| Type | Public (NYSE: TCB) |
|---|---|
| Industry | Financial |
| Founded | Minneapolis, Minnesota, USA (April 2, 1923) |
| Headquarters | Wayzata, Minnesota |
| Key people | William A. Cooper, Chairman & Chief Executive Officer Neil W. Brown, President & Chief Operating Officer Thomas F. Jasper, Executive Vice President & Chief Financial Officer Barry N. Winslow, Vice Chairman Timothy P. Bailey, Vice Chairman & Chief Credit Officer Earl D. Stratton, Executive Vice President & Chief Information Officer |
| Products | Retail Banking Insurance Consumer Finance Investment Banking |
| Net income | US$ 78.9 million (YTD 6/30/10)[1] |
| Total assets | US$ 18.3 billion (YTD 9/30/10)[1] |
| Employees | 7,372 (At 7/31/10) |
| Website | www.tcfbank.com |
TCF Bank is the wholly owned banking subsidiary of TCF Financial Corporation, a bank holding company headquartered in Wayzata, Minnesota. TCF Bank is nationally chartered and operates 440 bank branches.
TCF Bank is the 11th largest VISA Classic debit card issuer in the United States by sales volume.[2]
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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.
Anti-Durbin-Amendment Action
As reported in the Minneapolis Star Tribune, TCF Financial Corporation filed a lawsuit October 12, 2010, against Federal Reserve chairman Ben Bernanke and the Federal Reserve Bank Board of Governors. TCF's lawsuit seeks a court order declaring the Durbin amendment to the current financial reform bill unconstitutional and seeks an injunction barring its enforcement. The Durbin amendment allows the Federal Reserve to limit interchange fees to the bank's cost of authorizing, clearing, and settling debit-card transactions. The amendment was instigated by retailers and is supported by consumer groups. "Right now, consumers are footing the bill," said Doug Kantor of the Merchants Payments Coalition, a large group of retailers and retail trade associations. "To the extent that retailers pay less, consumers will pay less."[3]
TCF Bank was founded in Minneapolis. With 110 branches in the area,[2] it continues to be a major force in the Twin Cities. In-store branches are located inside of Cub Foods stores.
TCF Bank operates campus branches in partnership with the University of Minnesota (including the Duluth campus), St. Cloud State University and Minnesota State University, Mankato.
TCF Bank operates 200 locations in the Chicago metropolitan area,[2] including branches located inside of Jewel-Osco stores.
TCF Bank also operates campus branches in partnership with University of Illinois, Northern Illinois University and St. Xavier University.
Five TCF Bank branches in northern Indiana are operated by TCF Bank Illinois.[2]
TCF Bank operates 26 branches in Wisconsin,[2] including 8 in the Racine/Kenosha area.
TCF Bank operates 56 branches throughout Michigan.[2]
In 1995, TCF doubled 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. 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. TCF also offered full service banking at Eastern Michigan University until Summer 2011[4].
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.
On November 6, 2006, TCF announced the sale of 10 branches in Battle Creek, Bay City, and Saginaw to Independent Bank.[5] With this sale, TCF's 56 branches became concentrated in Southeast Michigan, primarily in and around metropolitan Detroit.
TCF has 36 branches in the metro Denver and Colorado Springs area.[2]
TCF's first branch office was opened in Mesa, Arizona, on December 13, 2006. TCF now operates seven branches in the Arizona.[2]
TCF has a branch in Sioux Falls, South Dakota.[2]
Account holders should be aware that although statements do not contain any change-of-address options or text for customers to fill out and return, address changes can be made over the phone or online. However, TCF will charge customers $5 whenever TCF receives a change-of-address notice from the U.S. Postal Service. Customers unaware of the timing of the charges might face the fee. It is important for customers to notify TCF before any change of address in order to avoid the fee. TCF titles this fee a "Returned Mail Fee" or a "Mailing Handling Fee," but in actual practice TCF will charge the fee merely upon receiving a change-of-address notice from the USPS—regardless of whether any mail was ever actually returned.
TCF recently changed to an unusual fee structure for overdrawn accounts. TCF will charge account owners $28 per day for each day that an account that is overdrawn by $5 or more, for up to 14 consecutive days.[6] This means a single overdrawn item if not noticed can cost up to $392.
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. The original agreement was to expire December 31, 2005, but was extended to June 30, 2006. The bill authorizing the stadium was signed into law by the governor 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.
|title= specified when using {{Cite web}}". http://www.tcfbank.com/documents/CombinedDisclosures122011.pdf.