TCF Bank: Difference between revisions
| Line 52: | Line 52: | ||
===Colorado=== |
===Colorado=== |
||
TCF has |
TCF has 36 branches in the metro Denver and Colorado Springs area. |
||
===Arizona=== |
===Arizona=== |
||
Revision as of 03:10, 8 August 2009
| Company type | Public (NYSE: TCB) |
|---|---|
| Industry | Banking Financial Services |
| Founded | Minneapolis, Minnesota, USA (April 2, 1923) |
| Headquarters | Wayzata, Minnesota |
Key people | William A. Cooper, Chairman of the Board and CEO Neil W. Brown, President and Chief Operating Officer Thomas F. Jasper, CFO and Executive Vice President |
| Products | Retail Banking Insurance Payday advance Mortgages Consumer Finance Investment Banking |
 US$ 266.81 million (July '07) | |
| Total assets | US$ 15,977.05 billion (2007) [1] |
| Total equity | US$ 1,099.01 billion (2007)[2] |
Number of employees | 5,428 (2008) |
| Website | www.tcfbank.com |
TCF Bank is the wholly owned banking subsidiary of TCF Financial Corporation, a financial services holding company headquartered in Wayzata, Minnesota, a suburb of Minneapolis. Currently TCF Bank generates more than 85% of the parent company's net income.[3] TCF Bank is nationally chartered and operates more than 450 bank branches[4] in Colorado, Illinois, Indiana, Michigan, Minnesota, Wisconsin, Arizona and South Dakota.
TCF Bank is the 13th largest VISA Classic debit card issuer in the United States by sales volume. It strives to be the most convenient bank in the markets it serves by having extended operations hours at traditional & supermarket-based branches. As of 2009, TCF had increased its dividend payout for 17 years until April 2009[11].
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 rapid branch growth. As of December 31, 2005, TCF had opened 153 new branches in five years, representing 34 percent of TCF's 453 total branches.[5]
Minnesota
TCF Bank was founded in Minneapolis and, with more than 100 branches,[6] continues to be a major force in the Twin Cities area. In-store branches are located inside of Cub Foods stores. TCF Bank also operates campus branches in partnership with the University of Minnesota, (including the Duluth campus), St. Cloud State University, and Minnesota State University, Mankato. TCF maintains active partnerships with Brown College, Bryman Institute, and North Central University
Illinois
TCF Bank operates over 200 locations in Chicagoland,[6] including branches located inside of Jewel-Osco stores.
TCF Bank also operates campus branches in partnership with DePaul University, Northern Illinois University and St. Xavier University. A new partnership with the University of Illinois[7] was announced in March, 2007. The partnership provides for branches and ATMs on the Chicago and Urbana campuses.
Indiana
Five TCF Bank branches in northern Indiana are operated by TCF Bank Illinois.
Wisconsin
TCF Bank operates 23 branches in the metro Milwaukee area, as well as 5 in Racine and 4 in Kenosha. TCF Bank also operates campus banking in partnership with the Milwaukee Area Technical College.
Michigan
In 1994, TCF entered Michigan through an acquisition of First Federal Savings Bank of Oakland County which had gone into receivership 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 Eastern Michigan University and Northern Michigan University as of 2006. [8] Saginaw Valley State University formerly had a similar arrangement, but was included in the branches sold to Independent Bank in 2006.
In 2005, TCF Bank announced the sale of its Michigan headquarters building to Ann Arbor, Michigan real-estate company McKinley Associates, though part of the ground level remains a TCF Bank branch. The corporate headquarters moved to Livonia, Michigan on December 18th, 2006.
Bank executives have stated that they hope to have 150 Michigan branches by 2015, mostly through continued growth in the areas surrounding Detroit and Ann Arbor.
On November 6, 2006, TCF announced the sale of 10 branches in Battle Creek, Bay City, and Saginaw to Independent Bank. With this sale, TCF's 51 branches have been concentrated to Southeast Michigan, primarily in and around metro Detroit.[9]
Colorado
TCF has 36 branches in the metro Denver and Colorado Springs area.
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's first branch office was opened in Mesa, Arizona on December 13, 2006. TCF now operates seven branches in the state.
South Dakota
TCF is currently scheduled to open its first South Dakota branch in Sioux Falls on March 16, 2009. This will coincide with the establishment of TCF headquarters in Sioux Falls as well.[12]
Officers
- Chief Operating Officer and President: Neil W. Brown
- Chief Executive Officer and Chairman of the Board: William A. Cooper
- Chief Financial Officer: Thomas F. Jasper
- Chief Information Officer: Earl Stratton
TCF Bank Stadium
On March 24, 2005, TCF Bank and the University of Minnesota announced the bank will contribute $35 million over 25 years toward a proposed outdoor, on-campus football stadium, in exchange for naming rights.[10] The original agreement was to expire December 31, 2005 but was extended to June 30, 2006.[11] The bill authorizing the stadium was signed into law by the governor on May 24, 2006, and the new stadium is expected to open in time for the 2009 football season.
Notes
- ^ [1]
- ^ http://finance.google.com/finance?q=NYSE:TCB
- ^ [2] TCF Financial Corporation 10-Q filed October 28, 2005, Item 2. - Management's Discussion and Analysis of Financial Condition and Results of Operations
- ^ [3] As of December 31, 2005, TCF Bank reported 453 branches.
- ^ [4] TCF Financial Corporation press release dated January 18, 2006, accessed January 19, 2006.
- ^ a b [5] TCF Financial Corporation press release dated January 18, 2006, accessed January 19, 2006.
- ^ TCF Bank Partnership
- ^ [6] [7]
- ^ [8] and [9], both accessed November 28, 2006.
- ^ "TCF Bank Stadium Logo Unveiled" (Press release). TCF via Business Wire via Reuters. 11 July 2007. Retrieved 2007-10-21.
{{cite press release}}: Check date values in:|date=(help) - ^ [10] UMN News, "Stadium sponsorship agreement with TCF extended", published December 28, 2005, accessed January 10, 2006.