Shares, though, remain well off their high of the past year of $15.63. Huntington Bank will merge with Detroit-based TCF Financial in an all-stock deal worth $6 billion, the banks jointly announced Monday, Dec. 14, the latest in a recent wave of bank mergers that is creating a new crop of large regional banks across the country. Huntington Bancshares in Columbus, Ohio, plans to lay off 150 to 200 workers as lower interest rates put the squeeze on income. Overall, the Huntington-TFC bank merger is expected to result in $490 million in cost savings or "synergies," including an unspecified number of layoffs plus money savings from branch closures. Huntington Bank will merge with Detroit-based TCF Financial in an all-stock deal worth $6 billion, the banks jointly announced Monday, Dec. 14, the latest in a recent wave of bank mergers that is creating a new crop of large regional banks across the country. 1 of 2 FILE - In this Nov. 2, 2020 file photo, a man walks past the boarded-up first floor windows of a Huntington Bank branch in Columbus, Ohio. © 2021 www.dispatch.com. This material may not be published, broadcast, rewritten or redistributed without permission. Along with going into Detroit, the merger will give Huntington access to markets like Denver and the Upper Midwest. Huntington’s profit tumbled in reaction to the economic downturn caused by the pandemic, with the bank bolstering its reserves to cover potential loan losses. The Huntington National Bank is an Equal Housing Lender and Member FDIC. The Huntington considers all qualified applicants for employment without regard to race, religion, color, All rights reserved, FILE - In this Nov. 2, 2020 file photo, a man walks past the boarded-up first floor windows of a Huntington Bank branch in Columbus, Ohio. Your California Privacy Rights / Privacy Policy. “The sooner citizens of Ohio collectively take action to put this virus back in the box, the faster the recovery,” he said. FILE - In this Nov. 2, 2020 file photo, a man walks past the boarded-up first floor windows of a Huntington Bank branch in Columbus, Ohio. (AP Photo/Andrew Welsh-Huggins, File) It was a quarter marked by dramatic changes and uncertainty for customers, said Steve Steinour, the bank’s chairman, president and CEO. Branches don’t help each other out, instead blame each other for customer issues. The coronavirus pandemic has taken a big bite out of Huntington Bancshares’ bottom line. Huntington Bank (Nasdaq: HBAN; www.huntington.com) has claimed the top spot among regional banks in the J.D. Huntington Bank said it plans to trim about 150-200 jobs, though the total number is up in the air.. The Huntington-TCF merger is the latest deal among regional banks, who have looked to get bigger and more competitive against the Wall Street titans like JPMorgan Chase, Citigroup and Bank of America. FILE – In this Nov. 2, 2020 file photo, a man walks past the boarded-up first floor windows of a Huntington Bank branch in Columbus, Ohio. It's also unclear exactly where those cuts are coming from, when they'll happen and what markets might be most affected. And then, just as 2020 looked as if it would go down in the record books as one to forget for bank deals, two major … Associated Press; Last Updated: December 14, 2020, 23:42 IST; FOLLOW US ON: Facebook Twitter. Being a loyal long time employee gets you now … Management is back stabbing and always looking for something you’re doing wrong. FILE - In this Nov. 2, 2020 file photo, a man walks past the boarded-up first floor windows of a Huntington Bank branch in Columbus, Ohio. “While our business continues to perform well, the pandemic has caused historically low interest rates and a recession, which has impacted our revenue. Bank M&A is hard enough at the best of times, but under lockdown conditions, best left to another day. If you need help with the Public File, call 540-512-1558. Huntington Bank will merge with Detroit-based TCF Financial in an all-stock deal worth $6 billion, the banks jointly announced Monday, Dec. 14, the latest in a recent wave of bank mergers that is creating a new crop of large regional banks across the country. Loan growth rose by 7% during the quarter, driven by small-business lending under the program. 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. Later Thursday, the bank announced it is cutting about 1% of its workforce, about 150 jobs total, throughout its Midwest footprint as a way to reduce costs because of the pandemic. Huntington provides online banking solutions, mortgage, investing, loans, credit cards, and personal, small business, and commercial financial services. 