| Metric | Details |
|---|---|
| Entity Status | Acquired — No longer an independent bank |
| Acquirer | Huntington Bancshares Incorporated (HBAN) |
| Acquisition Closed | June 2021 |
| Deal Value | ~$6 billion (all-stock) |
| Current Brand | All TCF branches now operate as Huntington Bank |
| Huntington Rating (S&P / Moody’s) | BBB+ / A2 |
| Investment Grade Status | Investment Grade — now under Huntington credit |
| NNN Lease Guarantor | The Huntington National Bank (for existing and new leases) |
| Former TCF Headquarters | Detroit, Michigan (formerly Minneapolis) |
| Former Branch Count | 478 branches (now integrated into Huntington’s ~970+ branch network) |
What Happened to TCF Bank?
TCF Bank — originally Twin City Federal, founded in Minneapolis in 1923 — no longer exists as an independent institution. In December 2020, Huntington Bancshares Incorporated announced an all-stock acquisition of TCF Financial Corporation valued at approximately $6 billion. The transaction closed in June 2021, and the combined institution became one of the top 25 banks in the United States with approximately $175 billion in total assets at closing. All TCF Bank branches were rebranded as Huntington Bank, and all TCF banking systems and customer accounts were migrated to Huntington’s platform.
For NNN investors, TCF Bank as a lease guarantor entity no longer signs new leases. Any property showing “TCF Bank” as the named tenant on an existing lease has either already been assigned to The Huntington National Bank as the successor entity, or is operating under the original TCF lease term until expiration. The critical underwriting question for any property previously branded as TCF Bank is: what is the current guarantor entity on the lease, and what are the renewal terms?
What This Means for TCF Bank NNN Properties
The Huntington acquisition of TCF added density in Michigan (TCF’s largest legacy market), expanded scale in Chicago (a major TCF presence), and added new markets in Denver (Colorado), Twin Cities (Minnesota), and Milwaukee (Wisconsin). These markets aligned with Huntington’s stated geographic expansion strategy into the Midwest’s largest cities beyond its Ohio and Pennsylvania core.
Huntington Bank: The Current Credit Profile
As the successor to all TCF banking operations, The Huntington National Bank now carries the credit quality that governs any investment where TCF Bank was formerly the tenant. Huntington Bancshares carries BBB+ from S&P and A2 from Moody’s — upper-medium investment grade ratings that reflect a well-managed, diversified Midwest regional bank with approximately $200 billion in total assets and ~970 branches across 12 states.
Huntington’s credit profile is distinguished by its consistent top-tier performance in Federal Reserve stress tests (CCAR), its conservative loss coverage ratios relative to peers, and its disciplined commercial credit culture inherited from a Columbus, Ohio-headquartered institution with deep roots in the Ohio and Midwest markets. The TCF integration, while creating near-term operational complexity, added the geographic scale and density in Michigan and Chicago that Huntington had been seeking to round out its Midwest network.
View the full Huntington Bank NNN analysis — including current cap rates, lease structure, geographic footprint, and investment pros and cons — on the dedicated Huntington page.
TCF Bank vs. Huntington: Legacy Market Comparison
| Market | TCF Legacy Presence | Huntington Status |
|---|---|---|
| Michigan (Detroit metro) | Largest TCF market — ~150+ branches | Now primary MI market for Huntington |
| Chicago, IL | Major TCF presence | Significant Huntington growth market |
| Twin Cities, MN | TCF founding market | New market for Huntington post-acquisition |
| Milwaukee, WI | Moderate TCF presence | Added to Huntington’s Wisconsin footprint |
| Denver, CO | TCF growth market | New market for Huntington post-acquisition |
| Cleveland / Columbus, OH | Minimal TCF | Huntington’s strongest legacy market |
If You Are Researching TCF Bank NNN Properties to Buy
If you encountered a listing still showing “TCF Bank” as the tenant — common on older CoStar, LoopNet, or broker database entries that have not been updated — the property is now a Huntington Bank branch. The guarantor entity on any current or renewed lease is The Huntington National Bank, carrying BBB+/A2 investment grade ratings. These properties should be evaluated using the Huntington credit framework, not any legacy TCF-era credit analysis.
