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TCF Financial Corporation


TCF Financial Corporation was a bank holding company headquartered in Detroit, Michigan, that served as the parent entity for TCF Bank, a regional institution providing retail banking, commercial lending, leasing, and wealth management services primarily across the Midwestern United States. Originating from Twin City Building and Loan Association, established in Minneapolis in 1923 as a federal savings and loan, the company expanded aggressively through acquisitions and innovative in-store branching strategies, positioning itself as a high-volume, low-cost deposit gatherer akin to major retailers rather than traditional banks. By 2020, TCF managed approximately $48 billion in assets and held a top-10 position in U.S. deposit market share for supermarket banking. The corporation's growth included key mergers, such as the 2019 combination with Chemical Financial Corporation, which relocated its headquarters to and enhanced its commercial ing capabilities. In December 2020, TCF announced an all-stock merger with Incorporated, valued at around $22 billion, which closed on June 9, 2021, integrating TCF's operations into Huntington to form a top-10 U.S. regional with expanded footprint in the Midwest and regions; this required divestitures of 13 branches to address antitrust concerns. TCF faced notable scrutiny over its practices, culminating in a 2017 lawsuit by the alleging deceptive enrollment tactics that generated millions in fees, leading to a 2018 settlement requiring $25 million in consumer restitution and a $5 million . This episode highlighted tensions between aggressive fee-based revenue models and regulatory demands for transparent consumer protections in .

History

Founding and Early Years

Twin City Building and Loan Association was established on April 2, 1923, in downtown , , initially operating from the Plymouth Building. The institution was organized by an unnamed life insurance executive and led by president Roy W. Larsen, offering shares with a $2 membership fee and promising 7% dividends amid widespread public distrust of savings and loan operations following prior industry failures. Early expansion included opening a second office in St. Paul in April 1924, with resources approaching $50,000 and overall growth multiplying fivefold within its second year. In 1936, it obtained a federal charter, renaming to , at which point assets stood at $3.5 million, rising to $10 million by 1939 despite the Great Depression's impact, which had lowered interest rates to 2.5%; introduced in the mid-1930s helped stabilize operations. By 1943, the association ranked as the seventh-largest savings and loan in the United States, with $20 million in assets, having disbursed $2.9 million in dividends and financed 14,126 homes over its first two decades. Assets continued accelerating , reaching $50 million in 1946, $100 million by 1951, and $200 million by 1955, under ongoing leadership from Larsen and vice president Burch N. Bell. This period marked a shift from modest local thrift operations to a regionally dominant , surpassing key Minneapolis-St. Paul competitors by 1959 with $357 million in assets.

Expansion Through Acquisitions

TCF Financial Corporation pursued aggressive expansion primarily through strategic acquisitions, focusing on geographic diversification in the Midwest and entry into complementary non-banking services. This approach allowed the company to rapidly increase its branch network, deposit base, and in key states like , , , and , while mitigating limitations in a competitive banking environment. By the mid-1990s, acquisitions accounted for much of TCF's growth outside its Minnesota core, enabling it to compete more effectively with larger regional players. Early expansions targeted deposit-rich institutions to build presence in adjacent markets. In 1987, TCF acquired approximately $300 million in insured deposits from a savings and loan in , establishing an initial foothold there. This was followed in 1993 by the purchase of Republic Capital Group, Inc., a Milwaukee-based entity with $960 million in assets, which extended operations into . Also in 1993, TCF bought $220 million in deposits and 15 branches from the failed First Federal in , further solidifying its entry into that state. The mid-1990s marked a period of larger-scale deals to accelerate branch density. In 1995, TCF acquired Bancorp, which held $2.4 billion in assets and operated 39 offices primarily in , significantly enhancing its regional footprint and deposit-gathering capabilities in locations. Subsequent moves included the 1997 acquisition of Bank of for deeper penetration in the market and the purchase of 76 branches embedded in supermarkets from BankAmerica Corp. between 1997 and 1998, bolstering accessibility in . Diversification beyond traditional banking came through targeted buys in equipment leasing and auto finance. In 1997, TCF entered the leasing sector nationwide via the acquisition of Winthrop Resources Corporation, adding financing to its portfolio. Later, in December 2011, it expanded into indirect auto lending by acquiring Gateway One Lending & Finance, LLC, which specialized in subprime vehicle financing. In 2017, TCF further strengthened leasing with the purchase of Equipment Financing & Leasing Corporation. A pivotal merger in 2019 with Chemical Financial Corporation, completed as a merger of equals on August 1, dramatically scaled TCF's operations, combining assets to reach $46.7 billion by year-end and expanding its branch network to over 500 locations, with a stronger emphasis on Michigan. The deal, valued at approximately $3.6 billion in an all-stock transaction, retained the TCF brand while integrating Chemical's commercial banking expertise, positioning the enlarged entity as a leading Midwest player prior to its eventual absorption by Huntington Bancshares in 2021. These acquisitions collectively transformed TCF from a Minnesota-centric thrift into a diversified regional bank with robust retail and commercial segments.

