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48-628: TCF Financial Corporation began business in 1923 as Twin City Building and Loan Association. In 1936, it was given a federal charter and renamed as Twin City Federal Savings and Loan Association. In 1986, it became a public company . In 1995, TCF acquired Great Lakes National Bank. In 1997, the bank acquired Winthrop Resources Corporation in a $ 321 million transaction. In 2002, the University of Michigan selected TCF as

96-462: A TCF branch on Middlebelt Road in Livonia, Michigan, called police when Sauntore Thomas, an African-American account holder, attempted to deposit checks received as a settlement in a racial discrimination lawsuit. The branch manager was unable to validate the checks and claimed they were fraudulent. TCF also filed a police report for fraud against the customer despite verification from his attorney that

144-440: A company they perceive as possibly lacking liquidity. For example, if all shareholders were to simultaneously try to sell their shares in the open market, this would immediately create downward pressure on the price for which the share is traded unless there were an equal number of buyers willing to purchase the security at the price the sellers demand. So, sellers would have to either reduce their price or choose not to sell. Thus,

192-671: A daily basis rather than posing one flat fee. In 2011, TCF Bank changed its overdraft policy to include a daily $ 28 fee. After public backlash, the bank reversed its policy in 2012. In January 2013, the Office of the Comptroller of the Currency assessed a $ 10 million fine on TCF for violating the Bank Secrecy Act for failure to file suspicious activity reports in a timely fashion. On January 21, 2020, an assistant manager at

240-820: A glass atrium with a view of the Detroit riverfront, and the 40,000-square-foot (3,700 m ) Grand Riverview Ballroom. It is served by the Detroit People Mover with its own station . Huntington Place has several large, attached parking garages, as well as parking on the roof of the facility, and direct access to the Lodge Freeway . The facility is located along the Detroit International Riverfront , and within walking distance of several downtown hotels. The facility and its attached arena initially cost $ 56 million. It

288-401: A long period of time after maturity into a profitable company. However, from 1997 to 2012, the number of corporations publicly traded on US stock exchanges dropped 45%. According to one observer ( Gerald F. Davis ), "public corporations have become less concentrated, less integrated, less interconnected at the top, shorter lived, less remunerative for average investors, and less prevalent since

336-718: A ninth-round TKO on October 21, 2000. The fight took place at Cobo Hall rather than Cobo Arena. The anime convention Youmacon has been held annually at Huntington Place since 2012. Cobo Arena was an arena built in 1960 with seating for 12,000 that served as the home court of the Detroit Pistons of the National Basketball Association from 1961 to 1978 and the host of the NCAA Division I Men's Indoor Track and Field Championships from 1965 to 1981. The short-lived Michigan Stags of

384-644: A preferred provider of banking services to students, faculty, and staff. The University terminated this agreement in 2015. In 2004, the company acquired VGM Leasing. In 2005, TCF Bank sold its Michigan headquarters building for $ 17 million. In November 2006, TCF announced the sale of 10 branches in Battle Creek, Bay City, and Saginaw to Independent Bank . Its first branch in Arizona was opened in Mesa, Arizona , on December 13, 2006. In April 2008, TCF entered

432-553: A separate entity, its former shareholders receiving compensation in the form of either cash, shares in the purchasing company or a combination of both. When the compensation is primarily shares then the deal is often considered a merger . Subsidiaries and joint ventures can also be created de novo . That often happens in the financial sector. Subsidiaries and joint ventures of publicly traded companies are not generally considered to be privately held companies (even though they themselves are not publicly traded) and are generally subject to

480-523: A stock exchange ( listed company ), which facilitates the trade of shares, or not ( unlisted public company ). In some jurisdictions, public companies over a certain size must be listed on an exchange. In most cases, public companies are private enterprises in the private sector, and "public" emphasizes their reporting and trading on the public markets. Public companies are formed within the legal systems of particular states and so have associations and formal designations, which are distinct and separate in

528-462: Is 2,400,000-square-foot (220,000 m ) in size and has 723,000 square feet (67,200 m ) of exhibition space, with 623,000 square feet (57,900 m ) contiguous. It previously featured an arena , Cobo Arena , which hosted various concerts, sporting events, and other events. In 2015, the facility completed a renovation that repurposed the Cobo Arena space, adding additional meeting halls,

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576-703: Is a convention center in Downtown Detroit , owned by the Detroit Regional Convention Facility Authority (DRCFA) and operated by ASM Global . Located at 1 Washington Boulevard , the facility was originally named after former Mayor of Detroit Albert Cobo . The largest annual event held at Huntington Place is the North American International Auto Show (NAIAS), which has been held at the center since 1965. Huntington Place

