TCF Financial and Chemical Financial Announce Merger of Equals
01.28.19
This is only gets display when printing
The Firm is representing TCF Financial Corporation (NYSE: TCF) in connection with its agreement to merge with Chemical Financial Corporation (NASDAQ: CHFC) in an all-stock merger-of-equals transaction, creating one of the premier Midwestern banks with $45 billion in assets. The combined holding company and bank will operate under the TCF name and brand following the closing of the transaction. The merger is valued at approximately $3.5 billion, making it the largest bank merger of equals transaction in over a decade.
TCF is a Wayzata, Minnesota-based national bank holding company. As of December 31, 2018, TCF had $23.7 billion in total assets and 314 bank branches in Illinois, Minnesota, Michigan, Colorado, Wisconsin, Arizona and South Dakota providing retail and commercial banking services. TCF, through its subsidiaries, also conducts commercial leasing and equipment finance business in all 50 states and commercial inventory finance business in all 50 states and Canada.
The Simpson Thacher team includes Lee Meyerson, Matt Gabbard and Ngozi Nezianya (M&A); Keith Noreika, Adam Cohen and Spencer Sloan (Bank Regulatory); David Rubinsky, Monisha Bhayana and Tatiana Mejia-Uribe (Executive Compensation and Employee Benefits); Karen Hsu Kelley and Shari Ness (Public Company Advisory Practice); and Jon Goldstein (Tax).