Strategic Reorientation and Headquarters Move

In January 2019, announced a $3.6 billion all-stock merger with Chemical Financial Corporation, a Detroit-based regional , marking a pivotal strategic shift toward enhancing its banking capabilities and expanding its Midwest footprint. The deal positioned the combined entity with approximately $45 billion in assets, over 500 branches across eight states, and a rebalanced portfolio emphasizing lending, which complemented TCF's existing retail strengths in with Chemical's established expertise in business banking in and surrounding areas. This reorientation aimed to diversify revenue streams beyond consumer deposits and loans, targeting growth in , equipment , and middle-market lending, amid competitive pressures in . The merger closed on , 2020, with all Chemical branches rebranded as TCF Bank, solidifying the strategic pivot by integrating Chemical's 200-branch network and $14 billion in deposits into TCF's operations. Post-merger, TCF's leadership emphasized a "full commercial banking strategy" to build deeper relationships with clients, evidenced by targeted expansions in sectors like manufacturing and healthcare in the . This move addressed prior vulnerabilities in TCF's deposit-heavy model, which had faced margin compression from low interest rates and regulatory scrutiny on fees, by leveraging Chemical's higher-yield commercial assets for improved profitability. As part of the transaction, TCF relocated its corporate headquarters from , to , , aligning operational leadership with the merger's geographic and strategic emphasis on the Midwest industrial heartland. Chemical had previously shifted its own headquarters to from Midland in 2018, setting the stage for the combined entity's base in a revitalizing urban center with access to talent and business networks. TCF committed to constructing a new 20-story, $105 million mixed-use tower at Woodward Avenue and Elizabeth Street as its long-term headquarters, housing key executives and commercial banking functions while retaining significant operations in . This relocation, projected to create hundreds of jobs, underscored Detroit's role in Governor Gretchen Whitmer's agenda, including incentives for local investment and community reinvestment.

Business Model and Operations

Core Banking Services

TCF Financial Corporation's services encompassed a broad array of and deposit and lending products designed to serve consumers, small businesses, and larger clients. Deposit offerings included checking accounts, savings accounts, certificates of deposit, and accounts, which formed the foundation of customer relationships and generated fee income through service charges and maintenance fees. Lending services featured consumer loans such as auto loans, personal loans, and student loans; residential mortgages and lines of credit; and products including business loans, real estate loans, and lines of credit. These services were supported by ancillary features like debit and credit cards, automated teller machine (ATM) access, wire transfers, safe deposit boxes, and direct deposit capabilities, emphasizing convenience for everyday banking needs. TCF's retail banking model prioritized high-volume, low-cost transactions, with a focus on Midwest markets where branches facilitated in-person account openings and loan originations. Commercial banking extended to cash management, treasury services, and merchant processing, catering to business clients' operational funding requirements. While TCF also ventured into specialty areas like equipment finance and leasing through affiliates, core operations remained anchored in traditional deposit-taking and extension, aligning with regulatory expectations for diversified regional banking. This structure enabled TCF to maintain a deposit base exceeding $40 billion by late 2019, funding loan portfolios that emphasized secured lending to mitigate risk.

Market Footprint and Customer Base

TCF Bank's market footprint centered on the Midwest, with approximately 475 branches operating across nine states as of late 2020. The majority of locations were in , , and , supplemented by branches in , , , , , and . This regional focus supported deposit gathering and lending in urban and suburban markets, with many branches situated in to enhance . The customer base primarily comprised retail consumers and small businesses, totaling around 1.5 million accounts in core markets. TCF also served commercial clients through dedicated banking services, including loans and , alongside offerings in trust and for higher-net-worth individuals. The bank's strategy emphasized convenience-driven services, such as extended hours and multi-channel access, catering to a diverse demographic in its operational footprint without specific emphasis on niche segments.

