TCF Bank: Difference between revisions
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TCF Bank operates over 200 locations in the [[Chicagoland]] area, including branches located inside [[Jewel-Osco]] stores. |
TCF Bank operates over 200 locations in the [[Chicagoland]] area<ref>[http://biz.yahoo.com/bw/060118/20060118005270.html?.v=1] TCF Financial Corporation press release dated January 18, 2006, accessed January 19, 2006.</ref>, including branches located inside [[Jewel-Osco]] stores. |
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===Indiana=== |
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Revision as of 18:16, 19 January 2006
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TCF Bank is the wholly-owned banking subsidiary of TCF Financial Corporation, a financial services holding company headquartered in Wayzata, Minnesota, USA and publicly traded on the New York Stock Exchange under the symbol TCB. Currently TCF Bank generates more than 85% of the parent company's net income [1]. TCF Bank is nationally chartered and operates more than 450 bank branches [2] in Colorado, Illinois, Indiana, Michigan, Minnesota, and Wisconsin. In November 2005 plans were announced to expand into Arizona [3].
TCF Bank is the 13th largest VISA Classic debit card issuer in the United States by sales volume.
History
TCF Bank, formerly Twin City Federal, has roots that can be traced to 1923. The current name was taken in the mid-1980s at the same time TCF Financial Corporation was formed as a holding company to take advantage of easing regulations and allow expansion. Several major purchases notwithstanding, TCF Bank has grown primarily through de novo expansion. The company has stated that it expects to continue this strategy, as well as its present rate of approximately 10% annual branch growth.
Minnesota
TCF Bank was founded in Minneapolis and, with more than 100 branches[4], continues to be a major force in the Twin Cities area. In-store branches are located inside Cub Foods stores.
Illinois
TCF Bank operates over 200 locations in the Chicagoland area[5], including branches located inside Jewel-Osco stores.
Indiana
Six TCF Bank branches in northern Indiana are operated by TCF Bank Illinois.
Wisconsin
TCF Bank operates 25 branches in metro Milwaukee, as well as 5 each in Racine and Kenosha.
Michigan
In 1994, TCF entered Michigan through an acquisition of First Federal Savings Bank of Oakland County which had gone into recievership and been run by the federal government for 13 months. In 1995 TCF doubled its Michigan presence through the acquisition of Great Lakes Bancorp, the last major acquisition made by the company. From 1995 until 1999 all TCF banks in Michigan operated under the Great Lakes National Bank name. In 1999 all banks were reflagged as TCF.
In 2002, the University of Michigan announced that TCF Bank had been selected as a preferred provider of banking services to students, faculty, and staff. TCF offers a similar service to Saginaw Valley State University.
In 2005, TCF Bank announced the sale of its Michigan headquarters building to Ann Arbor, Michigan real-estate company McKinley Associates. The sale will be completed in 2006 when TCF Bank moves its Michigan offices to a new site in Livonia, Michigan.
TCF's 62 Michigan branches are almost all located in the southeast part of the state, including the metropolitan areas of Detroit, Ann Arbor, Saginaw, and Bay City. The bank also has three branches in Battle Creek. Bank executives have stated that they hope to have 150 Michigan branches by 2015, mostly through continued growth in those areas.
Colorado
TCF has 34 branches in metro Denver and 8 in Colorado Springs. In 2004, TCF nearly doubled its Colorado presence through an agreement with Kroger subsidiary King Soopers to add eight supermarket branches.
Arizona
On November 9, 2005, TCF announced that it would file an application with the Comptroller of the Currency and the Federal Deposit Insurance Corporation to open a subsidiary bank in Arizona, to be known as TCF Bank Arizona. Timothy B. Meyer was named the President of this new bank. TCF plans to initially open several lending offices in the Phoenix metropolitan area during 2006, and to construct traditional retail branches beginning later in 2006 or early 2007 [6].
Officers
- President: Barry Winslow
- Executive Vice President & Chief Marketing Officer: Candace Lex
TCF Bank Stadium
On March 24, 2005, TCF Bank and the University of Minnesota announced the bank will contribute $35 million toward a proposed outdoor, on-campus football stadium, in exchange for naming rights. The original agreement was to expire December 31, 2005 but has been extended to June 30, 2006 [7].
External links
Notes and references
- ^ [1] TCF Financial Corporation 10-Q filed October 28, 2005, Item 2. - Management's Discussion and Analysis of Financial Condition and Results of Operations
- ^ [2] As of December 31, 2005, TCF Bank reported 453 branches.
- ^ [3] Businesswire press release on Yahoo! Finance, accessed January 10, 2006
- ^ [4] TCF Financial Corporation press release dated January 18, 2006, accessed January 19, 2006.
- ^ [5] TCF Financial Corporation press release dated January 18, 2006, accessed January 19, 2006.
- ^ [6] Businesswire press release on Yahoo! Finance, accessed January 10, 2006
- ^ [7] UMN News, "Stadium sponsorship agreement with TCF extended", published December 28, 2005, accessed January 10, 2006.