Huntington Bancshares Inc. agreed to merge with TCF Financial Corp. in the latest in a recent string of regional-bank tie-ups.
The all-stock deal would be one of the larger recent bank combinations, valuing Detroit-based TCF TCF, -2.50% at nearly $6 billion, or about an 11% premium. Columbus, Ohio-based Huntington HBAN, -0.77% has a market value of $13 billion.
Together, the banks would have about $170 billion in assets, with a network of branches that stretches from Pennsylvania to Arizona and is especially concentrated in Midwestern states such as Illinois and Michigan.
The deal, if completed, would vault Huntington closer to its fiercest in-state competitors, Fifth Third Bancorp FITB, -1.58% and Key Corp. KEY, -1.49% , which have about $200 billion and $170 billion in assets, respectively.
An expanded version of this report appears on WSJ.com.
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