“We thought it made a lot of economic sense to keep their name.”Merger talks between the two banks’ executives began more than six months ago, Torgow said, but there was one non-negotiable stipulation from the Chemical Bank board: “There was never a doubt — we weren’t doing anything if it wasn’t headquartered in Detroit,” said Torgow, a native Detroiter and founder of Sterling Group, a private equity and real estate investment firm.Torgow said he briefed Gov. Intercontinental Exchange boosts mortgage business with deal to buy Ellie Mae from Thoma BravoCitibank will replace destroyed Gresham branch—but maybe not in GreshamNeed-to-know stories from Crain's and around the web. The TCF acquisition drew praise from Terry McEvoy, a managing director and bank analyst at Little Rock, Ark.-based Stephens Inc., who has been covering the Chemical Bank management team since soon after they founded First Michigan Bank as a single-branch community bank in Troy in 2007.

There may be someone who doesn’t like (the Chemical-TCF deal), but I haven’t heard them,” said Donnelly. "Merger talks between the two banks' executives began more than six months ago, Torgow said, but there was one non-negotiable stipulation from the Chemical Bank board: "There was never a doubt—we weren't doing anything if it wasn't headquartered in Detroit," said Torgow, a native Detroiter and founder of Sterling Group, a private equity and real estate investment firm.Chemical Bank's Midland office will continue to have about 500 employees, Torgow said.
TCF Bank is a premier Midwest bank offering consumer and commercial banking, trust and wealth…See this and similar jobs on LinkedIn. Scoops on Chicago's residential real estate industry. Chemical’s shares are down about 25 percent from their 52-week high of $59.60, hit early last year.Editor’s note: This article has been updated to clarify that TCF Financial Corp. and Chemical Financial Corp. may need more office space within a planned 20-story downtown Detroit headquarters than Chemical Bank originally intended before the merger announcement.– Crain’s special correspondent Tom Henderson contributed to this report. “That deal always comes up because of how close they are on the map, but it doesn’t make a lot of sense,” he said.John Donnelly of the Grosse Pointe investment-banking firm of Donnelly Penman & Partners, was the broker who helped raise the money that launched First Michigan in 2007. Last November it bought Clarfeld Financial Advisors LLC, a wealth-management firm in Tarrytown, N.Y.; last May, it bought Franklin American Mortgage of Franklin, Tenn; and in May 2017, it bought the Cleveland M&A advisory firm Western Reserve Partners.Also on Monday, Chemical reported net income of $73 million for its fourth quarter, which ended Dec. 31. Chemical Financial's $3.6 billion acquisition of TCF Financial to operate under the TCF Bank brand name will make it the largest midcap bank in the Midwest.The all-stock deal, which the companies are calling a "merger of equals," will make the new TCF Bank the 27th-largest in the country with $45 billion in assets, more than 500 bank branches and nearly 10,000 employees. The market is speaking. Chemical’s stock has been up 5 to 7 percent today, which is far better than what you normally see when these deals are announced.“From a personal standpoint, seeing this company grow so quickly has been amazing.

Most of the savings would be achieved through the elimination of redundancies in back-office staff and information systems technology, Chemical Bank spokesman Tom Wennerberg said.“There’s very, very little overlap anywhere in the country,” Torgow told Crain’s. This will go down as one of the biggest success stories in the history of state banking.”Chemical Bank’s competitors see it as an ideal time for banks in the region.“My general reaction is that the combination of these two banks makes for a nice additional competitor in the marketplace,” said Rick Hampson, Michigan market president for Citizens Bank. The returns to shareholders and what they’ve created is very impressive.”McEvoy said that TCF was particularly strategic for Chemical because of its broader lines of commercial lending. “This merger will allow the region to be a player in the financial industry in a way it hasn’t in quite some time.”When Chemical Bank announced its move to Detroit in July, Duggan’s administration announced it was making Chemical Bank the city’s primary bank in partnership with Detroit-based First Independence Bank, one of the largest African-American-owned banks in the nation.“Through improved profitability and earnings predictability, we will be able to reinvest in the business to drive multiple growth engines, enhance our ability to compete in the next generation of banking and sustain consistent return on capital for shareholders,” Dahl said. “The buzz out here is very positive. Monday-Thursday. Tuesday-Thursday. "We committed to bring 500 people to Detroit, but I think that number's gonna grow. TCF Bank is the wholly owned banking subsidiary of TCF Financial Corporation, a bank holding company headquartered in Detroit, Michigan.As of November 2017, TCF Bank had nearly 321 branches in Minnesota, Illinois, Michigan, Colorado, Wisconsin, Arizona and South Dakota.

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