TCF Financial Corp., Minneapolis, has won approval from the Office of the Comptroller of the Currency to convert its four thrifts to national banks.

In a Jan. 24 order, the OCC also gave the $7.1 billion company permission to open two new national banks, in Ohio and Colorado.

"While the conversion to national bank charters will not change our philosophy of operations, we believe it will result in TCF being recognized as a top-performing bank," TCF chairman and chief executive William A. Cooper said in a statement.

The Federal Reserve Board has yet to approve the company's plan to convert to a bank holding company. In addition, an application is pending at the Federal Deposit Insurance Corp. for deposit insurance for the new national banks in Ohio and Colorado.

TCF's four thrifts are in Minnesota, Illinois, Wisconsin, and Michigan.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

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