TCF Bank

TCF Bank is the wholly owned banking subsidiary of TCF Financial Corporation, a bank holding company headquartered in Detroit. As of August 10, 2020, TCF Bank had approximately 475 branches in Minnesota, Illinois, Michigan, Colorado, Wisconsin, Ohio, and South Dakota.[1]

TCF Bank
TypeSubsidiary
IndustryFinancial, Banking
FoundedMinneapolis, Minnesota, USA (April 2, 1923)
HeadquartersDetroit, Michigan since August 5, 2019
Key people
Craig R. Dahl (CEO)
ProductsRetail Banking
Commercial Banking
ParentTCF Financial Corporation
Websitewww.tcfbank.com
TCF Bank ATM at the University of Minnesota

History
TCF branch footprint. Top: United States midwest, Lower Left: Arizona & Lower Right: Colorado.

TCF Bank began business in 1923 as Twin City Building and Loan Association. It received a federal charter in 1936 and changed its name to Twin City Federal Savings and Loan Association. The company went public in 1986 chartered under the name TCF Banking and Savings, F.A. (TCF Bank). Until 2019, despite some bank acquisitions such as Great Lakes Bancorp and Standard Financial, TCF Bank grew primarily through de novo expansion.

On January 28, 2019, Chemical Bank located in Detroit, Michigan announced it would merge with TCF Bank.[2][3] The new corporation will retain the TCF name, but be headquartered in the new TCF Tower the combined company is constructing in Detroit. In addition to its headquarters in Detroit, the bank will maintain large operating centers in Minneapolis, Minnesota and Midland, Michigan.[4] On August 5, 2019, the merger was completed creating the new TCF Bank.

On December 13, 2020, TCF management announced an all-stock merger with Columbus, Ohio-based Huntington Bancshares.[5] Under the terms of the merger agreement, the bank will retain the Huntington name and have headquarters in both Columbus, for retail operations, and Detroit for business operations.[6] TCF shareholders will receive 3.0028 HBAN shares for each share of TCF.[7] TCF's stock reacted positively to the news, trading up ~7% at the market open on the Monday following the announcement.

Locations

Minnesota

TCF Bank was founded in Minneapolis. With approximately 110 branches in the area, it continues to be a major force in the Twin Cities. In-store branches are located inside of Cub Foods stores. Its previous headquarters were in Wayzata, Minnesota, but now has larger operation centers in Plymouth and Minnetonka.

TCF Bank operates campus branches in partnership with the University of Minnesota (including the Duluth campus) and St. Cloud State University.

Illinois

TCF Bank operates 148 locations in the Chicago metropolitan area, including branches located inside Jewel-Osco stores. It closed 37 branches in 2013 and another 33 in 2016.[8] In some locations, it replaced the full-service branches with ATMs.[9] Also, as of March 2019 other than a few select ones the majority of the Jewel/Osco TCF Bank branches inside the stores are now closed on Sunday

Wisconsin

TCF Bank operates 25 branches in Wisconsin.

Michigan
TCF branch, Ypsilanti, MI

TCF Bank operates approximately 130 branches throughout Michigan, including approximately 90 former Chemical Bank branches.

In 1995, TCF increased its Michigan presence by acquiring the Great Lakes National Bank. From 1995 through 1998, the TCF Bank branches in Michigan operated under the Great Lakes National Bank name.[10] In 1999, all of the branches 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. The University terminated this agreement in 2015.[11]

In 2005, TCF Bank announced the sale of its Michigan headquarters building to Ann Arbor real-estate company McKinley Associates, though part of the ground level remains a TCF Bank branch.[12]

On November 6, 2006, TCF announced the sale of 10 branches in Battle Creek, Bay City, and Saginaw to Independent Bank.[13] With this sale, TCF's Michigan branches became concentrated in Southeast Michigan, primarily in and around metropolitan Detroit.

Colorado

TCF has 36 branches in the Denver metro area and Colorado Springs.

Ohio

TCF has approximately 24 branches in the greater Cleveland area and the greater Mahoning valley, which were previously Chemical Bank locations.

Arizona

TCF's first branch office was opened in Mesa, on December 13, 2006.[14] TCF operated 7 branches in the state of Arizona. However, in early 2020, TCF completed the sale of all 7 branches to Alaska USA Federal Credit Union.

South Dakota

TCF has 2 branches in Sioux Falls.


Controversies

Overdraft fees

In 2010, TCF Bank was sued regarding overdraft charges.[15] Some practices that came to light included processing 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 a daily basis rather than posing one flat fee. In 2011, TCF Bank changed its overdraft policy to include a daily $28 fee.[16] After public backlash, the bank reversed its policy in 2012.[17]

Bank Secrecy Act

In January 2013, the Comptroller of the Currency assessed a $10 million fine on TCF for violating the Bank Secrecy Act.[18] This was a result of the bank's failure to file suspicious activity reports in a timely fashion.

