TCF Financial Corp.'s relationship with Jewel-Osco in Chicago is paying off in Wisconsin.
TCF, a $9.7 billion-asset banking company, said it would open five branch offices in Milwaukee-area Jewel stores this year.
Timothy Bailey, chief executive officer of TCF National Bank Wisconsin, said he hopes to open branches in all of Jewel's future Wisconsin stores. Though TCF's contract with Jewel-Osco for 76 Chicago in-store branches is separate, "it certainly paved the way" for the Wisconsin expansion, Mr. Bailey said.
TCF has wanted to expand through acquisitions in Wisconsin since it first bought into the state in 1993, but Mr. Bailey said he has balked at paying the asking prices for banks and thrifts. Now, he said, he wants to grow through more supermarket locations.
Karen Ramos, a Jewel spokeswoman, said at least 10 Jewel stores will be opened or renovated within the next year in the Milwaukee area and more are expected.
Jewel, a unit of Salt Lake City-based American Stores Co., entered Milwaukee this month through the acquisition of four Cub Foods Stores and a Pick 'n Save. TCF, which has branches in two of the Cub stores, said it would continue to operate those branches under Jewel and would open a bank office in another recently acquired Cub store.
Jewel plans to build another four stores in Milwaukee this year, and TCF plans to open branches in those stores.
Minneapolis-based TCF has $613 million of Wisconsin assets, $484 million of deposits, and 28 branches, mostly in Milwaukee and southeast Wisconsin.
Last month it took control of bank offices in Chicago Jewel stores that had been operated by BankAmerica Corp.
