TCF Financial Corporation was a

bank holding company A bank holding company is a company that controls one or more banks, but does not necessarily engage in banking itself. The compound bancorp (''banc''/''bank'' + '' corp ration') is often used to refer to these companies as well. United States ...

based in

Detroit, Michigan Detroit ( , ; , ) is the largest city in the U.S. state of Michigan. It is also the largest U.S. city on the United States–Canada border, and the seat of government of Wayne County. The City of Detroit had a population of 639,111 at ...

. The current incarnation of the company was formed by a 2019 merger between the former TCF, which was established in 1923 in

Wayzata, Minnesota Wayzata ( ) is a city in Hennepin County, Minnesota, United States. A western suburb of the Twin Cities, Wayzata is situated along the northern shore of Lake Minnetonka about west of Minneapolis. Known for its small-town character and lakeside lo ...

, and the Michigan-based Chemical Financial Corporation. In December 2020, TCF announced a merger with

Huntington Bancshares Huntington Bancshares Incorporated is an American bank holding company headquartered in Columbus, Ohio. The company is ranked 521st on the Fortune 500, and is 26th on the list of largest banks in the United States. The company's banking sub ...

. It was announced on May 26, 2021, that

TCF Bank TCF Bank was the wholly owned banking subsidiary of TCF Financial Corporation, a bank holding company headquartered in Detroit. As of August 10, 2020, TCF Bank had approximately 475 branches in Minnesota, Illinois, Michigan, Colorado, Wisconsin, ...

will be required by the Department of Justice to sell off 13 branches in

Michigan Michigan () is a state in the Great Lakes region of the upper Midwestern United States. With a population of nearly 10.12 million and an area of nearly , Michigan is the 10th-largest state by population, the 11th-largest by area, and the ...

. These branches were purchased by Horizon Bank at the end of the third quarter. The final approval has been given for the merger and the merger was complete on June 9, 2021. The combined bank has $175 billion in assets.

History

The company traces its roots to both TCF Financial Corporation and Chemical Financial Corporation, which merged in 2019.

Chemical Financial Corporation

Chemical State Savings Bank was founded in 1917. In 1937, the headquarters of Chemical Bank was the site of the infamous

bank robbery Bank robbery is the criminal act of stealing from a bank, specifically while bank employees and customers are subjected to force, violence, or a threat of violence. This refers to robbery of a bank branch or teller, as opposed to other bank- ...

Tony Chebatoris Anthony "Tony" Chebatoris (May 10, 1898 – July 8, 1938) was a Russian-born bank robber and convicted murderer who is the only person to be executed in the U.S. state of Michigan since it gained statehood in 1837. Although Michigan abolis ...

, which resulted in Chebatoris being the only man to receive the

death penalty Capital punishment, also known as the death penalty, is the state-sanctioned practice of deliberately killing a person as a punishment for an actual or supposed crime, usually following an authorized, rule-governed process to conclude that t ...

in the state of Michigan. In 1964, the bank changed its name to Chemical Bank Trust. In 1974, the bank changed its name to Chemical Bank. In May 2010, the bank acquired O.A.K. Financial Corporation. In October 2014, the bank acquired

Northwestern Bank Northwestern Bank was a community bank based in Traverse City, Michigan that served northern Michigan. In 2014, it was acquired by Chemical Financial Corporation. History The bank was established in 1955. In September 2012, the bank entered into ...

for $121 million in cash. In April 2015, the bank acquired Monarch Community Bancorp for $27.2 million in stock. In June 2015, the bank acquired Lake Michigan Financial Corporation for $187.4 million in cash and stock. In August 2016, the bank acquired

Talmer Bancorp Talmer Bancorp was a bank holding company headquartered in Troy, Michigan. It was the parent company of Talmer Bank & Trust and operated banks in Michigan, Illinois, Indiana, and Ohio. In 2016, it was acquired by Chemical Financial (now TCF Financi ...

for $1.7 billion in cash and stock. In 2017, David B. Ramaker, president and chief executive officer of the bank, retired and was succeeded by David T. Provost. On July 25, 2018, the company announced the move of its headquarters, along with over 500 employees, to

Detroit Detroit ( , ; , ) is the largest city in the U.S. state of Michigan. It is also the largest U.S. city on the United States–Canada border, and the seat of government of Wayne County. The City of Detroit had a population of 639,111 at th ...