624-408: Is privately held can buy out the shareholders of a public company, taking the company off the public markets. That is typically done through a leveraged buyout and occurs when the buyers believe the securities have been undervalued by investors. In some cases, public companies that are in severe financial distress may also approach a private company or companies to take over ownership and management of

672-524: Is the North American International Auto Show (NAIAS). This event draws thousands of international press and suppliers during its initial five days and has a charity preview party for 11,000 guests before the public opening. Since 1976, the Charity Preview has raised an average of $ 2.4 million yearly for southeastern Michigan children's charities. After the Charity Preview party, the NAIAS is open to

720-432: Is traded on a major stock exchange, it is not uncommon when shares are traded over-the-counter (OTC). Since individual buyers and sellers need to incorporate news about the company into their purchasing decisions, a security with an imbalance of buyers or sellers may not feel the full effect of recent news. Huntington Place Huntington Place (formerly known as Cobo Hall , Cobo Center , and briefly TCF Center )

768-404: Is when a company has little or no trading activity and the market price is simply the price at which the most recent trade took place, which could be days or weeks ago. This occurs when there are no buyers willing to purchase the securities at the price being offered by the sellers and there are no sellers willing to sell at the price the buyers are willing to pay. While this is rare when the company

816-455: The 1967 Detroit riot , current mayor Mike Duggan proposed that Cobo Center be renamed due to modern reappraisals of Cobo's tenure as mayor. Cobo had upheld exclusionary covenants against African Americans , and was accused of responding poorly to allegations of harassment and police brutality against African American residents. In 2018, the DRCFA stated that it had already been considering

864-557: The Detroit Walk to Freedom civil rights march, Martin Luther King Jr. delivered the original version of his " I Have a Dream " speech at Cobo Arena to a full house. In January 1994, during the U.S. Figure Skating Championships at Joe Louis Arena, skater Nancy Kerrigan was bludgeoned in her right lower thigh by an assailant in a corridor of Cobo Arena, which was being used as a practice facility. The assault, which

912-471: The Florists' Telegraph Delivery (FTD). The first event was the 43rd Auto Industry Dinner on October 17, 1960, at which President Dwight D. Eisenhower was the keynote speaker. In 1989, a renovation was completed to expand its size to 2,400,000 square feet (220,000 m ). Joe Louis Arena , named after boxer and former heavyweight champion Joe Louis , was built adjacent to the facility. It served as

960-1206: The World Hockey Association and the Detroit Loves of World TeamTennis called Cobo Arena home in 1974, as did the Detroit Rockers of the National Professional Soccer League , the Detroit Mercy Titans basketball team of the NCAA , and the Motor City Mustangs of Roller Hockey International . Cobo also hosted rock concerts, by such artists as Van Halen , The Doors , J. Geils Band , Jefferson Starship , Queen , Black Sabbath , Journey , Jimi Hendrix , The Rolling Stones , Alice Cooper , Kiss , Iron Maiden (twice in 1982), David Bowie , Ted Nugent , Prince , The Tragically Hip , The Who , Judy Garland , Led Zeppelin , Bruce Springsteen , Parliament-Funkadelic , Duran Duran ,

1008-576: The Cure , Phish , Sex Pistols , Madonna , Anthrax , Exodus and Helloween . Bob Seger recorded all of Live Bullet and part of Nine Tonight at Cobo Arena. Yes recorded two songs at Cobo Arena for their Yesshows album, released in 1980. Kiss recorded most of live album Alive! and video Animalize Live Uncensored at the arena and it is featured in their video for " Modern Day Delilah ". On August 4 and 5, 1980, Journey recorded most of their live album Captured at Cobo Arena. As

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1056-530: The DRCFA awarded a management contract to SMG , which merged with AEG Facilities to form ASM Global in 2019. It extended the contract for three years in September 2013 and again in June 2017. In 2015, a five-year, $ 279 million renovation was completed, including a new atrium, ballroom, and meeting spaces, constructed mainly within the former Cobo Arena building. In 2017, in the wake of the 50th anniversary of

1104-561: The Detroit Regional Convention Facility Authority (DRCFA). The five-member Authority Board consists of one representative from each of five government agencies – the City of Detroit , State of Michigan and the three Metro Detroit counties of Wayne , Oakland and Macomb . Consensus agreement from the authority is needed for all decisions, and it has become a model for regional cooperation in Southeast Michigan. In October 2010,

