The parent companies of TCF Bank and Chemical Bank merged recently to form one of the nation’s largest banks with $47 billion in assets and more than 500 branches in nine states, including eight in the Colorado Springs area.
The combined bank will operate under the TCF name and will be based in Detroit. The deal was completed Aug. 1 but isn’t expected to result in many branch closures or other major changes for customers because the two banks had little overlap in their branch networks. The combined bank expects to cut about $180 million in annual costs by combining information technology systems, but that won’t happen until next year.
The merger was announced in January, approved by stockholders of both companies in June and by regulators last month.
Both institutions were started as savings and loan associations but later became banks. Chemical is not related to the Chemical Bank in New York that later became JPMorgan Chase.