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 A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange (l ...

. 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 rebranded as TCF. It also acquired First Federal Savings Bank of Oakland County. In 1997, the bank acquired Winthrop Resources Corporation. In 2002, the

University of Michigan , mottoeng = "Arts, Knowledge, Truth" , former_names = Catholepistemiad, or University of Michigania (1817–1821) , budget = $10.3 billion (2021) , endowment = $17 billion (2021)As o ...

announced that TCF Bank was selected as a preferred provider of banking services to students, faculty, and staff. The University terminated this agreement in 2015. In 2004, the bank acquired of VGM Leasing, Inc. In 2005, TCF Bank announced the sale of its Michigan headquarters building to

Ann Arbor, Michigan Ann Arbor is a city in the U.S. state of Michigan and the county seat of Washtenaw County, Michigan, Washtenaw County. The 2020 United States census, 2020 census recorded its population to be 123,851. It is the principal city of the Ann Arbor ...

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 Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan. History The bank traces its roots to First National Bank of Ionia, which was founded in 1864. In 1896, relinquished its n ...

. Its first branch in Arizona was opened in

Mesa, Arizona Mesa ( ) is a city in Maricopa County, Arizona, Maricopa County, in the U.S. state of Arizona. It is the most populous city in the East Valley (Phoenix metropolitan area), East Valley section of the Phoenix Metropolitan Area. It is bordered by ...

, on December 13, 2006. 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. It closed 37 branches in 2013 and another 33 in 2016. In some locations, it replaced the full-service branches with ATMs.

Controversies

Overdraft fees

In 2010, TCF Bank was sued regarding

overdraft An overdraft occurs when something is withdrawn in excess of what is in a current account. For financial systems, this can be funds in a bank account. For water resources, it can be groundwater in an aquifer. In these situations the account is s ...

charges. The bank processed 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.

Violation of Bank Secrecy Act

In January 2013, the

Office of the Comptroller of the Currency The Office of the Comptroller of the Currency (OCC) is an independent bureau within the United States Department of the Treasury that was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all nation ...

assessed a $10 million fine on TCF for violating the

Bank Secrecy Act The Bank Secrecy Act of 1970 (BSA), also known as the Currency and Foreign Transactions Reporting Act, is a U.S. law requiring financial institutions in the United States to assist U.S. government agencies in detecting and preventing money laund ...

for failure to file suspicious activity reports in a timely fashion.

Sponsorship

TCF is the

naming rights Naming rights are a financial transaction and form of advertising or memorialization whereby a corporation, person, or other entity purchases the right to name a facility, object, location, program, or event, typically for a defined period of t ...

sponsor of the

University of Minnesota The University of Minnesota, formally the University of Minnesota, Twin Cities, (UMN Twin Cities, the U of M, or Minnesota) is a public university, public Land-grant university, land-grant research university in the Minneapolis–Saint Paul, Tw ...

TCF Bank Stadium Huntington Bank Stadium (formerly known as TCF Bank Stadium) is an outdoor stadium located on the campus of the University of Minnesota in Minneapolis, Minnesota, United States. The stadium opened in 2009, after three years of construction. It is ...

. In February 2019, it was announced that Chemical Financial had acquired the naming rights to Detroit's Cobo Center, which was renamed

TCF Center Huntington Place (formerly known as Cobo Hall, Cobo Center, and briefly as TCF Center) is a convention center in Downtown Detroit, owned by the Detroit Regional Convention Facility Authority (DRCFA) and operated by ASM Global. Located at 1 Washi ...

in August 2019.

References

External links

Official website
(Archive) {{authority control Huntington Bancshares 1917 establishments in Michigan Companies formerly listed on the Nasdaq American companies established in 1917 American companies disestablished in 2021 Banks established in 1917 Banks disestablished in 2021 Banks based in Michigan 2021 mergers and acquisitions Companies based in Detroit Economy of the Midwestern United States Economy of the Southwestern United States