TCF Financial in Wayzata, Minn., will close 33 branches inside Jewel-Osco stores in the Chicago area.
The $21 billion-asset holding company said in a press release late Thursday that it will record a charge in the first quarter to cover costs tied to the closures. TCF, which did not disclose the amount of the charge, said it expects the closures to produce a "net positive economic impact" later this year.
TCF did not identify the location of specific branches, which are set to close by May. The company will have a total of 148 branches in the Chicago area after the closings, including 85 inside Jewel-Osco stores.
TCF in December 2013 announced plans to close 37 branches inside Jewel-Osco stores in the Chicago area.
In the affected Jewel-Osco locations, TCF will replace offices with enhanced ATMs. The company also plans to enhance other retail branches in the Chicago area, such as renovating in-store layouts. TCF will also add ATMs in the parking lots of some Jewel-Osco stores.
TCF extended the terms of its retail agreement with New Albertson's, the Boise, Idaho, parent of Jewel-Osco, through 2021.