The companies had planned to make Chemical CEO David Provost the new leader before October's market gyrations led them to break off talks. When they revisited the deal, several things changed — including Provost's role.
University Bancorp gained a number of offices from Huron Valley Financial. It also hired lenders and staff with experience in reverse mortgages and wholesale lending.
Both banks' need for scale started the conversation and the lifting of the SIFI threshold helped seal the deal. Here are five takeaways from one of the industry's biggest recent mergers.
Chemical is paying roughly $3.6 billion for the $23.5 billion-asset TCF. The combined company will be headquartered in Detroit, Chemical's hometown, and operate under the TCF brand.
Balances from the 52 branches Flagstar bought from Wells Fargo fell by 22% between the deal's announcement and closing, forcing the Michigan company to adjust the math for earning back tangible book value.
