TCF Financial Corp. on Thursday became the first thrift to win a full national bank charter, clearing the way for the thrift industry to shift billions in deposits from its high-cost insurance fund.

The Office of the Comptroller of the Currency approved an application by the Minneapolis thrift to set up four national banks - one each in Minnesota, Illinois, Wisconsin, and Michigan. The agency is expected to approve a similar application from Great Western Financial Corp. by the end of next week.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.