| Metric | Details |
|---|---|
| Status | Acquired by Huntington Bancshares on June 9, 2021; TCF National Bank then merged into The Huntington National Bank |
| Successor bank | The Huntington National Bank |
| The Huntington National Bank senior unsecured notes (S&P / Moody’s) | A- (Stable) / A3 (Negative) |
| Investment grade status | Investment Grade |
| Huntington today | More than 1,400 branches in 21 states (June 30, 2026), after the Veritex and Cadence acquisitions |
What Happened to TCF Bank?
TCF Financial Corporation, formerly Chemical Financial Corporation, combined with legacy TCF on August 1, 2019 and was headquartered in Detroit (TCF Form 10‑K for 2020). Huntington Bancshares agreed on December 13, 2020 to acquire TCF Financial and completed the all-stock acquisition, valued at $7.2 billion, on June 9, 2021 (Huntington Form 10‑K for 2021). TCF National Bank then merged with and into The Huntington National Bank (Huntington Form 8‑K, June 9, 2021), so TCF no longer exists as a separate bank.
What It Means for Former TCF Branch Properties
When one national bank merges into another, federal law requires a national bank merger agreement to provide that the receiving bank is liable for the liabilities of the bank merged into it (12 U.S.C. 215a(a)(4)), and TCF National Bank merged with and into The Huntington National Bank in 2021 (Huntington Form 8‑K, June 9, 2021), so leases signed by TCF National Bank generally became obligations of The Huntington National Bank. That is a general rule, not a guarantee for every property: confirm the current tenant from the lease, any assignment and a current estoppel.
Huntington also sold 14 branches acquired from TCF to Horizon Bank in September 2021 to satisfy regulatory requirements (Form 10‑K for 2021), so not every former TCF branch is operated by Huntington today. For any former TCF property, check whether the branch is operating, whether the lease is in its primary term or a renewal, and whether the lease allows early termination.
Huntington’s Current Credit
The Huntington National Bank’s senior unsecured notes are rated A-/A3 by S&P and Moody’s (Form 10‑Q for the quarter ended June 30, 2026); a rating at or above BBB‑/Baa3 is investment grade. Huntington has continued to grow: it acquired Veritex Holdings on October 20, 2025 and merged with Cadence Bank on February 1, 2026, and reported more than 1,400 branches in 21 states at June 30, 2026. See the Huntington Bank NNN guide for its full profile.
Source: S&P Global Ratings A-, Stable, as of June 30, 2026; Moody’s A3, Negative, as of June 30, 2026; Fitch Ratings A-, Stable, as of June 30, 2026. Ratings checked October 8, 2026.
Bank Branch Cap Rates
Live asking cap rates for Huntington and other bank tenants:
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| Fifth Third Bank | A- / A3 | 4.63% | 4.50% to 5.06% | 16 | −62 bps |
| JPMorgan Chase | AA- / Aa2 | 5.00% | 4.75% to 5.38% | 35 | −24 bps |
| PNC Bank | A / A2 | 5.08% | 4.75% to 6.06% | 20 | −17 bps |
| Bank of America | A+ / Aa2 | 5.25% | 5.00% to 6.10% | 21 | +1 bps |
| U.S. Bank | A / A3 | 5.50% | 5.13% to 5.84% | 7 | +26 bps |
| KeyBank | BBB+ / n/a | 6.30% | 6.00% to 6.50% | 5 | +106 bps |
| Citizens Bank | A- / A3 | 6.50% | 6.44% to 6.75% | 4 | +126 bps |
Active listings InvestmentGrade.com tracks with an asking cap rate (stated in the listing, or computed from its stated income and price when no rate is stated), listings last observed October 12, 2026. Asking cap rates are not closed-sale cap rates. The middle half is the range from the 25th to the 75th percentile of listings. The 10-year Treasury yield is 5.24% as of October 1, 2026 (FRED series DGS10). Ratings are the agency ratings in our ratings database for the entity shown, which may be a parent company; the rating type (for example issuer, senior unsecured debt, long-term debt or revenue bond ratings) varies by company and is shown on each tenant page. A rating applies to a lease only if the rated entity signs or guarantees it, so confirm the tenant and any guarantor in the lease. n/a means no verified rating is on file. Not shown because fewer than 3 active listings with a published cap rate were observed: Huntington Bank.
Bank branch listings include ground leases, where the bank may own the building during the lease, and building leases, and pricing can differ between them. Compare a branch with listings of the same structure and similar remaining term.
What to Check in a Former TCF Branch Lease
- Tenant entity: confirm The Huntington National Bank is the tenant of record through the lease, merger or assignment documents and an estoppel.
- Branch status: whether the branch is open or was closed in a consolidation.
- Early termination rights: some bank leases allow the bank to close the branch and end the lease early.
- Ground lease or building lease: who owns the improvements and who pays for roof, structure and parking lot.
- Branch deposits: FDIC Summary of Deposits data report each branch’s deposits, one sign of its importance to the bank.
Frequently Asked Questions
What happened to TCF Bank?
Huntington Bancshares acquired TCF Financial on June 9, 2021 in an all-stock transaction valued at $7.2 billion (Huntington Form 10‑K for 2021), and TCF National Bank then merged into The Huntington National Bank (Form 8‑K, June 9, 2021).
Who is the tenant on a former TCF Bank lease?
Generally The Huntington National Bank, as the successor in the bank merger. Confirm with the lease, any assignment and a current estoppel, and check whether the branch is still open.
What is Huntington’s credit rating?
The Huntington National Bank’s senior unsecured notes are rated A-/A3 by S&P and Moody’s (Form 10‑Q for the quarter ended June 30, 2026), which is investment grade.
Sources: Huntington Bancshares Form 10‑K for 2021, Form 8‑K of June 9, 2021 and Form 10‑Q for the quarter ended June 30, 2026; TCF Financial Form 10‑K for 2020; 12 U.S.C. 215a; ratings from InvestmentGrade.com’s ratings database.
Former TCF Bank Branches: Buying, Selling and Financing
Buying: We find on-market and off-market Huntington Bank branch properties, including former TCF Bank branches, review the lease and the tenant’s credit, and compare pricing with current listings. On the majority of transactions, there is no separate fee to you as the buyer; the listing broker pays a cooperating commission.
Selling: We can prepare an opinion of value from current listings and recent sales and, when it fits your goals, run a confidential sale to private investors, family offices and institutional buyers. See our guide to off-market sales.
Financing: Investment Grade Capital, a service of Investment Grade LLC, matches buyers and owners with lenders for acquisitions and refinancing.
1031 exchanges: Tell us your identification and closing deadlines so we can plan the search around them.
Request an NNN investment consultation or email team@investmentgrade.com.