Technological and Customer Experience Innovations

In 2017, TCF Bank completed a comprehensive digital overhaul of its online and mobile banking platforms, designed to enhance intuitiveness and accessibility for customers. This initiative resulted in a 400% surge in overall digital channel usage, with more than 50% of customers adopting the mobile app for transactions. The transformation was led by an internal team, referred to as D3, which developed an entirely new online banking system from the ground up, migrating 1.2 million customer accounts over a 15-month period without significant disruptions. To enable this scalability and flexibility, TCF integrated architecture and , allowing for modular development and faster iteration on customer-facing features such as real-time account alerts and streamlined navigation. This backend modernization supported the front-end improvements, reducing development cycles and improving system reliability for high-volume digital interactions. In December 2020, TCF introduced instant issuance at its banking centers through a with Entrust, enabling new account holders to receive fully personalized, EMV-compliant cards on-site rather than waiting days for delivery. This technology reduced activation times from weeks to minutes, minimizing friction in the onboarding process and aligning with customer demands for immediate access to funds and integration. These enhancements collectively shifted TCF's operational focus toward a hybrid model blending digital with branch-based , though adoption metrics post-implementation emphasized sustained growth in app engagement over traditional teller interactions.

Financial Performance and Growth

Key Metrics and Milestones

TCF Financial Corporation's total assets reached $47.8 billion as of , 2020, up from approximately $40 billion following the August 1, 2019, completion of its merger with Chemical Financial Corporation, which significantly expanded its deposit base and regional footprint. This growth reflected a in assets exceeding 7% over the prior decade, driven by strategic acquisitions and organic deposit accumulation in Midwest markets. The institution maintained a network of approximately 520 banking centers across Michigan, Illinois, Minnesota, Colorado, Ohio, Wisconsin, Arizona, and South Dakota as of late 2019, with deposits forming a core strength as a top-10 market share holder in several key metropolitan areas. In the fourth quarter of 2020, TCF achieved net income of $91.4 million, marking a 63.9% increase from the third quarter, alongside adjusted diluted earnings per common share of $0.66. For the first quarter of 2021, adjusted net income rose to $130.1 million, or $0.84 per diluted share, underscoring resilient profitability amid economic recovery. Longer-term milestones included asset expansion from $11.35 billion in 2001 to nearly $48 billion by 2020, fueled by a shift toward commercial banking and fee-based services post-2010s restructuring. The 2019 Chemical merger stood as a acquisition, adding over $26 billion in assets and enhancing net interest margins through diversified lending. These developments positioned TCF as the 31st largest publicly traded U.S. by assets entering 2021.

Competitive Positioning and Achievements

TCF Financial Corporation maintained a competitive position as a prominent regional , emphasizing retail and commercial banking services primarily in the Midwest , where it held a top 10 deposit as of September 30, 2020. This positioning leveraged a network of branches and ATMs concentrated in high-density urban markets like , , and surrounding states, enabling efficient customer acquisition through localized deposit gathering and lending. The company's segmented operations—spanning consumer banking (e.g., checking and savings accounts), commercial banking, and enterprise services—differentiated it from national competitors by prioritizing relationship-based lending to small and middle-market businesses, which faced less direct competition from larger institutions focused on multinational clients. In terms of financial efficiency, TCF demonstrated superior management effectiveness, achieving a (ROE) of 12.89% in 2018, exceeding the industry average of 10.52% and underscoring its ability to generate through disciplined capital allocation amid competitive pressures from funds and securities offerings. This edge was bolstered by strategic acquisitions and , positioning TCF as a premier Midwest player with $48 billion in total assets by late 2020, though it contended with broader industry challenges like volatility and digital disruption. Key achievements included multiple Greenwich Excellence Awards for U.S. Middle Market Banking in 2020, recognizing TCF's superior performance in relationship management and advisory services within two Midwest regional markets, as evaluated by client surveys from Associates. Additionally, TCF earned consistent "Outstanding" ratings under the , reflecting effective community lending practices that enhanced its regulatory standing and appeal to deposit customers. In shareholder returns, the company distributed over 100% of 2018 net income through dividends and stock repurchases, signaling strong profitability and capital management prior to its merger with .

