TCF, Great Lakes Bancorp to Merge
MINNEAPOLIS (AP) _ TCF Financial Corp. and Great Lakes Bancorp have agreed to merge in an exchange of stock valued at about $195 million, the companies announced Friday.
The deal would create a Minneapolis-based banking company with combined assets of about $7.9 billion.
The agreement calls Great Lakes shareholders to get .6627 shares of TCF common stock for each common share of Great Lakes. That would involve about 4.9 million TCF shares based on Thursday’s closing price of $42.25 per share.
Great Lakes, Michigan’s second-largest savings bank with $2.7 billion in assets and $1.5 billion in deposits, has 39 offices in Michigan, primarily in the Ann Arbor, Battle Creek and Saginaw areas. A division of Great Lakes, Dollar Federal Savings Bank, has five offices in Ohio. Great Lakes also operates Great Lakes Mortgage Co.
TCF, based in Minneapolis, has with $5 billion in assets and 182 offices. Its bank subsidiaries, with $3.9 billion in deposits and 132 offices, operate primarily in Minnesota, Illinois, Wisconsin and Michigan.
The merger has been approved by both companies’ boards of directors, but still needs approval from government regulators and the shareholders of both companies. The merger is expected to be completed in the first quarter of next year.