Chemical Financial Corp.'s $3.6 billion all-stock deal to acquire TCF Financial Corp. received its final approval Tuesday, paving the way for the deal to close officially Aug. 1.

The Federal Reserve System gave the OK for the two banks to combine, according to a Tuesday news release. This follows regulatory approvals from the U.S. Department of Treasury's Comptroller of the Currency and shareholders of each company.

"With the support of our shareholders and approval from our regulators, we are ready to leverage the complementary strengths of both organizations as we come together to create a premier Midwest bank," Gary Torgow, Chemical's executive chairman, said in the release. Torgow will become executive chairman of the new holding company that will own both banks.

The deal, announced in January and initially expected to close during the third or early fourth quarter, is ahead of schedule, company officials said. Once done, the company will operate under the name TCF Financial Corp. and will trade on NASDAQ under the ticker TCF.

Current shares of TCF common stock will be converted into 0.5081 shares upon closing, the release said.

The combined bank will be based in Detroit and have $46 billion in assets, making it a top 10 bank in the Midwest based on deposit market share. It will have more than 500 combined branches across nine states.

Chemical Bank moved its base from Midland to downtown Detroit last year and is constructing a 20-story, 250,000-square-foot headquarters at Woodward Avenue and Elizabeth Street, across from Comerica Park.