Regulatory Compliance and Legal Challenges

Overdraft Fee Policies and Litigation

TCF National Bank, the primary banking subsidiary of , implemented protection services that allowed customers to opt in for coverage of withdrawals and one-time transactions exceeding available funds, incurring a $35 fee per item. The bank's account opening process presented enrollment as a default or mandatory feature, with disclosures buried in and bundled with other services, leading to a 66% opt-in rate—over three times the industry average. Employees were incentivized through internal quotas and training to aggressively market the service to new account holders, often without fully explaining options or fee implications. In January 2017, the (CFPB) filed suit against TCF National Bank, alleging unfair, deceptive, and abusive acts or practices under the Consumer Financial Protection Act and violations of Regulation E for failing to obtain affirmative consent for coverage. The CFPB claimed the bank's tactics misled hundreds of thousands of consumers, resulting in millions in avoidable fees, with some accounts accruing up to $185 daily in charges. In September 2017, a federal district court dismissed the Regulation E claims but allowed the unfair and deceptive practice allegations to proceed. The case settled in July 2018, with TCF agreeing to provide $25 million in restitution to affected customers and pay a $5 million civil penalty between the CFPB and the Office of the Comptroller of the Currency (OCC). The settlement included an requiring TCF to revise its enrollment disclosures, eliminate misleading presentations, and cease employee quotas tied to opt-ins, while monitoring compliance through independent audits. TCF did not admit wrongdoing but stated the resolution allowed focus on improvements. Separately, in September 2010, a class-action lawsuit accused TCF of reordering transactions from highest to lowest amounts to maximize occurrences, a practice known as "high-to-low posting." This followed broader industry scrutiny after the 2009 of similar claims against other banks, though specific outcomes for the TCF case remain less documented in compared to the CFPB . These incidents highlight TCF's reliance on revenue, which regulators viewed as prioritizing profits over transparent consumer consent.

Bank Secrecy Act Violations

In July 2010, the Office of the Comptroller of the Currency (OCC) issued a consent order against TCF National Bank requiring enhancements to its Bank Secrecy Act (BSA) and anti-money laundering (AML) compliance program, citing deficiencies in risk assessment, customer due diligence, suspicious activity monitoring, and internal controls. The order mandated the bank to develop and implement a revised BSA/AML program, including improved policies for identifying high-risk customers and reporting suspicious activities, under oversight by a compliance committee appointed by TCF Financial Corporation. On January 25, 2013, the OCC assessed a $10 million civil money penalty against for ongoing BSA/AML program shortcomings, including inadequate implementation of customer identification and procedures, insufficient monitoring for suspicious transactions, and failures in filing complete and timely Suspicious Activity Reports (). Regulators identified specific instances where did not adequately describe or reference potential terrorist financing risks, despite transactions warranting such notations, stemming from lapses in the bank's automated monitoring systems and manual review processes. , then headquartered in , acknowledged the deficiencies and agreed to the penalty without admitting or denying the findings, recording it as a $0.06 per share charge in the fourth quarter of 2012. The violations were linked to systemic issues in TCF's framework, such as inadequate for staff on BSA requirements and delays in addressing known weaknesses identified in prior internal audits and OCC examinations. Following the penalty, TCF enhanced its AML systems, including upgrades to transaction monitoring software and expanded for international wire transfers, which had been flagged as high-risk areas. By December 2013, the OCC terminated the 2010 consent order after verifying that TCF had achieved sustained improvements, including full remediation of identified deficiencies. No further OCC enforcement actions related to BSA violations were reported against prior to its 2021 merger with .

