TCF Bank and Chemical Bank to Merge, HQ to Remain in Detroit

[313WX]

Now this is pretty good news.

This will almost make up for Comerica moving to Dallas.

https://www.detroitnews.com/story/bu...er/2698636002/

[401don]

The article states more jobs for the city but they are keeping regional offices in their present locations and the headquarters building doesn't appear to be getting larger so probably not too many more.

[313WX]

The article states more jobs for the city but they are keeping regional offices in their present locations and the headquarters building doesn't appear to be getting larger so probably not too many more.

The biggest take away is Detroit will be home to one of the 50th largest banks in the country again, something it couldn't claim since Comerica left.

It brings more prestige to the city.

Also, Comerica only moved 200 jobs out of Michigan when it left for Texas. With TCF/Chemical's HQ, it will make up for those lost jobs 2.5 times over.

[Scottathew]

Fascinating news. I'm glad the new entity will have it's HQ in downtown Detroit.

[pocketchange]

"The deal between Detroit-based Chemical and Wayzata, Minnesota-based TCF is an "all-stock merger of equals," according to a news release. It would grow TCF’s presence in the Midwest and expand Chemical’s footprint west."


I hope Jurgen Schrempp didnt write this part of the release

[Lowell]

It might be a point of semantics but according to Crain's Chemical bank acquiring TCF and the new combined bank will use the TCF name. I always thought Chemical was a curious name for a bank but at least it is memorable. TCF is forgettable. A big win for Ilitchville.

• Chemical Bank acquiring TCF Bank in $3.6 billion all-stock deal
• Combined banks will operate under TCF brand with 500 branches nationally
• New downtown Detroit headquarters "going to have to grow," bank chairman says
• Midland-based Chemical Bank plans to build a 20-story at Woodward Avenue and Elizabeth Street for its new Detroit headquarters.

[JonWylie]

• New downtown Detroit headquarters "going to have to grow," bank chairman says
• Midland-based Chemical Bank plans to build a 20-story at Woodward Avenue and Elizabeth Street for its new Detroit headquarters.

They should just go for 1000 ft and make Dan 1-up them

[BankruptcyGuy]

This is HUGE news for Detroit, for a few reasons:

1. First, it shows that the "Detroit stigma" is no longer an impediment to financial services companies locating here. The unspoken presumption has always been that Quicken Loans would be located elsewhere, but for Dan Gilbert. False, and now disproven.

2. Follow-along jobs for a bank HQ can be plentiful. Additional attorneys, accountants, title companies, and other service providers to professionals will follow.

3. Detroit wins in a merger? Who knew. I read the story on the Minneapolis Star Tribune, and there is serious teeth-gnashing in the comments.

[[And Lowell, if you didn't know, TCF stood for Twin Cities Federal. Chemical obviously got its name from the relationship with Dow in Midland. Both are better than Talmer, which, to again show how times have changed, was chosen after consultants advised them that having "Michigan" in their name--the original name was First Michigan Bank--would reduce the value of the company.)

[SpartanDawg]

This is great news. for all the above reasons bankruptcy guy mentioned. Lot of spin off jobs will come from these high paying jobs moving downtown. excited to see the comments that the headquarters will have to grow from the planned 20 story development

Remember as of now the new HQ is planned for ground floor retail, 10 stories of parking, and 9 stories of offices/condos. So half the building is actually just parking as of now. Would like to see that ratio stretch out a bit more, maybe grow by 5 stories or so?

Maybe they were just talking and made reactionary commentary about it growing, but if it really does that would be wonderful. This is such an exciting development given that it's a [[now even larger) financial institution and completely 100% private financing. and it's not even in the most desirable location downtown, not being in the core of the CBD.

[casscorridor]

It might be a point of semantics but according to Crain's Chemical bank acquiring TCF and the new combined bank will use the TCF name. I always thought Chemical was a curious name for a bank but at least it is memorable. TCF is forgettable. A big win for Ilitchville.

Yeah, TCF is such a boring and forgettable name and their logo is laughably bad. Chemical Bank has a great logo and their name sounds like something you'd see in cyberpunk, which would make much more sense for the home of RoboCop.

