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Minnesota's TCF Bank to merge with Detroit-based Chemical Bank

The TCF name is staying, with Detroit's Chemical Bank changing its name.

The company that owns Minnesota's TCF Bank chain is merging with another bank in Detroit.

It was announced on Monday morning that Chemical Bank is merging with Wayzata's TCF Financial Corp., creating a Midwest banking chain with $45 billion in assets.

Chemical Bank will rename itself as TCF Bank, though the new company will be headquartered in Detroit.

The combined company will still be led by TCF's president and CEO Craig Dahl, who said the merger will "enhance our ability to deliver stronger and more sustainable growth and greater value creation than either company could achieve alone."

TCF Bank has more than 300 locations across Minnesota, Michigan, Colorado, Wisconsin, Arizona and South Dakota.

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Chemical Bank meanwhile has 212 locations, primarily in Michigan, northeast Ohio and northern Indiana.

TCF Financial ranks 28th in the Star Tribune's list of the 50 largest public companies in Minnesota.

Zippia estimates the companies employ just under 6,000 people in Minnesota.

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