Huntington-TCF merger leads to two bank closures in HS | Local News
The banking landscape in the South Haven area will see some changes next month.
When Huntington Bancshares Inc. takes over the South Haven TCF Banks in mid-October, it will close its Meijer store branch as well as the TCF “suburban” office at the corner of M-43 and Blue Highway. Star. This will leave the large, two-story main office at the corner of Center and Phoenix streets open to Huntington clients.
“In October, Huntington will consolidate two branches in South Haven that duplicate the market,” said Emily Smith, corporate, regional and community banking spokesperson for Huntington National Bank. “This includes the South Haven-Suburban branch located at 73881 M-43 and the South Haven Meijer branch located at 1223 Phoenix St. The downtown South Haven branch located at 433 Phoenix St. is nearby and will remain open and provide service to customers.
It is not known how many employees will be displaced due to the two closures. Smith could not be reached for further comments regarding the status of existing employees at the three Huntington-TCF banks.
With the acquisition of TCF, Huntington’s decision to close bank offices in towns served by both banks is not unusual.
In June, following its $ 22 billion acquisition of TCF Financial, Huntington Bank announced plans to close 198 branches, including all 97 branches of Meijer grocery stores, according to a report from Crain’s Detroit Business.
In addition to branch closures in Michigan, more are expected to occur in Ohio and Illinois.
“All of the consolidated sites have other branches nearby, so customers will still be able to do their banking near where they previously did,” said Randi Berris, senior vice president and director of external communications in July. at the Huntington National Bank. The Herald-Palladium.
TCF’s merger with Huntington comes less than two years after TCF’s acquisition of Chemical Bank, which had offices in downtown South Haven and on the M-43 motorway. The merger with Huntington is expected to create one of the top 10 regional banks in the United States.
The combined company will have around $ 168 billion in assets, $ 117 billion in loans and $ 134 billion in deposits.
Some TCF-Huntington customers in South Haven are not happy with the impending closure of two branches.
“It has been a great advantage for those of us to have a branch of the bank on the outskirts of town where there is ample parking and great service,” said Pam Chappell, resident of South Haven, in a letter she wrote to Huntington Bank officials. “While we do some of our banking online, there are things that require us to show up in person. We don’t want to fight the downtown crowds in the summer, even for the drive-thru.