[Dmberko11]

Yeah, TCF is such a boring and forgettable name and their logo is laughably bad. Chemical Bank has a great logo and their name sounds like something you'd see in cyberpunk, which would make much more sense for the home of RoboCop.

Lol true...
Oh well. Still amazing news. Imagine if only Comerica had stayed...
Detroit would have had so many big banks downtown. Still, not bad to have Ally, fifth-third and now tcf's headquarters. Go Detroit!

[hybridy]

Detroit's financial players are spread out now and we've fallen far at the expense of cities like Dallas + Charlotte. Ally and Fifth Third making recent moves helps, but Detroit being 5th largest Financial Center in the US circa 1970's isn't coming back. If TCF/Chemical project moves forward, it will be at an Illitch-pace because Gilbert has a monopoly on the trades for his own projects. I for one am not thrilled to see a triangular aquamarine clad-parking top topped with some offices. The naysayer in me thinks the book caddy garage hints at whats to come with retail + parking + office/resi [[fast, cheap, not well-paired). thankfully the short facade faces woodward rather than the long facade. DJT may well run us into recession quicker than otherwise planned, but the D was always late to the party.

[Infrastructure]

I know this is a petty and a complaint only fit for internet message boards, but I’ve been concerned with how the TCF Buildjng will affect the viewshed while coming down Woodward. Seeing the brilliant white facade of the David Whitney peek over the Fox, State and Fyfe buildings creates a sense of excitement as you head into downtown at night. I fear I won’t get to see that with a 20 story hiking mass of steel and glass rising in the foreground.

[Worldsgreatest]

Lol true...
Oh well. Still amazing news. Imagine if only Comerica had stayed...
Detroit would have had so many big banks downtown. Still, not bad to have Ally, fifth-third and now tcf's headquarters. Go Detroit!

Flagstar is long overdue for a downtown move.

[JBMcB]

Flagstar is long overdue for a downtown move.

A few of my neighbors work for Flagstar. Most of the employees who work at the headquarters live in Troy, the neighboring suburbs, or Clarkston. The company just sunk a bunch of money into revitalization programs for Pontiac, as well. I don't think they'd move downtown anytime soon.

[masterblaster]

A few of my neighbors work for Flagstar. Most of the employees who work at the headquarters live in Troy, the neighboring suburbs, or Clarkston. The company just sunk a bunch of money into revitalization programs for Pontiac, as well. I don't think they'd move downtown anytime soon.

I am not as enthused about getting suburban companies to move downtown. I would much rather look out-of-state. For instance, could regional leaders approach home-grown-but-relocated companies like Honey Bake Ham and Spirit Airlines?

Kellogg's has a several hundred person office in downtown Chicago. Maybe they could be approached about moving this office to their home state's largest city. Maybe approach DowDupont about re-locating an office from out-of-state to downtown Detroit.

This is kind of what is happening with this merger, if what they are publicizing is really truthful. They are bringing an out-of-state company's HQ [[TCF) to Detroit, and may even increase the size of the downtown HQ to house workers coming from Minnesota.

[Worldsgreatest]

Suburban companies definitely need to keep moving downtown. more centralization is necessary for a healthy region.

[Atticus]

Suburban companies definitely need to keep moving downtown. more centralization is necessary for a healthy region.

Those two statements do not have to be tied together. Yes, more centralization is probably necessary, but.... if the current suburban situation is held constant, the region can still become more centralized by bringing jobs from outside the region into downtown. That is a healthier game plan than treating the Detroit region as a zero sum game.

[missn]

Chemical Bank is not a curious name for a bank that was based in Midland, home of the former Dow Chemical Company. Midland High is home of the Chemics, Midland Dow High is named after the founder of Dow Chemical, H.H.Dow

[rb336]

I agree, Chemical Bank is the better name/logo!

A different Chemical Bank was one of banking's "big three" back in the 90s [[along with CitiBank and Bank of America). It bought out Chase, and took the Chase name.