Here’s how Huntington’s merger with TCF impacts Pittsburgh

PITTSBURGH — A bigger footprint, more products and a big technology investment are in the works for one of Pittsburgh’s biggest banks.

Huntington Bancshares Inc. will keep its headquarters and consumer banking headquartered in Columbus, Ohio, but commercial banking will be based in Detroit once its merger wth TCF Financial Corp is completed, and its top executive believes the regional distribution of key business units will continue in the industry and at Huntington (NASDAQ:HBAN).

A price tag was not disclosed for the all stock merger but Huntington’s release said it had total market value of $22 billion and is expected to close in the second quarter, pending regulatory and shareholder approvals. The Wall Street Journal estimated the deal at about $6 billion, roughly half of PNC Financial Services Group Inc.’s upcoming cash purchase of BBVA USA Bancshares at $11.6 billion.

Read more from are news partners at the Pittsburgh Business Times.

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