TCF Financial Corporation

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TCF Financial Corporation
Company typeSubsidiary[1]
Founded1917; 107 years ago (1917)
DefunctOctober 8, 2021; 2 years ago (2021-10-08)
FateAcquired by Huntington Bancshares
Number of locations
500 (before being converted to the Huntington brand in 2021)
Area served
Midwest and Mountain West
Key people
Gary Torgow
(Executive Chairman)
Craig R. Dahl
(President and CEO)
RevenueIncrease US$2.1 billion (2019)
Decrease US$294.5 million (2019)
Total assetsIncrease US$46.7 billion (2019)
Number of employees
Increase 10,000
ParentHuntington Bancshares[2]
TCF Bank ATM at the University of Minnesota.
TCF branch in Ypsilanti, Michigan.

TCF Financial Corporation was a bank holding company based in Detroit, Michigan. The current incarnation of the company was formed by a 2019 merger between the former TCF, which was established in 1923 in Wayzata, Minnesota, and the Michigan-based Chemical Financial Corporation. In December 2020, TCF announced a merger with Huntington Bancshares.[3] It was announced on May 26, 2021, that TCF Bank will be required by the Department of Justice to sell off 13 branches in Michigan. These branches were purchased by Horizon Bank at the end of the third quarter. The final approval has been given for the merger[4] and the merger was complete on June 9, 2021. The combined bank has $175 billion in assets.[5]


The company traces its roots to both TCF Financial Corporation and Chemical Financial Corporation, which merged in 2019.[6]

Chemical Financial Corporation[edit]

Chemical State Savings Bank was founded in 1917.[7]

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.[8]

In 1964, the bank changed its name to Chemical Bank Trust.[7]

In 1974, the bank changed its name to Chemical Bank.[7]

In May 2010, the bank acquired O.A.K. Financial Corporation.[9]

In October 2014, the bank acquired Northwestern Bank for $121 million in cash.[10]

In April 2015, the bank acquired Monarch Community Bancorp for $27.2 million in stock.[11]

In June 2015, the bank acquired Lake Michigan Financial Corporation for $187.4 million in cash and stock.[12]

In August 2016, the bank acquired Talmer Bancorp for $1.7 billion in cash and stock.[13]

In 2017, David B. Ramaker, president and chief executive officer of the bank, retired and was succeeded by David T. Provost.[14]

On July 25, 2018, the company announced the move of its headquarters, along with over 500 employees, to Detroit.[15]

TCF Financial Corporation[edit]

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 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.[16] 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 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.[17]

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 real-estate company McKinley Associates, though part of the ground level remains a TCF Bank branch.[18]

On November 6, 2006, TCF announced the sale of 10 branches in Battle Creek, Bay City, and Saginaw to Independent Bank.[19]

Its first branch in Arizona was opened in Mesa, Arizona, on December 13, 2006.[20]

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.[21] In some locations, it replaced the full-service branches with ATMs.[22]


Overdraft fees[edit]

In 2010, TCF Bank was sued regarding overdraft charges.[23] 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.[24] After public backlash, the bank reversed its policy in 2012.[25]

Violation of Bank Secrecy Act[edit]

In January 2013, the Office of the Comptroller of the Currency assessed a $10 million fine on TCF for violating the Bank Secrecy Act for failure to file suspicious activity reports in a timely fashion.[26]


TCF is the naming rights sponsor of the University of Minnesota's TCF Bank Stadium.[27] In February 2019, it was announced that Chemical Financial had acquired the naming rights to Detroit's Cobo Center, which was renamed TCF Center in August 2019.[28][29]


