M&A Deal Summary

TCF Acquires Key State Bank

On October 21, 1993, TCF acquired financial services company Key State Bank for 26M USD

Acquisition Highlights
  • This is TCF’s 2nd transaction in the Financial Services sector.
  • This is TCF’s 9th largest (disclosed) transaction.
  • This is TCF’s 2nd transaction in the United States.
  • This is TCF’s 2nd transaction in Michigan.

M&A Deal Summary
Date 1993-10-21
Target Key State Bank
Sector Financial Services
Buyer(s) TCF
Deal Type Add-on Acquisition
Deal Value 26M USD
Advisor(s) Austin Associates (Financial)

Target

Key State Bank

Michigan, United States
Key State Bank is a provider of banking and financial services company.

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Buyer(S) 1

Buyer

TCF

Detroit, Minnesota, United States
Category Company
Founded 1923
Sector Financial Services
Employees7,254
Revenue 1.7B USD (2019)
DESCRIPTION

TCF Financial Corp. is a national bank holding company. TCF has 400+ branches in Minnesota, Illinois, Michigan, Colorado, Wisconsin, Indiana, Arizona, and South Dakota, providing retail and commercial banking services. TCF Financial was founded in 1923 and is based in Detroit, Michigan.

DEAL STATS #
Overall 2 of 13
Sector (Financial Services) 2 of 13
Type (Add-on Acquisition) 2 of 13
State (Michigan) 2 of 11
Country (United States) 2 of 13
Year (1993) 1 of 1
Size (of disclosed) 9 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1989-07-01 Cass City State Bank

Michigan, United States

Cass City State Bank is a provider of full range of banking services.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1996-05-01 State Savings Bancorp

Michigan, United States

State Savings Bancorp, Inc. is a provider of full range of banking services.

Buy $19M
Mergr

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