The year's second-biggest bank merger created a Midwestern regional with nearly $50 billion in assets, and its CEO and executive vice chairman don't intend to stop there.
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.
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.