Civil Suit for Discrimination

On January 21, 2020, an assistant manager at 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.[19][20] TCF also filed a police report for fraud against the customer despite verification from his attorney that 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.[21][19]

Naming rights
Further information: TCF Bank Stadium

On March 24, 2005, TCF Bank and the University of Minnesota announced that the bank would contribute $35 million during a 25-year period toward a proposed on-campus outdoor football stadium, in exchange for naming rights.[22] The original agreement contained an expiration date of December 31, 2005, but both parties agreed to extend it to June 30, 2006, to allow the legislature to provide additional funding.[23] Governor Tim Pawlenty signed the bill authorizing the stadium on May 24, 2006, and the stadium officially opened its doors for the inaugural Gopher football game of the 2009 season, held on September 12, 2009. As a result of the December 2020 merger of TCF with Huntington, the facility name will change.[24]

Further information: TCF Center

On February 20, 2019, the Detroit Regional Convention Facility Authority (DRCFA) awarded venue naming rights for Cobo Hall to Chemical Bank under a 22-year agreement.[25] After Chemical completed its merger with TCF in August, DRCFA and bank officials announced the facility would be known as TCF Center.[26] As a result of the December 2020 merger of TCF with Huntington, the facility will again change names.[27]

References
  1. "TCF Bank Profile". TCF Bank. Retrieved January 28, 2019.
  2. "Chemical Financial to Acquire TCF in $3.6B All-Stock Deal". U.S. News & World Report. Associated Press. January 28, 2019. Retrieved January 28, 2019.
  3. Jason Jenkins (February 7, 2019). "Sun Current Eden Prairie". p. 7.
  4. Pinho, Kirk (July 25, 2018). "Chemical Bank to move headquarters to Detroit, bringing 500-plus employees". Crain's Detroit Business. Retrieved January 28, 2019.
  5. Manes, Nick (December 13, 2020). "Huntington to acquire TCF Bank in $22 billion deal". Crain's Detroit Business. Retrieved December 14, 2020.
  6. "Huntington Bancshares And TCF Financial Corporation Announce Merger To Create Top 10 U.S. Regional Bank" (Press release). TCF Bank. December 13, 2020. Retrieved December 14, 2020.
  7. "Form 8K". Huntington Bancshares. December 13, 2020. Archived from the original on December 14, 2020. Retrieved December 14, 2020.
  8. Daniels, Steve (December 11, 2013). "TCF to close 37 bank branches in Chicago Jewel-Osco stores". Crain's Chicago Business. Retrieved January 28, 2019.
  9. "TCF Bank closing 33 branches inside Jewel-Osco". WGN News. February 5, 2016.
  10. "TCF, Great Lakes Bancorp to Merge". Associated Press. September 9, 1994.
  11. Adamopoulos, Anastassios (March 16, 2015). "TCF Bank to end affiliation with University". The Michigan Daily. Retrieved January 28, 2019.
  12. Haynes, Jessica (August 12, 2017). "Two downtown Ann Arbor buildings sold for $50 million". Ann Arbor News. Retrieved January 28, 2019.
  13. "TCF to sell 10 bank branches in Michigan". Minneapolis/St. Paul Business Journal. November 6, 2006.
  14. Casacchia, Chris (September 17, 2006). "Midwest bank to open in Mesa, expand across Arizona". Phoenix Business Journal.
  15. Moylan, Martin (September 8, 2010). "TCF Bank faces lawsuit over overdraft fees". Minnesota Public Radio News.
  16. Popken, Ben (October 14, 2011). "TCF Bank Adds New $28 Daily Overdrawn Balance Fee". Consumerist.
  17. Moylan, Martin (February 1, 2012). "TCF adjusts options on overdraft fees". Minnesota Public Radio News.
  18. "Consent Order 2013-003" (PDF). Office of the Comptroller of the Currency. January 25, 2013. Retrieved January 28, 2019.
  19. Baldas, Tresa (January 23, 2020). "Detroit man settles race discrimination lawsuit, then bank won't cash his check". Detroit Free Press.
  20. Rahman, Khaleda (January 23, 2020). "Bank Calls Cops on Black Man Attempting to Deposit Racial Discrimination Settlement Check From Employer". Newsweek. Retrieved October 4, 2020.
  21. Ramirez, Charles E. (January 23, 2020). "Discriminated against once, Detroiter sues when bank fails to cash settlement check". The Detroit News.
  22. "TCF Financial Corporation Gives $35 million". UMN News. March 24, 2005. Archived from the original on January 13, 2006. Retrieved January 28, 2019.
  23. "Stadium Sponsorship Agreement With TCF Extended". UMN News. December 28, 2005. Archived from the original on May 5, 2006. Retrieved December 28, 2005.
  24. Johnson, Randy (December 14, 2020). "TCF Bank Stadium will take on Huntington name after bank merger is completed". Star Tribune. Minneapolis. Retrieved December 14, 2020.
  25. Haddad, Ken (February 20, 2019). "Chemical Bank awarded naming rights to Detroit's Cobo Center". ClickOnDetroit.com. Retrieved December 14, 2020.
  26. Walker, Micah. "Gov. Gretchen Whitmer, Mayor Mike Duggan help unveil Cobo Center's new name: TCF Center". Detroit Free Press. Retrieved December 7, 2020.
  27. Kelly, Dane (December 13, 2020). "TCF Center to be renamed again after TCF, Huntington banks announce merger". ClickOnDetroit.com. Retrieved December 14, 2020.
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