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TCF, Chemical Financial close merger of equals

The previously announced merger of equals between Wayzata, Minn.-based TCF Financial Corp. and Detroit-based Chemical Financial Corp. has been completed.

TCF merged into Chemical Financial, which is the surviving company. Chemical Financial, however, took the name TCF Financial Corp., and its common shares will be traded on NASDAQ under the symbol TCF starting Aug. 1.

Under the all-stock merger deal, each common share of legacy TCF has converted into 0.5081 common shares of the new TCF. Each common share of Chemical Financial is now a common share of the new TCF.

As a result of the merger, customers will not experience any immediate changes to their accounts, loan payment terms, access to account information through mobile and online banking applications, use of debit cards or access to ATMs. Initially, TCF Bank will operate under both the TCF and Chemical Bank brands. The company expects to combine its banking technology platforms by the middle of 2020.