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.
-
The Minnesota company's management team expressed confidence in its ability to monitor risk, even as companies such as BB&T and Fifth Third issue warnings over pricing and returns.
January 28 - Minnesota
Over the past three decades William Cooper has led TCF Financial through two crises and reinvented the bank to keep it profitable. He also sued the Federal Reserve in the aftermath of the financial crisis, for imposing a cap on debit card fees. For his strong leadership in the industry as well as his candid, off-the-cuff style American Banker has named him its lifetime achievement honoree.
December 14 -
The $18.4 billion-asset company said in a regulatory filing Wednesday that it will shutter 37 branches inside Chicago-area Jewel-Osco stores and a branch in downtown Minneapolis.
December 11
TCF in December 2013 announced plans to
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.
