TCF Financial Corp. of Wayzata, Minn., announced that its TCF Bank Michigan has agreed to sell 10 branches to Independent Bank Corp. of Ionia, Mich.
The deal was announced Monday. TCF did not say how much Independent would pay.
Bob Scott, the president of TCF Bank Michigan, said in a press release that it decided to sell the branches so it could focus on larger urban markets in southeastern Michigan.
The deal is expected to close in March. Once that happens the $3.5 billion-asset Independent would have more than 120 branches, and the $14.3 billion-asset TCF Financial would have 55 in southeast Michigan.
Michael Magee, the president and chief executive officer of Independent, said buying the branches would increase its market share in Bay City, where it is already No. 1, and give it the No. 2 share in Battle Creek and the No. 4 share in Saginaw.
