14, 2020 11:41 a.m. The two organizations announced the merger Sunday, stating the new regional bank would have dual ... A $12 billion loss for 2020… "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. 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 … Get pre-market outlook, mid-day update and after-market roundup emails in your inbox. 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. You deserve the best. 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. 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