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. Instagram Telegram Google News. Earlier this year, Pennsylvania's PNC Financial Services Group Inc. announced it would buy the U.S. operations of Spanish bank BBVA. “We wanted to try and keep the communication going and help where we can,” he said. Loans continue to be made, Steinour said. That said, Huntington has pledged to maintain TCF's presence in Detroit, including its plans to occupy a skyscraper currently under construction in downtown Detroit that will contain TCF's commercial lending business. Copyright 2020 The Associated Press. 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 FILE - In this Nov. 2, 2020 file photo, a man walks past the boarded-up first floor windows of a Huntington Bank branch in Columbus, Ohio. Huntington, with $120 billion in assets, outsizes TCF, which has assets of around $50 billion. Huntington Bank will absorb Detroit's TCF Financial in an allstock deal worth $6 billion, the latest in a string of tieups that have led to a crop of new and larger U.S. regional banks. In addition, the bank said some open jobs won’t be filled. Huntington, with $120 billion in assets, outsizes TCF, which has assets of around $50 billion. The new Huntington would be a top 10 regional bank and the 17th biggest bank overall in the U.S., up from its current 27th spot, according to an analysis by financial firm Keefe, Bruyette & Woods. Huntington is among the largest participants in the Paycheck Protection Program, the government fund that provided loans to small businesses to help meet payolls during the pandemic and avoid layoffs. Branches don’t help each other out, instead blame each other for customer issues. It's also unclear exactly where those cuts are coming from, when they'll happen and what markets might be most affected. Dive Brief: Huntington Bancshares will eliminate 150 to 200 jobs in a cost-cutting effort, the Columbus, Ohio-based bank said Thursday. FILE - In this Nov. 2, 2020 file photo, a man walks past the boarded-up first floor windows of a Huntington Bank branch in Columbus, Ohio. Depending on your relationship with your managers you are favored and treated differently. The bank said it made more than 37,000 loans for more than $6 billion through the federal Paycheck Protection Program enacted by Congress to help small businesses through the pandemic. Huntington Bank said it plans to trim about 150-200 jobs, though the total number is up in the air.. Huntington is among the largest participants in the Paycheck Protection Program, the government fund that provided loans to small businesses to help meet payolls during the pandemic and avoid layoffs. TCF's Torgow will become chairman of the board. EmploymentThe Huntington is a world-class research and educational institution because the dedicated people who bring their exceptional talent and expertise to work every day make it not just a wonderful place to work, but a magnificent treasure for members and visitors. As states have reopened, business customers, including auto dealers and restaurants, are doing better, Steinour said. The deal is expected to close next year in the second quarter, subject to regulatory approval. Huntington’s profit tumbled in reaction to the economic downturn caused by the pandemic, with the bank bolstering its reserves to cover potential loan losses. The new Huntington would be a top 10 regional bank and the 17th biggest bank overall in the U.S., up from its current 27th spot, according to an analysis by financial firm Keefe, Bruyette & Woods. Huntington, with $120 billion in assets, outsizes TCF, which has assets of around $50 billion. FILE – In this Nov. 2, 2020 file photo, a man walks past the boarded-up first floor windows of a Huntington Bank branch in Columbus, Ohio. Some of the bank’s employees will lose their job as a result. FILE – In this Nov. 2, 2020 file photo, a man walks past the boarded-up first floor windows of a Huntington Bank branch in Columbus, Ohio. The pandemic sent unemployment soaring and stock markets tumbling early on. Power 2020 U.S. Banking Mobile App Satisfaction Study for the second year in a row. Huntington Bank is such a large corporation that know one really knows each other. FILE – In this Nov. 2, 2020 file photo, a man walks past the boarded-up first floor windows of a Huntington Bank branch in Columbus, Ohio. 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. Management is back stabbing and always looking for something you’re doing wrong. To ease the transition, current CFO Mac McCullough will not leave the company until Dec. 31. (AP Photo/Andrew Welsh-Huggins, File). ®, Huntington®, Huntington®, Huntington.Welcome.