  1. ^ Manes, Nick (9 June 2021). "Huntington Bank completes acquisition of TCF". Crain's Detroit Business. Retrieved 9 June 2021.
  2. ^ Manes, Nick (9 June 2021). "Huntington Bank completes acquisition of TCF". Crain's Detroit Business. Retrieved 9 June 2021.
  3. ^ "TCF Financial Gains on $6 Billion Huntington Bancshares Deal". December 14, 2020. Retrieved December 14, 2020.
  4. ^ Reindl, JC (25 May 2021). "Justice Department forces Huntington, TCF to sell 13 bank branches for merger". Detroit Free Press. Retrieved 26 May 2021.
  5. ^ Manes, Nick (9 June 2021). "Huntington Bank completes acquisition of TCF". Crain's Detroit Business. Retrieved 9 June 2021.
  6. ^ "Chemical Financial Corporation and TCF Financial Corporation Close Merger of Equals to Become the New TCF" (Press release). Business Wire. August 1, 2019.
  7. ^ a b c "Institution History for CHEMICAL BANK (542649)". Federal Financial Institutions Examination Council.
  8. ^ Satayut, Lisa (August 12, 2010). "Current case brings attention to historic Chebatoris". Midland Daily News.
  9. ^ "Chemical Financial Corporation Completes Acquisition of O.A.K. Financial Corporation" (Press release). GlobeNewswire. May 3, 2010.
  10. ^ "Chemical Financial Corporation Completes Acquisition of Northwestern Bancorp, Inc" (Press release). GlobeNewswire. October 31, 2014.
  11. ^ "Chemical Financial Corporation Completes Acquisition of Monarch Community Bancorp, Inc" (Press release). GlobeNewswire. April 1, 2015.
  12. ^ "Chemical Financial Corporation Completes Acquisition of Lake Michigan Financial Corporation" (Press release). GlobeNewswire. June 1, 2015.
  13. ^ "Chemical Financial Corporation Completes Merger With Talmer Bancorp, Inc" (Press release). GlobeNewswire. August 31, 2016.
  14. ^ "Chemical Financial Corporation Announces Retirement of its CEO and President David B. Ramaker" (Press release). GlobeNewswire. June 21, 2017.
  15. ^ 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.
  16. ^ "TCF, Great Lakes Bancorp to Merge". Associated Press. September 9, 1994.
  17. ^ Adamopoulos, Anastassios (March 16, 2015). "TCF Bank to end affiliation with University". The Michigan Daily.
  18. ^ Haynes, Jessica (August 12, 2017). "Two downtown Ann Arbor buildings sold for $50 million". Ann Arbor News.
  19. ^ "TCF to sell 10 bank branches in Michigan". American City Business Journals. November 6, 2006.
  20. ^ Casacchia, Chris (September 17, 2006). "Midwest bank to open in Mesa, expand across Arizona". American City Business Journals.
  21. ^ Daniels, Steve (December 11, 2013). "TCF to close 37 bank branches in Chicago Jewel-Osco stores". Crain's Chicago Business.
  22. ^ "TCF Bank closing 33 branches inside Jewel-Osco". WGN News. February 5, 2016.
  23. ^ Moylan, Martin (September 8, 2010). "TCF Bank faces lawsuit over overdraft fees". Minnesota Public Radio News.
  24. ^ Popken, Ben (October 14, 2011). "TCF Bank Adds New $28 Daily Overdrawn Balance Fee". Consumerist.
  25. ^ Moylan, Martin (February 1, 2012). "TCF adjusts options on overdraft fees". Minnesota Public Radio News.
  26. ^ "Consent Order 2013-003" (PDF). Office of the Comptroller of the Currency. January 25, 2013.
  27. ^ "The loophole that got Discover's logo inside TCF Bank Stadium". Minneapolis/St. Paul Business Journal. Retrieved 2019-08-24.
  28. ^ Noble, Breana (February 20, 2019). "Chemical Bank to pay $33M to rename Cobo Center". The Detroit News. Retrieved February 20, 2019.
  29. ^ "TCF Bank set to replace Cobo Center name next week". Crain's Detroit Business. 2019-08-22. Retrieved 2019-08-24.

External links[edit]

  • Official website (Archive)
    • Historical business data for TCF Financial Corporation:
    • SEC filings