T.C.F. Bank

Minnesota Golden Gopher ATM provided by TCF Bank

TCF Financial Corporation, headquartered in Detroit, had a wholly-owned bank subsidiary named TCF Bank. TCF Bank had roughly 475 locations as of August 10, 2020 across the states of Minnesota, Illinois, Michigan, Colorado, Wisconsin, Ohio, and South Dakota. [1]

History [ edit ]

TCF Bank, originally known as Twin City Building and Loan Association, opened for business in 1923. Twin City Federal Savings and Loan Association was renamed after receiving a federal charter in 1936. In 1986, the company was chartered as TCF Banking and Savings, F A (TCF Bank) TCF Bank grew primarily through de novo[a href="MY_REDIRECT_PREFIX" target="_blank">span>when defined as?/span>] expansion until 2019. This is despite some bank acquisitions, such as Great Lakes Bancorp and Standard Financial.

Chemical Bank, headquartered in Detroit, announced on January 28 that it would be merging with TCF Bank. [2] The newly formed company will keep the TCF moniker and have its headquarters in the TCF Tower the two businesses are building in Detroit. The bank will keep significant operational hubs in both Minneapolis, Minnesota, and Midland, Michigan, in addition to Detroit. The merger was finalized on August 5, 2019, resulting in the formation of the new TCF Bank [3].

Management at TCF announced a stock-for-stock merger with Huntington Bancshares of Columbus, Ohio, on December 13, 2020. According to the merger agreement, Huntington Bank will keep its name and maintain offices in both Columbus (for consumer banking) and Detroit (for commercial banking). Shareholders of TCF will receive 3 It's a ratio of.0028 HBAN shares for every TCF share. The stock price of TCF rose by about 7% on the open of the market the Monday after the announcement. The Department of Justice ordered TCF Bank to sell 13 locations in Michigan on May 26, 2021. These locations were acquired by Horizon Bank in September of 2021. [7] The merger was approved by regulators and completed on June 9, 2021. [8]

Locations [ edit ]

Minnesota [ edit ]

Minnesota is the birthplace of TCF Bank. In the Twin Cities, where it has approximately 110 locations, it remains a dominant player. Cub Foods stores typically house in-store branches. The company has moved its headquarters from Wayzata to the more central locations of Plymouth and Minnetonka in Minnesota.

TCF Bank and the University of Minnesota both have campus branches, and the Duluth location is one of them.

Illinois [ edit ]

In the greater Chicago area, TCF Bank had 148 locations, some of which were inside Jewel-Osco supermarkets. In 2013, it shut down 37 locations, and in 2016, another 33 closed. [9] In some areas, it switched out full-service branches for automated teller machines. [10] Moreover, as of March 2019, most Jewel/Osco TCF Bank branches within the stores are now closed on Sundays, with the exception of a few select ones.

Wisconsin [ edit ]

This part needs more detail. Adding to it will be a great help. ( During the month of September in 2018 )

In the Badger State, TCF Bank has 16 convenient locations to serve you. They can be found in the greater metropolitan areas of Milwaukee, Racine, and Kenosha.

Michigan [ edit ]

Ypsilanti, Michigan TCF location

Approximately 90 former Chemical Bank branches are now operated by TCF Bank in the state of Michigan.

TCF bought the Great Lakes National Bank in Michigan in 1995, which significantly expanded its presence there. Great Lakes National Bank was the name under which TCF Bank's Michigan branches did business from 1995 until 1998. As of the year 1999, all of the locations had new TCF flags affixed to them (see [11]).

TCF Bank was named the university's "preferred provider" of banking services for students, faculty, and staff in 2002. Since 2015, when the University decided to end the contract, the parties are no longer in compliance. [12]

TCF Bank sold its Michigan headquarters building to Ann Arbor real estate firm McKinley Associates in 2005, but a branch continues to operate on the ground floor. [13]

10 TCF locations in the Michigan cities of Battle Creek, Bay City, and Saginaw were sold to Independent Bank on November 6, 2006. The sale has led to a concentration of TCF's Michigan locations in Southeast Michigan, particularly in and around the Detroit area.

Colorado [ edit ]

To better serve its customers, TCF maintains a total of 36 locations throughout the greater Denver and Colorado Springs areas.

