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TCF Financial Corporation

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TCF Financial Corporation
FormerlyChemical State Savings Bank (1917–1964)
Chemical Bank and Trust Company (1964–1974)
Chemical Bank (1974–2019)
IndustryBank
PredecessorTCF Financial Corporation (1923–2019)
Founded1917; 109 years ago (1917) (as Chemical State Savings Bank)
August 1, 2019; 7 years ago (2019-08-01) (as TCF Bank)
DefunctJune 9, 2021; 5 years ago (2021-06-09)
FateAcquired by Huntington Bancshares
SuccessorHuntington Bancshares
Headquarters
Midland, Michigan (1917–2018)
Detroit, Michigan (2018–2021)
Number of locations
506 branches (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$47.802 billion (2020)
Total equityDecrease US$5.689 billion (2020)
Number of employees
7,123 (2020)
Footnotes
[1][2]
TCF Bank ATM at the University of Minnesota
TCF branch in Ypsilanti, Michigan

TCF Financial Corporation, an acronym for Twin City Federal, was a bank holding company based in Detroit, Michigan. Its operating subsidiary, TCF Bank, operated 478 branches in Minnesota, Illinois, Michigan, Colorado, Wisconsin, Ohio, and South Dakota.[2] It also operated specialty lending and leasing businesses in all 50 states, Canada, New Zealand, and Australia.[2] TCF was acquired by Huntington Bancshares in June 2021.

History

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Chemical State Savings Bank was founded in 1917.[3]

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.[4]

In 1964, the bank changed its name to Chemical Bank Trust.[3]

In 1974, the bank changed its name to Chemical Bank.[3]

In May 2010, the bank acquired O.A.K. Financial Corporation.[5]

In October 2014, the bank acquired Northwestern Bank for $121 million in cash.[6]

In April 2015, the bank acquired Monarch Community Bancorp for $27.2 million in stock.[7]

In June 2015, the bank acquired Lake Michigan Financial Corporation for $187.4 million in cash and stock.[8]

In August 2016, the bank acquired Talmer Bancorp for $1.7 billion in cash and stock.[9]

In 2017, David B. Ramaker, president and chief executive officer of the bank, retired and was succeeded by David T. Provost.[10]

On July 25, 2018, the company announced the move of its headquarters, along with over 500 employees, to Detroit.[11]

In 2019, the company merged with TCF Financial Corporation, the third-largest bank in Minneapolis–Saint Paul and assumed the TCF Financial Corporation name.[12]

In 2020, TCF sold all 7 of its branches in Arizona to Global Credit Union.[13]

TCF was acquired by Huntington Bancshares in June 2021, and sold 13 branches in Michigan to Horizon Bank to gain regulatory approval for the merger.[14][15][16]

Controversies

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Racial discrimination lawsuit

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On January 21, 2020, an assistant manager at a TCF branch on Middlebelt Road in Livonia, Michigan, called police when Sauntore Thomas, an African-American account holder, attempted to deposit checks received as a settlement in a racial discrimination lawsuit. The branch manager was unable to validate the checks and claimed they were fraudulent.[17][18] TCF also filed a police report for fraud against the customer despite verification from his attorney that the checks were genuine. Thomas filed a suit on January 22, 2020, seeking unspecified damages from the bank. On January 23, 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.[19][17]

Sponsorship

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TCF was the naming rights sponsor of the stadium at the University of Minnesota, now called Huntington Bank Stadium.[20]

In February 2019, Chemical Financial acquired the naming rights to Cobo Center, which was renamed TCF Center in August 2019 and Huntington Place upon the merger with Huntington Bank.[21][22]

References

[edit]
  1. ↑ "TCF National Bank (28330) – History". Federal Deposit Insurance Corporation. June 7, 2026. Retrieved June 7, 2026.
  2. 1 2 3 "TCF Financial Corporation 2020 Form 10-K Annual Report". U.S. Securities and Exchange Commission. February 26, 2021.
  3. 1 2 3 "Institution History for CHEMICAL BANK (542649)". Federal Financial Institutions Examination Council.
  4. ↑ Satayut, Lisa (August 12, 2010). "Current case brings attention to historic Chebatoris". Midland Daily News.
  5. ↑ "Chemical Financial Corporation Completes Acquisition of O.A.K. Financial Corporation" (Press release). GlobeNewswire. May 3, 2010.
  6. ↑ "Chemical Financial Corporation Completes Acquisition of Northwestern Bancorp, Inc" (Press release). GlobeNewswire. October 31, 2014.
  7. ↑ "Chemical Financial Corporation Completes Acquisition of Monarch Community Bancorp, Inc" (Press release). GlobeNewswire. April 1, 2015.
  8. ↑ "Chemical Financial Corporation Completes Acquisition of Lake Michigan Financial Corporation" (Press release). GlobeNewswire. June 1, 2015.
  9. ↑ "Chemical Financial Corporation Completes Merger With Talmer Bancorp, Inc" (Press release). GlobeNewswire. August 31, 2016.
  10. ↑ "Chemical Financial Corporation Announces Retirement of its CEO and President David B. Ramaker" (Press release). GlobeNewswire. June 21, 2017.
  11. ↑ 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.
  12. ↑ "Chemical Financial Corporation and TCF Financial Corporation Close Merger of Equals to Become the New TCF" (Press release). Business Wire. August 1, 2019.
  13. ↑ Nagl, Kurt (January 9, 2020). "TCF Bank to exit Arizona market with sale of 7 branches". Crain Communications.
  14. ↑ "TCF Financial Gains on $6 Billion Huntington Bancshares Deal". TheStreet.com. December 14, 2020.
  15. ↑ Reindl, JC (May 25, 2021). "Justice Department forces Huntington, TCF to sell 13 bank branches for merger". Detroit Free Press.
  16. ↑ Manes, Nick (June 9, 2021). "Huntington Bank completes acquisition of TCF". Crain Communications.
  17. 1 2 Baldas, Tresa (January 23, 2020). "Detroit man settles race discrimination lawsuit, then bank won't cash his check". Detroit Free Press.
  18. ↑ Rahman, Khaleda (January 23, 2020). "Bank Calls Cops on Black Man Attempting to Deposit Racial Discrimination Settlement Check From Employer". Newsweek.
  19. ↑ Ramirez, Charles E. (January 23, 2020). "Discriminated against once, Detroiter sues when bank fails to cash settlement check". The Detroit News.
  20. ↑ "The loophole that got Discover's logo inside TCF Bank Stadium". American City Business Journals. February 19, 2016.
  21. ↑ Noble, Breana (February 20, 2019). "Chemical Bank to pay $33M to rename Cobo Center". The Detroit News.
  22. ↑ "TCF Bank set to replace Cobo Center name next week". Crain Communications. August 22, 2019.
[edit]
    • Historical business data for TCF Financial Corporation:
    • SEC filings
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