The all-stock deal would be one of the larger recent bank combinations, valuing Detroit-based TCF
at nearly $6 billion, or about an 11% premium. Columbus, Ohio-based Huntington
has a market value of $13 billion.
Together, the banks would have about $170 billion in assets, with a network of branches that stretches from Pennsylvania to Arizona and is especially concentrated in Midwestern states such as Illinois and Michigan.
The deal, if completed, would vault Huntington closer to its fiercest in-state competitors, Fifth Third Bancorp
and Key Corp.
, which have about $200 billion and $170 billion in assets, respectively.
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