Allegations of Discrimination

In January 2020, Sauntore Thomas, a 44-year-old African American Air Force veteran from Detroit, Michigan, attempted to deposit three settlement checks totaling approximately $99,000 at a TCF Bank branch in Livonia, Michigan. The checks stemmed from Thomas's prior settlement of a racial discrimination lawsuit against his former employer. Bank staff reportedly questioned the legitimacy of the checks due to their size and origin, refused to process the transaction without further verification, and summoned police, resulting in four officers arriving at the scene. Thomas was not arrested but alleged the incident caused him humiliation, mental anguish, and emotional distress, claiming it constituted racial profiling under Michigan's Elliott-Larsen Civil Rights Act. On January 22, 2020, filed a against in , seeking compensatory and , as well as a , on grounds of and unjust treatment. responded by issuing a public , stating that the actions were based on standard fraud prevention protocols triggered by the unusual check details, not , and emphasizing that the institution condemns racism and in any form. The bank further noted that Thomas successfully deposited at another shortly thereafter. The case drew attention as an example of "banking while Black" incidents, amid broader discussions of perceived racial bias in . It was resolved through an out-of-court settlement, with terms not publicly disclosed, and no admission of liability by TCF. Separate from customer-facing claims, TCF faced at least one employment-related allegation in Rahm v. TCF National Bank (filed 2017, South Dakota District Court, Case No. 17-4018), involving claims of retaliation under Title VII of the , though the court compelled arbitration and limited public details emerged. No large-scale or class-action suits against TCF were identified in or records beyond these isolated instances.

Merger with Huntington Bancshares

Deal Announcement and Structure

On December 13, 2020, Incorporated announced a definitive agreement to acquire in an all-stock merger valued at approximately $6 billion, based on the exchange ratio and prevailing share prices at the time. The transaction was structured as a two-step process: first, would merge with and into , with as the surviving entity; second, TCF Bank would merge with and into , 's banking . Under the merger agreement, each outstanding share of TCF would be converted into 0.6033 shares of a new series of Huntington non-voting , which would then be exchanged on a one-for-one basis for voting Huntington , resulting in an effective exchange ratio of 3.0028 shares of Huntington per TCF share. TCF shareholders were to own approximately 48% of the combined company on a fully diluted basis, with Huntington shareholders retaining about 52%. Cash would be paid in lieu of fractional shares. The deal was anticipated to close in the second quarter of , pending regulatory approvals, shareholder votes, and other customary conditions, including the absence of material adverse changes. The combined entity was projected to hold roughly $168 billion in assets, $117 billion in loans, and $134 billion in deposits, positioning it as a top-10 U.S. regional by assets. Huntington's board and management were to remain in place, with five TCF directors joining the Huntington board post-closing.

Regulatory Hurdles and Resolutions

The proposed merger between Incorporated and underwent review by the Board under the , the Office of the Comptroller of the Currency (OCC) for the bank merger, and the U.S. Department of Justice (DOJ) for antitrust concerns. Regulators identified potential anticompetitive effects in four banking markets due to overlapping branch networks, where the transaction would have increased Huntington's in deposits to levels exceeding 30 percent in some areas. To resolve these competition hurdles, Huntington and TCF agreed to divest 14 TCF branches in to Horizon Bank, involving approximately $976 million in deposits and $278 million in loans. This divestiture, finalized as part of a DOJ settlement on May 25, 2021, preserved competition by transferring the branches to an independent acquirer, mitigating deposit concentration risks in markets such as Ann Arbor, Grand Rapids, Kalamazoo, and Traverse City. Additional scrutiny arose from public comments on (CRA) implications, including concerns from community groups about impacts on low- and moderate-income communities and minority-owned businesses in . Huntington addressed these by committing to maintain existing CRA programs, donations, and sponsorships from both institutions post-merger, alongside enhanced lending initiatives. All approvals were secured on May 25, 2021, with the and DOJ clearances enabling the transaction to proceed without further delays. The OCC concurrently approved the merger of TCF into Huntington under CRA standards, retaining TCF's branches outside the divestiture. The deal closed on June 9, 2021, creating a combined entity with $175 billion in assets.