1152-1209: The TCF name. It was founded as Chemical State Savings Bank in 1917. In 1937, the headquarters of Chemical Bank was the site of a bank robbery by Tony Chebatoris , which resulted in Chebatoris being the only man to receive the death penalty in the state of Michigan. In 1964, the bank changed its name to Chemical Bank Trust. In 1974, the bank changed its name to Chemical Bank. The bank acquired O.A.K. Financial Corporation in May 2010, Northwestern Bank for $ 121 million in cash in October 2014, Monarch Community Bancorp for $ 27.2 million in stock in April 2015, Lake Michigan Financial Corporation for $ 187.4 million in cash and stock in June 2015, Talmer Bancorp for $ 1.7 billion in cash and stock in August 2016. The bank moved its headquarters from Midland, Michigan to Detroit in 2018. In 2020, TCF sold all 7 of its branches in Arizona to Global Credit Union . TCF

1200-574: The United States, companies with over 500 shareholders in some instances are required to report under the Securities Exchange Act of 1934 ; companies that report under the 1934 Act are generally deemed public companies. A public company possess some advantages over privately held businesses. Many stock exchanges require that publicly traded companies have their accounts regularly audited by outside auditors and then publish

1248-470: The accounts to their shareholders. Besides the cost, that may make useful information available to competitors. Various other annual and quarterly reports are also required by law. In the United States, the Sarbanes–Oxley Act imposes additional requirements. The requirement for audited books is not imposed by the exchange known as OTC Pink. The shares may be maliciously held by outside shareholders and

1296-473: The checks were genuine. Thomas filed a suit on January 22, 2020, seeking unspecified damages from the bank. On January 23, 2020, TCF issued an apology stating that local police should not have been involved; explaining that they take extra precautions involving large deposits and requests for cash. TCF was the naming rights sponsor of the stadium at the University of Minnesota , now called Huntington Bank Stadium . In February 2019, Chemical Financial acquired

1344-450: The commercial inventory finance business in the U.S. and Canada with the creation of TCF Inventory Finance. In December 2011, TCF entered the indirect car finance business with the acquisition of Gateway One Lending & Finance. The bank closed 37 branches in 2013 and another 33 in 2016. In some locations, it replaced the full-service branches with ATMs. In August 2019, the bank merged into Chemical Financial Corporation, which assumed

1392-432: The company. One way of doing so would be to make a rights issue designed to enable the new investor to acquire a supermajority . With a supermajority, the company could then be relisted, or privatized. Alternatively, a publicly traded company may be purchased by one or more other publicly traded companies, with the target company becoming either a subsidiary or joint venture of the purchaser(s), or ceasing to exist as

1440-413: The completion of the merger to announce Coho Center's new name, but that it was expected to carry the TCF branding. In the meantime, Chemical Bank logos appeared on advertising and signage at the facility, and a ceremonial bust of Albert Cobo was removed from public display. The merger between Chemical and TCF was completed on August 1, 2019, with the combined company taking on the TCF name. Cobo Center

1488-422: The core of international law disputes with regard to industry and trade. Usually, the securities of a publicly traded company are owned by many investors while the shares of a privately held company are owned by relatively few shareholders. A company with many shareholders is not necessarily a publicly traded company. Conversely, a publicly traded company typically (but not necessarily) has many shareholders. In

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1536-444: The firm's stock. For many years, newly-created companies were privately held but held initial public offering to become publicly traded company or to be acquired by another company if they became larger and more profitable or had promising prospects. More infrequently, some companies such as the investment banking firm Goldman Sachs and the logistics services provider United Parcel Service (UPS) chose to remain privately held for

1584-624: The home of the Detroit Red Wings of the National Hockey League from 1979 until its closure in 2017 when they moved to Little Caesars Arena . Demolition of the arena began in 2019. In 2009, Mayor Kenneth Cockrel Jr. vetoed the Detroit City Council's resolution against the expansion of the facility. Shortly after, the facility came under ownership and operation, through a 30-year capital lease, of

1632-401: The naming rights to Cobo Center, which was renamed TCF Center in August 2019 and Huntington Place upon the merger with Huntington Bank. Public company A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on

1680-425: The number of trades in a given period of time, commonly referred to as the "volume" is important when determining how well a company's market capitalization reflects true fair market value of the company as a whole. The higher the volume, the more the fair market value of the company is likely to be reflected by its market capitalization. Another example of the impact of volume on the accuracy of market capitalization

1728-793: The original founders or owners may lose benefits and control. The principal–agent problem , or the agency problem is a key weakness of public companies. The separation of a company's ownership and control is especially prevalent in such countries as the United Kingdom and the United States. In the United States, the Securities and Exchange Commission requires firms whose stock is traded publicly to report their major shareholders each year. The reports identify all institutional shareholders (primarily firms that own stock in other companies), all company officials who own shares in their firm, and all individuals or institutions owning more than 5% of

