Chemical, TCF shareholders approve proposed merger

Shareholders of Chemical Financial Corp. and TCF Financial Corp. on Friday approved the proposed merger between the two banks.

The merger, which is expected to close in the third or early fourth quarter of 2019, would create a combined company with more than $45 billion in total assets based in a new headquarters downtown Detroit. It would operate under the TCF name.

“Today’s vote was an important step for us as we move forward with our focus on creating a premier Midwest bank,” Gary Torgow, Chemical’s executive chairman, said in a statement. “With our increased scale and an enhanced competitive position, our new organization will be poised to thrive in today’s evolving banking environment.”

bnoble@detroitnews.com