TCF Bank merging, moving headquarters to Detroit

TCF Bank is merging with Chemical Financial Corporation to create a new bank with $45 billion in assets based in Detroit. 

Wayzata, Minnesota-based TCF will merge into Detroit-based Chemical and the combined holding company and bank will operate under the TCF Bank name and brand, according to a statement. The bank will have more than 500 branches across nine states and “significant operation centers” in Minneapolis, Midland, Michigan and Chicago. 

The merger is expected to close sometime in the late summer or early fall.