1776-572: The polity in which they reside. In the United States , for example, a public company is usually a type of corporation though a corporation need not be a public company. In the United Kingdom , it is usually a public limited company (plc). In France , it is a société anonyme (SA). In Germany , it is an Aktiengesellschaft (AG). While the general idea of a public company may be similar, differences are meaningful and are at

1824-497: The price per share. For example, a company with two million shares outstanding and a price per share of US$ 40 has a market capitalization of US$ 80 million. However, a company's market capitalization should not be confused with the fair market value of the company as a whole since the price per share are influenced by other factors such as the volume of shares traded. Low trading volume can cause artificially low prices for securities, due to investors being apprehensive of investing in

1872-568: The public for ten days, drawing, on average, 735,000 attendees. The show was originally held in January, but was to move to June beginning in 2020. On March 29, 2020, it was announced that the 2020 NAIAS had been cancelled due to the worldwide COVID-19 pandemic . The 2021 NAIAS was also cancelled and replaced by a downsized outdoor event in Pontiac, Michigan . Floyd Mayweather Jr. defeated Emanuel Augustus , then known as Emanuel Burton, via

1920-512: The sale of naming rights to the facility, for the first time in its history. In June 2018, the DRCFA approved a 22-year naming rights agreement with Chemical Bank, which took effect on July 1, 2018; the following month, Chemical announced that it would relocate its headquarters to downtown Detroit. The parties agreed to delay the official announcement until February 20, 2019, after Chemical and TCF Financial Corporation announced their intent to merge. Chemical stated that it would wait until after

1968-446: The same reporting requirements as publicly traded companies. Finally, shares in subsidiaries and joint ventures can be (re)-offered to the public at any time. Firms that are sold in this manner are called spin-outs . Most industrialized jurisdictions have enacted laws and regulations that detail the steps that prospective owners (public or private) must undertake if they wish to take over a publicly traded corporation. That often entails

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2016-428: The turn of the 21st century". Davis argues that technological changes such as the decline in price and increasing power, quality and flexibility of computer numerical control machines and newer digitally enabled tools such as 3D printing will lead to smaller and more local organization of production. In corporate privatization, more often called " going private ," a group of private investors or another company that

2064-517: The venue for Big Time Wrestling on every other Saturday night in the 1960s and 1970s, it was considered to be "The House the Sheik built." It also hosted Skate America in 1995 . WWE and WCW also hosted numerous house shows and tapings in the arena during the 1990s, but WWE would return in 2006 for the premiere of the 2006 edition of Saturday Night's Main Event . On June 23, 1963, following

2112-409: The would-be buyer(s) making a formal offer for each share of the company to shareholders. The shares of a publicly traded company are often traded on a stock exchange . The value or "size" of a company is called its market capitalization , a term which is often shortened to "market cap". This is calculated as the number of shares outstanding (as opposed to authorized but not necessarily issued) times

2160-509: Was acquired by Huntington Bancshares in June 2021, and sold 13 branches in Michigan to Horizon Bank to gain regulatory approval for the merger. In 2010, TCF Bank was sued regarding overdraft charges. The bank processed higher amount transactions first in order to drain customer accounts faster, allowing TCF to then increase the number of total overdraft charges from each of the smaller amounts remaining, as well as charging overdraft fees on

2208-525: Was designed by the Detroit architectural firm Giffels & Rossetti and took four years to complete. Louis Rossetti was the chief architect. The facility is on the site where Antoine de la Mothe Cadillac , a French colonist, first set foot and landed on the banks of the river in July 1701 and claimed the area for France in the name of King Louis XIV . The first convention at the facility was held in 1960 by

2256-447: Was dubbed "the whack heard 'round the world", was planned by rival Tonya Harding 's ex-husband Jeff Gillooly and co-conspirator Shawn Eckardt, in a plot to prevent Kerrigan from competing at the championships and the 1994 Winter Olympics . Cobo Arena closed in 2010 as part of a major renovation completed in 2015. The space was used to construct new facilities, including the 40,000-square-foot (3,700 m ) Grand Riverview Ballroom,

2304-418: Was officially renamed TCF Center on August 27, 2019. On December 13, 2020, Huntington Bancshares announced its intent to acquire TCF. The merger was completed in June 2021, and on December 9, 2021, TCF Center was renamed Huntington Place. In 1961, the show car event Detroit Autorama moved to the facility, and has been held there ever since. Since 1965, the largest event held at Huntington Place

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