Ohio [ edit ]

About 24 of the former Chemical Bank branches now operate as TCF offices in the Cleveland and Mahoning valley areas.

Arizona [ edit ]

Mesa, Arizona served as the site of TCF's first satellite office when it opened on December 13, 2006. A total of seven TCF locations existed in the state of Arizona (see [15]). TCF, however, sold all seven of its locations to Alaska USA Federal Credit Union in the beginning of 2020.

This is South Dakota. [ edit ]

Two locations of TCF can be found in Sioux Falls.

Controversies [ edit ]

Interest incurred for overdrawing a bank account [ edit ]

Overdraft fees were the basis of a lawsuit filed against TCF Bank in 2010. Some of these practices, such as prioritizing the processing of transactions with the highest dollar amounts in order to quickly drain customers' accounts so that TCF could then increase the total overdraft charges from the remaining transactions, have recently come to light. as well as levying daily overdraft charges as opposed to a single, yearly charge, Adding a daily $28 fee for overdrafts was part of a policy change made by TCF Bank in 2011. [17] The bank changed its mind about the policy in 2012 due to public pressure. [18]

The legislation known as the "Bank Secrecy Act" [ edit ]

A $10 million fine for breaking the Bank Secrecy Act was levied against TCF in January 2013. The bank's tardiness in reporting suspicious activity led to this [19].

A Discrimination Lawsuit [ edit ]

When African-American account holder Sauntore Thomas tried to deposit settlement checks he had received in a racial discrimination lawsuit on January 21, 2020, an assistant manager at the TCF branch on Middlebelt Road in Livonia, Michigan, called the police. The branch manager claimed the checks were fraudulent because she could not verify their legitimacy. Despite the customer's attorney's confirmation that the checks were legitimate, TCF still filed a police report accusing him of fraud. On January 22, 2020, Thomas sued the bank for "unspecified damages." TCF issued an apology on January 23, 2020, saying the police should not have been called and detailing the precautions the company takes when dealing with large deposits and requests for cash. [22][20]

Title to a Name [ edit ]

TCF Bank and the University of Minnesota announced on March 24, 2005, that TCF Bank would contribute $35 million over a 25-year period toward an on-campus outdoor football stadium in exchange for naming rights to the facility. [23] Originally set to expire on December 31, 2005, the agreement was extended until June 30, 2006, after both parties agreed to the extension in order to give the legislature time to appropriate more funds. On May 24, 2006, Governor Tim Pawlenty signed the bill authorizing the stadium, and on September 12, 2009, the stadium opened for the first Gopher football game of the season.

The facility is now known by its new name following the December 2020 merger of TCF and Huntington. [25]

The Detroit Regional Convention Facility Authority (DRCFA) granted Chemical Bank a 22-year contract for venue naming rights to Cobo Hall on February 20, 2019. DRCFA and the bank's officials announced the new name of the building, TCF Center, after the August merger between Chemical and TCF was finalized. On December 9, 2021, the building was rebranded as Huntington Place after TCF and Huntington merged the previous year. [28][29]

References [ edit ]

