About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

106 Fed. Res. Bull. 1 (2020)

handle is hein.journals/fedred106 and id is 1 raw text is: Bloard of' GOVVernors of' the FedelcA Resene Systcm www\fedker I reser\ gm J 0 Legal Developments: Third Quarter, 2019 Orders Issued Under Bank Holding Company Act Orders Issued Under Section 3 of the Bank Holding Company Act Chemical Financial Corporation Detroit, Michigan Order Approving the Acquisition of a Bank Holding Company FRB Order No. 2019-11 (July 16, 2019) Chemical Financial Corporation (Chemical), Detroit, Michigan, a financial holding company within the meaning of the Bank Holding Company Act of 1956 (BHC Act),' has requested the Board's approval under section 3 of the BHC Act2 to acquire TCF Financial Corporation (TCF), Wayzata, Minnesota, and thereby indirectly acquire TCF National Bank (TCF Bank), Sioux Falls, South Dakota.3 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.4 Notice of the proposal, affording interested persons an opportunity to submit comments, has been published (84 Federal Register 10826 (March 22, 2019)).5 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. Chemical, with consolidated assets of approximately $21.5 billion, is the 86th largest depository organization in the United States. Chemical controls approximately $15.6 billion in consolidated deposits, which represent less than 1 percent of the total amount of deposits of insured depository institutions in the United States.6 Chemical controls Chemical Bank, which operates in Michigan, Ohio, and Indiana. Chemical Bank is the seventh largest depository institution in Michigan, controlling deposits of approximately $13.1 billion, which represent 6.0 percent of the total deposits of insured depository insti- tutions in that state. ' 12 U.S.C. § 1841 et seq. 2 12 U.S.C. § 1842. The resultant institution would be renamed TCF Financial Corporation upon consummation of the transaction. 4 The merger of Chemical Bank into TCF Bank is subject to approval by the Office of the Comptroller of the Currency (OCC), pursuant to section 18(c) of the Federal Deposit Insurance Act (Bank Merger Act). 12 U.S.C. § 1828(c). The OCC approved the bank merger on June 20, 2019. See also 12 CFR 262.3(b). 6 National asset data and national deposit, ranking, and market-share data are as of December 31, 2018, unless other- wise noted. In this context, insured depository institutions include commercial banks, savings associations, and savings banks. State deposit data are as of June 30, 2018, unless otherwise noted.

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Short-term subscription options include 24 hours, 48 hours, or 1 week to HeinOnline.

Purchase Access

Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most