The Federal Reserve Board on Tuesday announced its approval of the application under section 3 of the Bank Holding Company Act of 1956 by Chemical Financial Corporation, Detroit, Michigan, to acquire TCF Financial Corporation, Wayzata, Minnesota, and thereby indirectly acquire its subsidiary bank, TCF National Bank, Sioux Falls, South Dakota.
Following the proposed acquisition, Chemical’s subsidiary state member bank, Chemical Bank, Detroit, Michigan, would be merged with and into TCF Bank, with TCF Bank as the surviving entity.
The time for submitting comments has expired, and the Board has considered the proposal and all comments received in light of the factors set forth in section 3 of the BHC Act.