Chemical Financial Corporation and TCF Financial Corporation announced the signing of a definitive agreement under which the companies will combine in an all-stock merger of equals transaction. Under the terms of the agreement, which was unanimously approved by the boards of directors of both companies, TCF will merge into Chemical, and the combined holding company and bank will operate under the TCF name and brand following the closing of the transaction. The combined company will be headquartered in Detroit and maintain a significant operating presence in Minneapolis as well as Midland and Chicago. The combined company will be led by: Gary Torgow, who will serve as executive chairman of the board of directors; Vance Opperman, who is the current lead independent director of TCF Financial Corporation’s board of directors, will serve as lead independent director; Craig Dahl, who will serve as CEO and president; Dennis Klaeser, who will serve as CFO; Brian Maass, who will serve as deputy CFO and treasurer; and David Provost will become chairman of the combined bank and Tom Shafer will become president and COO of the combined bank. Additional leadership team members will be comprised of highly experienced and proven executives who reflect the strengths and capabilities of both banks and will share equally in the integration process. The combined company’s board of directors will have sixteen directors, consisting of eight directors from TCF and eight directors from Chemical.