®, and Huntington Heads Up® are federally registered service marks of Huntington Bancshares Incorporated. The TCF brand will be changed to Huntington, and Detroit's TCF Center will be renamed after Huntington in the coming years. The bank, like many others, has had to restructure its operations to allow its thousands of employees to work remotely. To ease the transition, current CFO Mac McCullough will not leave the company until Dec. 31. The layoff news comes alongside the bank's announcement Thursday that Zachary Wasserman will become CFO effective Nov. 4. It’s co-presenting the Hammer Museum’s biennial “Made in L.A. 2020: a version” this year. The first big deal came last year between BB&T and SunTrust, which merged together to become Trust Bank. 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. The layoff news comes alongside the bank's announcement Thursday that Zachary Wasserman will become CFO effective Nov. 4. The Huntington has also made forays into contemporary art. All rights reserved. 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. Overall, the Huntington-TFC bank merger is expected to result in $490 million in cost savings or "synergies," including an unspecified number of layoffs plus money savings from branch closures. “While our business continues to perform well, the rapidly changing interest rate environment fundamentally impacts our revenue,” the $108 billion-asset bank said in a statement provided Monday by a spokeswoman. The bank reported Thursday that its profit slipped 59% during the April-June quarter from a year ago, falling to $150 million, or 13 cents per share. The bank, like many others, has had to restructure its operations to … Some of the bank’s employees will lose their job as a result. Huntington Bancshares will eliminate 150 to 200 jobs in a cost-cutting effort, the Columbus, Ohio-based bank said Thursday. The Columbus-based bank … 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. 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. Revenue for the quarter was $1.2 billion, about flat versus the same period in 2019. After a 2019 that brought a round of job cuts and branch closings but also produced record earnings, Huntington Bank expects to keep growing in 2020. Q2 2020 US bank M&A activity dead. The stated reduction amounts to roughly 1% of the bank's workforce, with the layoffs occurring across its seven-state footprint. “I’m optimistic.’’. Huntington is among the largest participants in the Paycheck Protection Program, the government fund that provided loans to small businesses to help meet payolls during the pandemic and avoid layoffs. The 13 cents per share profit was about twice what analysts were expecting, and Huntington shares jumped about 5% in trading Thursday afternoon. 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. Under the agreement announced Monday, Huntington's Steinour will become chairman, president and CEO of the combined holding company and CEO of the bank operations. All rights reserved. Huntington Bank is such a large corporation that know one really knows each other. Huntington Bank will merge with Detroit-based TCF Financial in an all-stock deal worth $6 billion, the banks jointly announced Monday, Dec. 14, the latest in a recent wave of bank mergers that is creating a new crop of large regional banks across the country. “We wanted to remain Detroit's hometown bank,” said TCF Financial CEO Gary Torgow, in an interview. The stated reduction amounts to roughly 1% of the bank's workforce, with the layoffs occurring across its seven-state footprint. Copyright 2020 The Associated Press. 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. The bank, like many others, has had to restructure its operations to … Goldman Sachs reported that M&A activity at the conclusion of the second quarter was down 51% year-over-year across all sectors. 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. Huntington Bank will merge with Detroit-based TCF Financial in an all-stock deal worth $6 billion, the banks jointly announced Monday, Dec. 14, the latest in a recent wave of bank mergers that is creating a new crop of large regional banks across the country. “We are going to be much better together,” said Huntington Bank CEO Steve Steinour, noting that Huntington, along with new markets, would also get access to TCF's equipment finance business and inventory finance businesses. Huntington Bancshares Incorporated is a regional bank holding company headquartered in Columbus, Ohio, with $123 billion of assets and a network of … CHARLOTTE, N.C. – 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. Depending on your relationship with your managers you are favored and treated differently. The bank has been waiving fees and deferring loan payments for customers and business clients. In response, Huntington has taken a variety of measures to manage these challenges, including reducing expenses by adjusting staffing levels,” the bank said in a statement. FILE - In this Nov. 2, 2020 file photo, a man walks past the boarded-up first floor windows of a Huntington Bank branch in Columbus, Ohio. 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