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TCF Financial Finds Its Retailing Niche and Looks to Build on Rapid Chicago Growth Spurt

MINNEAPOLIS- Minneapolis-based lender succeeds where behemoth Bank of America and others have failed. Bank eyeing branch expansions in Detroit food marts next.

By Jim McCartney | Updated on September 06, 2000

TCF Financial’s focus on attracting deposits from middle-and-lower-income customers has enabled it to make money on its Jewel Food Stores branches – something its predecessor, banking behemoth Bank of America, was unable to do. TCF purchased the struggling food store branches from Bank of America.

TCF has since become a big player in Chicago’s financial services market, where it now has 132 supermarket units (including 11 with Cub Foods) and 32 traditional branches.“Our product line is more suited to a larger portion of customers at Jewel,” says Mike Johnstone, president of TCF Illinois.“Our cornerstone product, `Totally Free Checking,’ has been a tremendous hit.”

TCF is now looking for opportunities to expand through grocery store branches in the Detroit area, where it sees great opportunities. At this point, however, none of the big supermarket chains are looking for bank branches, said a TCF spokeswoman.

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