TCF Financial Corporation is a bank holding company

Holding company

A holding company is a company or firm that owns other companies' outstanding stock. It usually refers to a company which does not produce goods or services itself; rather, its purpose is to own shares of other companies. Holding companies allow the reduction of risk for the owners and can allow...

 based in Wayzata, Minnesota

Wayzata, Minnesota

Wayzata is a city in Hennepin County, Minnesota, United States, a western suburb of Minneapolis. Wayzata came into existence in the center of Chief Shakopee's Indian village.-Early settlement:...

, USA, employing more than 7,300 people. The holding company consists of several wholly owned subsidiaries including its principal subsidiary, TCF Bank

TCF Bank

TCF Bank is the wholly owned banking subsidiary of TCF Financial Corporation, a bank holding company headquartered in Wayzata, Minnesota. TCF Bank is nationally chartered and operates 440 bank branches....

, a nationally chartered bank. In the third quarter of 2010, the company reported more than $18.3 billion in assets. As of September 30, 2010 TCF posted 62 consecutive quarters of profit.

Subsidiaries

Banking:

• TCF Bank
  TCF Bank
  TCF Bank is the wholly owned banking subsidiary of TCF Financial Corporation, a bank holding company headquartered in Wayzata, Minnesota. TCF Bank is nationally chartered and operates 440 bank branches....
  
  

Leasing:

• TCF Equipment Finance, Inc.
• