Wayzata-based TCF Bank will close its downtown Minneapolis branch, and nearly 40 in Jewel-Osco stores in Chicago as part of a major reorganization.
WAYZATA, Minn. - Minnesota-based TCF National Bank is announcing the closing of its downtown Minneapolis branch and 37 branch locations located inside Jewel-Osco stores in the Chicago area as part of a significant realignment.
TCF says the impacted branches, including the one at 801 Marquette Avenue in downtown Minneapolis, will be fully transitioned by the end of March 2014, and are motivated by a comprehensive review of the bank's branch portfolio, and the desire to support further investments in its online and mobile banking platforms, new products and services, and expanded ATM locations.
"TCF continues to focus on enhancing the banking experience for our customers by delivering products and services that meet the needs of their everyday life," said Thomas F. Jasper, Vice Chairman, Funding, Operations and Finance for TCF Bank. "We determined our customer base at these branches could be served by other nearby TCF locations, enabling us to redirect resources to fund our growth initiatives"
TCF will continue be the primary banking partner for Jewel-Osco, maintaining 118 branch locations in other grocery stores throughout the Chicago area. TCF supports Jewel's growth strategy and will continue to partner on ways that benefit our mutual customers.
The changes will result in TCF incurring a one-time pre-tax charge to earnings of approximately $7.6 million in the Corporation's fiscal 2013 fourth quarter earnings.