TCF National Bank (“TCF Bank”), the principal subsidiary of TCF Financial Corporation (“TCF”) (NYSE: TCB), today announced a realignment of retail banking resources to support its strategic growth initiatives, including the consolidation of 37 branch locations located inside Jewel-Osco stores in the Chicago area as well as its branch located at 801 Marquette Ave. in downtown Minneapolis. These branches will be fully transitioned by the end of March 2014. These changes follow a comprehensive review of TCF’s branch portfolio to determine how best to deploy its resources while supporting further investments in its online and mobile banking platforms, new products and services, and expanded ATM locations. These changes will result in TCF incurring a one-time pre-tax charge to earnings of approximately $7.6 million in the Corporation’s fiscal 2013 fourth quarter earnings.
“TCF continues to focus on enhancing the banking experience for our customers by delivering products and services that meet the needs of their everyday life,” said Thomas F. Jasper, Vice Chairman, Funding, Operations and Finance for TCF Bank. “As we make investments in these areas, we are deploying resources in places that benefit all of TCF’s customers. We determined our customer base at these branches could be served by other nearby TCF locations, enabling us to redirect resources to fund our growth initiatives. We are working aggressively to minimize the impact of these changes on our customers and we expect to retain many of the employees impacted by the consolidations after March 2014.”
TCF will continue be the primary banking partner for Jewel-Osco, maintaining 118 branch locations in other grocery stores throughout the Chicago area. TCF supports Jewel’s growth strategy and will continue to partner on ways that benefit our mutual customers.
“Our partnership has enabled both TCF and Jewel to grow in the Chicago market over the past 16 years, delivering convenient services that make the Jewel-Osco stores a primary destination for consumers,” added Jasper. “As we prepare to introduce new and expanded product offerings in the coming months, we look forward to creating new motivations for consumers to visit TCF branches inside one of the 118 Jewel-Osco stores.”