Post-Merger Integration and Legacy

The merger between Incorporated and was completed on June 9, 2021, with TCF merging into Huntington as the surviving entity in an all-stock transaction valued at approximately $22 billion, converting each TCF common share into 3.0028 Huntington shares. Post-merger, Huntington integrated five TCF directors onto its board to leverage TCF's regional expertise, while TCF's operational systems underwent conversion, with customer accounts transitioned to Huntington's platforms during the fourth quarter of 2021. This phase included regulatory-mandated divestitures, such as the sale of 13 branches holding $872.3 million in deposits to address antitrust concerns raised by the U.S. Department of Justice. Rebranding efforts accelerated in late , phasing out the TCF name across branches, ATMs, and sponsorship assets; for instance, exterior at TCF locations was updated by October , and the Detroit convention center previously known as TCF Center was renamed on December 9, . Integration preserved much of TCF's physical footprint, adding over 200 branches primarily in and to Huntington's network, which expanded the combined entity's deposit base to about $175 billion and positioned it as the second-largest bank in by deposits. While some legacy TCF in-store branches, such as those in supermarkets, faced potential closures amid scrutiny during regulatory review, Huntington committed to maintaining service continuity in underserved areas. TCF's legacy endures through Huntington's enhanced Midwest presence, particularly in the market, which Huntington identified as its highest-growth opportunity among TCF's former territories due to dense customer bases and untapped commercial lending potential. The integration bolstered Huntington's competitive scale without reported major operational disruptions, contributing to a unified that, by 2025, supports ongoing expansions like refreshed features while retaining TCF-inherited infrastructure for retail and business banking. TCF's historical focus on consumer lending and regional deposits has informed Huntington's post-merger strategy, though the TCF brand itself was fully subsumed, marking of its independent identity.

Sponsorships and Community Involvement

Major Sponsorship Deals

, through its subsidiary TCF Bank, secured prominent naming rights sponsorships in the sports and convention sectors. In June 2005, TCF announced a 26-year, $35 million agreement with the , which included naming rights for the new on-campus football stadium constructed to house the , along with support for broader athletic programs. The facility opened as TCF Bank Stadium in 2009 with a capacity of 50,805 seats, marking TCF's largest sports-related sponsorship at the time and aiding the university's effort to return football games to campus after decades at the . In 2017, the parties amended the deal to extend certain benefits amid TCF's merger activities, preserving the naming rights until the 2021 acquisition by , after which it was rebranded . Following TCF Financial's 2019 merger with Chemical Financial Corporation—which had initially secured the deal—TCF Bank assumed a 22-year, $33 million agreement for Detroit's premier , previously known as Center. Renamed TCF Center in August 2019, the 2.4 million-square-foot venue hosted major events including the and Detroit's Auto Show, providing TCF with high-visibility branding in a key Midwest market. The sponsorship transferred to Huntington post-merger, leading to its renaming as in December 2021. Smaller sponsorships included TCF Bank's January 2020 acquisition of naming rights for the rotunda at in , rebranded as TCF Plaza, coupled with co-sponsorship of the venue's seasonal . These deals emphasized TCF's of leveraging regional landmarks for brand exposure, though they were eclipsed in scale by the stadium and convention center commitments.

Philanthropic and Local Engagement Efforts

TCF Financial Corporation supported philanthropic initiatives primarily through the , a corporate established in to promote charitable giving in the bank's major market areas, including , , , , and , with the aim of enhancing community awareness and quality of life. The prioritized funding for organizations actively supported by TCF employees via volunteerism or board service, emphasizing local impact over broad national causes. A core component of the foundation's efforts was its employee matching gift program, which matched employee contributions to eligible charities on a one-to-one basis, ranging from $25 to $10,000 per employee annually, thereby amplifying individual tied to TCF's workforce. Additionally, the foundation allocated funds for contributions from TCF's branches, allowing branch managers to direct support to local nonprofits, fostering engagement in the communities served by the bank's over 500 locations. Notable direct gifts included a $5 million in November 2019 to develop a laboratory and community banking branch in Detroit's Grandmont Rosedale neighborhood, part of a broader strategic neighborhood revitalization effort combining with public subsidies. In , TCF Bank branches raised over $20,000 through customer collections to fund training of medical service dogs for disabled veterans and first responders via Guardian Angels Medical Service Dogs. The bank also pursued local engagement through equity-equivalent investments, such as a 2020 commitment to the Metropolitan Consortium of Community Developers in , supporting and initiatives. TCF's broader local engagement extended to strategic lending and partnerships framed as equity commitments, including a July announcement of $1 billion in programs targeted at minority communities and minority- or women-owned small businesses in cities like , reflecting a blend of financial access with goals. These efforts built on a history of corporate giving and employee volunteerism, though annual foundation contributions from TCF Bank varied, with $282,000 reported in primarily to sustain the matching program. Overall, TCF's approach emphasized employee-driven and branch-level involvement to align with operational footprints, prioritizing verifiable local outcomes over generalized social initiatives.

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