Chemical Financial, TCF Financial agree to all-stock merger of equals
Detroit-based Chemical Financial Corp. and Wayzata, Minn.-based TCF Financial Corp. agreed to combine in an all-stock merger of equals.
For each share held, TCF shareholders will receive 0.5081 of a Chemical Financial common share, which is equivalent to $21.58 per TCF share.
TCF will merge into Chemical Financial and the combined company will operate under the TCF brand, according to the news release.
Each outstanding share of 5.70% series C noncumulative perpetual TCF stock w...