MICHIGAN CITY, Indiana — Horizon Bancorp, Inc. will acquire 14 TCF National Bank branches in 11 Michigan counties.
Horizon Bank “entered into a definitive purchase and assumption agreement” to acquire the 14 locations, according to a Wednesday release. With the acquisitions comes “approximately $976 million in deposits and $278 million in associated loans, which are being divested by TCF Financial Corporation in connection with its merger with Huntington Bancshares Incorporated,” the release stated.
The acquisitions include TCF locations in:
- Charlevoix County: 1425 Bridge St., Charlevoix
- Crawford County: 2500 S I-75 Business Loop, Grayling
- Missaukee County: 101 N. Roland St., McBain
- Otsego County: 521 W. Main St., Gaylord
- Wexford County: 1408 N. Mitchell St. and 302 S. Mitchell St., Cadillac
“This financially and strategically attractive transaction is a logical extension of our efficient retail franchise, which is designed to further enhance our low-cost core deposit and funding capability to support loan growth in a recovering economy,” Horizon Bancorp Chairman and CEO Craig M. Dwight said in a release.
Completion of the acquisition is expected by the end of the third quarter of 2021.
Horizon Bank currently operates 74 bank branches, 15 in Michigan. The acquisition is expected to add 50,000 accounts to Horizon Bank, which said it plans to keep the current workforce of the 14 TCF branches.