  1. ^ "Profile of TCF Bank" TCF Bank Retrieved January 28th, 2019
  2. ^ Financial Times: "Chemical Financial to Acquire TCF in $3.6B All-Stock Deal"1 Newsweek International U.S. News & World Report On the 28th of January, 2019 Retrieved When January 28th rolls around, 2019
  3. ^ (July 25, 2018) Pinho, Kirk. Chemical Bank's headquarters are relocating to Detroit, bringing 500+ jobs with them. For the Business Section of Crain's Retrieved January 28th, 2019
  4. ^ Nick Manes, forthcoming (13 December 2020). For $22 billion, Huntington will purchase TCF Bank. Detroit's Business Crain's Retrieved On the 14th of December, 2020
  5. ^ To create a top 10 U.S. regional bank, Huntington Bancshares and TCF Financial Corporation have announced a merger (press release). TCF Bank On the thirteenth of December, 2020 Retrieved In the 14th day of December 2020
  6. ^ "Form 8K" A Share in Huntington Bancshares Tuesday, December 13, 2020 Originally published on December 14, 2020 Retrieved Dated: 14 December 2020
  7. ^ Purchased community banking locations relaunched as Horizon Bank. Argus-Press Owosso, Michigan Sunday, September 24th, 2021 Retrieved 2021-10-16
  8. ^ According to Reindl JC (May 25, 2021). With pressure from the DOJ, Huntington and TCF have agreed to sell 13 of their bank branches in preparation for a merger. The Free Press of Detroit Retrieved 26 May 2021
  9. ^ In a December 11, 2013 article, Steve Daniels explains why. It was recently reported that 37 TCF bank branches located inside Chicago Jewel-Osco stores would be closing. Commercial Weekly from Chicago's Crain's Retrieved Thursday, January 28 2019
  10. ^ The Chicago Tribune reports that "TCF Bank is closing 33 branches inside Jewel-Osco." WGN News Dated: February 5th, 2016
  11. ^ The Chicago Financial Group and Great Lakes Bancorp Merge Press Association Monday, September 9, 1994
  12. ^ Author: Anastassios Adamopoulos Date: March 16, 2015 The University of TCF Bank's partnership will be dissolved. The Daily Michigan Retrieved Sunday, January 28th, 2019 2019
  13. ^ Haynes, Jessica. 2017.08.12. An estimated $50 million was made on the sale of two buildings in the heart of Ann Arbor. Daily Record of Ann Arbor Retrieved January 28th, 2019
  14. ^ TCF will be selling ten locations throughout the state of Michigan. The Business Journal of Minneapolis/St. Paul When: November 6, 2006
  15. ^ Chris Casacchia, September 17, 2006 Mesa-based and Arizona-wide branch of Midwest bank set to open soon. The Phoenix Business Journal
  16. ^ Moylan, Martin. (2010-09-08). According to the article, "TCF Bank is being sued because of its overdraft fees," News from Minnesota's Public Radio
  17. ^ Ben Popken (Tuesday, October 14th, 2011) TCF Bank Implements $28 Per Day Overdraft Fee. Consumerist
  18. ^ Martin Moylan, 1/9/2012 TCF Revises Overdraft Fee Choices Reports from Minnesota's Public Radio
  19. ^ "Stipulated Decision 2013-003" (PDF) The Currency and Banking Supervision Agency As of today, January 25th, 2013 Retrieved Monday, January 28th, 2019 2019
  20. ^ a b Posted by Tresa Baldas on January 23, 2020 When a Detroit man settled a lawsuit alleging racial discrimination, his settlement check was returned uncashed by his bank. Free Press of Detroit
  21. ^ Khaleda Rahman, January 23rd, 2020 A black man was arrested after attempting to deposit a settlement check from his employer for racial discrimination. Newsweek Retrieved October 4, 2020
  22. ^ Author: Ramirez, Charles E. On the eve of 2020's first day, January 23rd, For previous discrimination, a Detroit resident files suit after a bank refused to cash his settlement check. The Detroit News1.
  23. ^ TCF Financial Donates $35 Million UMN News March 24, 2005 Date of original upload: January 13, 2006 Retrieved Sunday, January 28th, 2019 2019
  24. ^ Extension of TCF Stadium Sponsorship Agreement UMN News Thursday, December 29, 2005 This version was archived from the original on May 5, 2006. Retrieved Wednesday, December 28 2005
  25. ^ Randy Johnson (2020-12-14). After the merger between TCF Bank and Huntington Bank is finalized, TCF Bank Stadium will be known as Huntington Stadium. Tribune, Star Minneapolis Retrieved On the 14th of December, 2020
  26. ^ Ken Haddad (2019-02-20). Detroit's Cobo Center will now be known as the "Chemical Bank Event and Conference Center." WDIV News Retrieved Thursday, December 14th, 2006. 2020
  27. ^ A. Micah Walker The new name of the Cobo Center was announced by Governor Gretchen Whitmer and Mayor Mike Duggan. The Free Press of Detroit Retrieved Friday, December 7 2020
  28. ^ Dane Kelly (2020-12-13) After the merger between TCF and Huntington banks is finalized, the TCF Center will be renamed once more. WDIV News Retrieved Friday, December 14 2020
  29. ^ Dr. Charles E. Ramirez Date: (12/9/2021) TCF Center in Detroit to be rechristened as Huntington Place. The Detroit News. Retrieved On the 25th of December, 2021

Internet resources [ edit ]

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