TCF Financial Corporation, an acronym for Twin City Federal, 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') or bancorporation is often used to refer to such companies as w ...

based in

Detroit, Michigan Detroit ( , ) is the List of municipalities in Michigan, most populous city in the U.S. state of Michigan. It is situated on the bank of the Detroit River across from Windsor, Ontario. It had a population of 639,111 at the 2020 United State ...

. Its operating subsidiary, TCF Bank, operated 478 branches in

Minnesota Minnesota ( ) is a U.S. state, state in the Upper Midwestern region of the United States. It is bordered by the Canadian provinces of Manitoba and Ontario to the north and east and by the U.S. states of Wisconsin to the east, Iowa to the so ...

Illinois Illinois ( ) is a U.S. state, state in the Midwestern United States, Midwestern United States. It borders on Lake Michigan to its northeast, the Mississippi River to its west, and the Wabash River, Wabash and Ohio River, Ohio rivers to its ...

Michigan Michigan ( ) is a peninsular U.S. state, state in the Great Lakes region, Great Lakes region of the Upper Midwest, Upper Midwestern United States. It shares water and land boundaries with Minnesota to the northwest, Wisconsin to the west, ...

Colorado Colorado is a U.S. state, state in the Western United States. It is one of the Mountain states, sharing the Four Corners region with Arizona, New Mexico, and Utah. It is also bordered by Wyoming to the north, Nebraska to the northeast, Kansas ...

Wisconsin Wisconsin ( ) is a U.S. state, state in the Great Lakes region, Great Lakes region of the Upper Midwest of the United States. It borders Minnesota to the west, Iowa to the southwest, Illinois to the south, Lake Michigan to the east, Michig ...

Ohio Ohio ( ) is a U.S. state, state in the Midwestern United States, Midwestern region of the United States. It borders Lake Erie to the north, Pennsylvania to the east, West Virginia to the southeast, Kentucky to the southwest, Indiana to the ...

, and

South Dakota South Dakota (; Sioux language, Sioux: , ) is a U.S. state, state in the West North Central states, North Central region of the United States. It is also part of the Great Plains. South Dakota is named after the Dakota people, Dakota Sioux ...

. It also operated specialty lending and leasing businesses in all 50 states, Canada, New Zealand, and Australia. TCF was acquired by

Huntington Bancshares Huntington Bancshares Incorporated is an American bank holding company headquartered in Columbus, Ohio. Its banking subsidiary, The Huntington National Bank, operates 1047 banking offices, primarily in the Midwest: 459 in Ohio, 290 in Michigan, ...

in June 2021.

History

TCF Financial Corporation began business in Minneapolis 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 share capital, stock which are intended to be freely traded on a stock exchange or in over-the-counter (finance), over-the-counter markets. A public (publicly traded) co ...

. In 1995, TCF acquired Great Lakes National Bank. In 1997, the bank acquired Winthrop Resources Corporation in a $321 million transaction. In 2002, the

University of Michigan The University of Michigan (U-M, U of M, or Michigan) is a public university, public research university in Ann Arbor, Michigan, United States. Founded in 1817, it is the oldest institution of higher education in the state. The University of Mi ...

selected TCF as a preferred provider of banking services to students, faculty, and staff. The University terminated this agreement in 2015. In 2004, the company acquired VGM Leasing. In 2005, TCF Bank sold its Michigan headquarters building for $17 million. In November 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 ...

. Its first branch in Arizona was opened in

Mesa, Arizona Mesa ( ) is a city in Maricopa County, Arizona, United States. The population was 504,258 at the 2020 census. It is the List of municipalities in Arizona, third-most populous city in Arizona, after Phoenix, Arizona, Phoenix and Tucson, Arizona, T ...

, on December 13, 2006. In April 2008, TCF entered the commercial inventory finance business in the U.S. and Canada with the creation of TCF Inventory Finance. In December 2011, TCF entered the indirect

car finance Car finance refers to the various financial products which allow someone to acquire a car, including car loans and leases. History Car financing started with the General Motors Acceptance Corporation circa World War 1. Car purchases T ...

business with the acquisition of Gateway One Lending & Finance. The bank closed 37 branches in 2013 and another 33 in 2016. In some locations, it replaced the full-service branches with ATMs. In August 2019, the bank merged into Chemical Financial Corporation, which assumed the TCF name. It was founded as Chemical State Savings Bank in 1917. In 1937, the headquarters of Chemical Bank was the site of a

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 (banking), branch or Bank teller, tel ...

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

death penalty Capital punishment, also known as the death penalty and formerly called judicial homicide, is the state-sanctioned killing of a person as punishment for actual or supposed misconduct. The sentence ordering that an offender be punished in s ...

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. The bank acquired O.A.K. Financial Corporation in May 2010,

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. From 2000 to 2013, Harry C. Calcutt III ...

for $121 million in cash in October 2014, Monarch Community Bancorp for $27.2 million in stock in April 2015, Lake Michigan Financial Corporation for $187.4 million in cash and stock in June 2015,

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 August 2016. The bank moved its headquarters from

Midland, Michigan Midland is a city in Midland County, Michigan, United States, and its county seat. The population was 42,547 at the 2020 census. It is the principal city of the Midland metropolitan statistical area, part of the larger Saginaw-Midland-Bay City ...

Detroit Detroit ( , ) is the List of municipalities in Michigan, most populous city in the U.S. state of Michigan. It is situated on the bank of the Detroit River across from Windsor, Ontario. It had a population of 639,111 at the 2020 United State ...

in 2018. In 2020, TCF sold all 7 of its branches in Arizona to

Global Credit Union Global Federal Credit Union is a credit union headquartered in Anchorage, Alaska, chartered and regulated under the authority of the National Credit Union Administration (NCUA). In the United States, Global is among the largest credit unions b ...

. TCF was acquired by

in June 2021, and sold 13 branches in

to Horizon Bank to gain regulatory approval for the merger.

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. In these situations the account is said to be "overdrawn". In the economic system, if there i ...

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 corporate charter, charter, bank regulation ...

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 laun ...

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

Racial discrimination lawsuit

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. 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.

Sponsorship

TCF was the

naming rights Naming rights are a financial transaction and form of advertising or memorialization where a corporation, person, or other entity purchases the right to name a facility, object, location, program, or event (most often sports venues), typical ...

sponsor of the stadium at the

University of Minnesota The University of Minnesota Twin Cities (historically known as University of Minnesota) is a public university, public Land-grant university, land-grant research university in the Minneapolis–Saint Paul, Twin Cities of Minneapolis and Saint ...

, now called

Huntington 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, Chemical Financial acquired the naming rights to Cobo Center, which was renamed TCF Center in August 2019 and

Huntington Place Huntington Place (formerly known as Cobo Hall, Cobo Center, and briefly 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 Washing ...

upon the merger with Huntington Bank.

References

External links

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