TCF Bank began business in 1923 as Twin CityBuilding 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.. Despite some bank acquisitions such as Great Lakes Bancorp and Standard Financial, TCF Bank has grown primarily through expansion. On January 28, 2019, Chemical Bank of Detroit announced it would merge with TCF. The new corporation will retain the TCF name, but be headquartered in the tower Chemical is constructing in Detroit. It will maintain large operating centers in Minneapolis and Midland, Michigan.
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. It is headquartered in Wayzata, Minnesota. TCF Bank operates campus branches in partnership with the University of Minnesota 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. In some locations, it replaced the full-service branches with ATMs. 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 Bank operates 38 branches throughout Michigan. 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. 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. In 2005, TCF Bank announced the sale of its Michigan headquarters building to Ann Arborreal-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. With this sale, TCF's Michigan branches became concentrated in Southeast Michigan, primarily in and around metropolitan Detroit.
Executive Vice President, Consumer Banking: Michael S. Jones
Executive Vice President, Wholesale Banking: William S. Henak
Chief Risk Officer & Chief Credit Officer: James Costa
Chief Financial Officer: Brian W. Maass
Chief Information Officer: Tom Butterfield
Chief Audit Officer: Andrew J. Jackson
Controversies
Overdraft fees
In 2010, TCF Bank was sued regarding overdraft charges. 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. After public backlash, the bank reversed its policy in 2012.
In January 2013, the Comptroller of the Currency assessed a $10 million fine on TCF for violating the Bank Secrecy Act. This was a result of the bank's failure to file suspicious activity reports in a timely fashion.
Civil Suit for Discrimination
On January 21st, 2020, an assistant manager at a TCF branch on Middlebelt Road Livonia, Michigan, called police on Sauntore Thomas, an African-American account holder who was trying to deposit checks received as a settlement in a racial discrimination lawsuit. The branch manager was unable to validate the checks and claimed the checks were fraudulent. TCF also filed a police report for fraud against the customer despite verification from his attorney that the checks were genuine. Thomas launched his suit on January 22, 2020 seeking unspecified damages. On January 23rd, 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.
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. 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. 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.
