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Huntington and TCF Financial to merge in $22 billion deal
Two big bank holding companies with huge name recognition in Michigan — Columbus, Ohio-based Huntington Bancshares and Detroit-based TCF Financial Corp. — are announcing plans for an all-stock merger valued at $22 billion.
The deal is expected to close in the second quarter, according to a press briefing given Sunday night with the Detroit Free Press. The Huntington brand will survive, while the TCF name will disappear. The merger means that another purely Michigan-based bank will lose its identity. Many major banks in Michigan — Chase, Comerica, PNC, Bank of America and Fifth Third — are all headquartered in other states. Flagstar Bank is based in Troy, and Ally Financial, a bank holding company, is based in Detroit.
DoorDash and Payfare To Launch DasherDirect Visa Card and Mobile Banking App
DoorDash and Payfare announce the launch of the DasherDirect platform, a banking solution for DoorDash delivery drivers (Dashers) offering a Business Prepaid Visa Card and mobile banking app. This marks DoorDash's first-ever financial platform for Dashers, providing them with exclusive new rewards and more flexibility and control over their earnings.
DasherDirect is a card designed specifically for Dashers. With the DasherDirect Business Prepaid Visa Card, every day is payday, with earnings automatically added to the DasherDirect Visa Card daily at no cost to the Dasher. Dashers can check their balance, pay bills, transfer money, set savings goals and find no fee ATMs on the go— without worrying about overdraft fees or minimum account balance requirements. Dashers also earn 2% cash back on fuel at any station, any time.
Tourism Will Bounce Back, Says Caribbean Hotel and Tourism Association
The tourism and travel industry has shown a consistent ability to bounce back from tough times, says the head of the Caribbean Hotel and Tourism Association.
“Our industry is incredibly resilient, globally as well as regionally,” CHTA CEO and Director General Frank Comito said on a CHTA/Caribbean Zoom chat. “We bounce back and we bounce back usually better and stronger than we were.”
Hy-Vee Donates Nearly 1 Million Pounds of Food to Food Banks Across the Midwest
Hy-Vee announced that it is partnering with dozens of national and regional food manufacturers and suppliers to help provide more than 1 million pounds of food to 17 food banks across its eight-state region for the holiday season.
Hy-Vee collaborated with many of its supplier partners to fill more than 20 truckloads with food and supplies for 17 Feeding America-affiliated food banks across the Midwest. Hy-Vee has received donations of protein, produce, dairy and nonperishable items, as well as monetary donations from 26 leading food manufacturers.
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