Cap rates for former TCF / now Huntington branch properties trade in the 5.00% to 6.00% range as of Q1 2026 — consistent with BBB+/A2 upper-medium investment grade regional bank credit. Michigan and Midwest markets price at the wider end; larger metro infill locations price tighter.
Comparable Bank Branch NNN Tenants
| Comparable Tenant | Rating | Cap Rate Range |
|---|---|---|
| Huntington Bank (successor) | BBB+ / A2 | 5.00–6.00% |
| Fifth Third Bank | BBB+ / A3 | 4.75–5.75% |
| KeyBank | BBB / A3 | 5.25–6.25% |
| M&T Bank | BBB+ / A3 | 4.75–5.75% |
What happened to TCF Bank?
TCF Bank was acquired by Huntington Bancshares in June 2021 in an all-stock transaction valued at approximately $6 billion. All 478 TCF branches were rebranded as Huntington Bank, and all customer accounts, systems, and operations were migrated to Huntington’s platform. TCF Bank no longer exists as an independent institution.
Who took over TCF Bank NNN leases?
As the successor entity through the bank merger, The Huntington National Bank assumed all existing TCF Bank lease obligations. Any property formerly occupied by a TCF Bank branch is now a Huntington Bank branch, with The Huntington National Bank as the lease guarantor going forward.
What is Huntington Bank’s credit rating?
The Huntington National Bank carries BBB+ from S&P and A2 from Moody’s — upper-medium investment grade ratings reflecting a well-managed Midwest regional bank with approximately $200 billion in total assets and ~970 branches across 12 states.
Are former TCF Bank properties good NNN investments?
Properties where TCF Bank was the original tenant should now be evaluated as Huntington Bank NNN investments, applying Huntington’s BBB+/A2 credit framework. The acquisition generally improved the credit quality of these properties, as Huntington’s scale, capital position, and regulatory standing are stronger than TCF’s pre-acquisition standalone profile.
Own a Former TCF Bank Property? Or Shopping for Huntington Bank NNN Assets?
Whether you own a property where TCF Bank was the original tenant — now Huntington — or you are actively seeking Huntington Bank NNN acquisitions, our team handles both sides.
Selling — Former TCF / now Huntington properties are desirable Midwest regional bank assets. We know the buyer pool and can run a quiet, targeted disposition process — including 1031 exchange timing coordination.
Buying — We source current Huntington Bank NNN properties across Ohio, Michigan, Indiana, Kentucky, Pennsylvania, and the expanded TCF-era markets in Minnesota, Illinois, Colorado, and Wisconsin.
As always, the listing broker pays our cooperating commission. In most cases, you there is typically no separate fee to you as the buyer for expert NNN buyer representation.
Talk to a Bank Branch NNN Specialist →
In a 1031 exchange? Tell us your timeline — we move faster.
Related NNN Tenants
Own multiple TCF Bank properties? Considering an off-market sale?
Investment Grade represents owners on confidential disposition of TCF Bank portfolios and individual properties through off-market direct-to-principal distribution to specialty REITs, private equity funds, and family offices. TCF Bank buyer demand runs deep, and portfolio sales consistently produce stronger pricing than sequential individual sales because the institutional buyer pool is structured around portfolio acquisition.
For multi-property owners considering a portfolio disposition, see Selling Investment Grade NNN Off-Market: Tenant-by-Tenant Buyer Demand. For the full off-market framework covering individual property dispositions, sale-leasebacks, and 1031 coordination, see Off-Market CRE Sales: The Complete 2026 Guide.
The pre-listing conversation is at no cost and fully confidential. Email team@investmentgrade.com or see contact Investment Grade.
