TCF Financial Corporation
| File:TCF Financial Corp Logo.jpg | |
| Company type | Public company |
|---|---|
| NYSE: TCF | |
| Industry | Banking |
| Founded | 1917 |
| Headquarters | , USA |
Number of locations | 425 |
Area served | Midwest and Mountain West |
| Total assets | US$18.4 billion (2018) |
Number of employees | 5,338 |
| Website | www |
TCF Financial Corporation is a bank holding company headquartered in Detroit.
History
The company traces its roots to both TCF Financial Corporation and Chemical Financial Corporation, which merged in 2019.[1]
Chemical Financial Corporation
Chemical State Savings Bank was founded in 1917.[2]
In 1937, the headquarters of Chemical Bank was the site of the infamous bank robbery by Tony Chebatoris, which resulted in Chebatoris being the only man to receive the death penalty in the state of Michigan.[3]
In 1964, the bank changed its name to Chemical Bank Trust.[2]
In 1974, the bank changed its name to Chemical Bank.[2]
In May 2010, the bank acquired O.A.K. Financial Corporation.[4]
In October 2014, the bank acquired Northwestern Bank for $121 million in cash.[5]
In April 2015, the bank acquired Monarch Community Bancorp for $27.2 million in stock.[6]
In June 2015, the bank acquired Lake Michigan Financial Corporation for $187.4 million in cash and stock.[7]
In August 2016, the bank acquired Talmer Bancorp for $1.7 billion in cash and stock.[8]
In 2017, David B. Ramaker, president and chief executive officer of the bank, retired and was succeeded by David T. Provost.[9]
On July 25, 2018, the company announced the move of its headquarters, along with over 500 employees, to Detroit.[10]
TCF Financial Corporation
TCF Financial Corporation began business in 1923 as Twin City Building and Loan Association. In 1936, it was given a federal charter and renamed as Twin City Federal Savings and Loan Association.
In 1986, it became a public company.
In the 1990s, the company expanded banking into Michigan through the acquisitions of First Federal Savings Bank of Oakland County and Great Lakes National Bank.
In 1997, the bank acquired Winthrop Resources Corporation.
In 2004, the bank acquired of VGM Leasing, Inc.
In 2008, TCF entered the commercial inventory finance business in the U.S. and Canada with the creation of TCF Inventory Finance, Inc.
In 2011, TCF entered the indirect auto finance business with the acquisition of Gateway One Lending & Finance.
References
- ^ "Chemical Financial Corporation and TCF Financial Corporation Close Merger of Equals to Become the New TCF" (Press release). Business Wire. August 1, 2019.
- ^ a b c "Institution History for CHEMICAL BANK (542649)". Federal Financial Institutions Examination Council.
- ^ Satayut, Lisa (August 12, 2010). "Current case brings attention to historic Chebatoris". Midland Daily News.
- ^ "Chemical Financial Corporation Completes Acquisition of O.A.K. Financial Corporation" (Press release). GlobeNewswire. May 3, 2010.
- ^ "Chemical Financial Corporation Completes Acquisition of Northwestern Bancorp, Inc" (Press release). GlobeNewswire. October 31, 2014.
- ^ "Chemical Financial Corporation Completes Acquisition of Monarch Community Bancorp, Inc" (Press release). GlobeNewswire. April 1, 2015.
- ^ "Chemical Financial Corporation Completes Acquisition of Lake Michigan Financial Corporation" (Press release). GlobeNewswire. June 1, 2015.
- ^ "Chemical Financial Corporation Completes Merger With Talmer Bancorp, Inc" (Press release). GlobeNewswire. August 31, 2016.
- ^ "Chemical Financial Corporation Announces Retirement of its CEO and President David B. Ramaker" (Press release). GlobeNewswire. June 21, 2017.
- ^ Bartkowiak Jr., Dave; Haddad, Ken (July 25, 2018). "Chemical Bank to build new 20-story HQ in Downtown Detroit, bringing 500 jobs to city". WDIV-TV.