Wayzata-based TCF Bank Monday announced plans to merge with Chemical Financial Corp. of Detroit, creating a financial institution with $45 billion in assets.
The bank will be based in Michigan and will retain the TCF name and brand.,
It will continue to have what officials call "significant operation centers" in Minneapolis and Chicago.
“We are confident that this merger will enhance our ability to deliver stronger and more sustainable growth and greater value creation than either company could achieve alone," said TCF Chair, CEO and president Craig Dahl in a statement.
"We believe the combined company will also create new opportunities for our employees and enable us toattract and retain top talent,” he said.
The merger is expected to close before the end of 2019.
Earlier Monday, TCF reported fourth quarter earnings of $85.7 million, with earnings of 51 cents per share.