20160201-NEWS--0001-NAT-CCI-CD_-- 1/29/2016 6:38 PM Page 1 Quicken Loans makes big-money debut with Super Bowl commercial, PAGE 16 FEBRUARY 1-7, 2016 Experts: Bank on even more mergers Consolidations to bring branch closings, job cuts By Tom Henderson
[email protected] Whatever the eventual success of last week’s pair of bank deals, indus- try watchers say to expect ongoing bank consolidation — and contin- ued branch closings and job reduc- tions. It was a coincidence of timing, COURTESY OLYMPIA DEVELOPMENT but not of strategy, that two big deals were announced Tuesday: Midland-based Chemical Bank’s purchase of Troy-based BUILDING CITY BLOCKS Talmer Bank and Trust, and the acquisition by Area around new Detroit Red Wings arena teeming with Columbus, Ohio-based proposed retail, office, multifamily housing, hotel projects Huntington Banc- David Provost: shares Inc. (Nas- There will be some By Kirk Pinho and Bill Shea billed as Woodward Square, Olympia is build- daq: HBAN) of job cuts,Talmer
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[email protected] ing about 160,000 square feet of office space. Akron, Ohio- chief says. The clearest picture to date of what is ex- Offices for the Red Wings and Olympia Entertain- based FirstMerit pected to be built around the new Detroit Red ment, the venue management arm of team Corp. (Nasdaq: FMER). Wings arena includes a dizzying mix of retail, owners Mike and Marian Ilitch’s business The Huntington-FirstMerit deal, office, multifamily and hotel space expected holdings, are expected to take about 100,000 which joins two banks with a major to be largely completed by the time the first square feet of that.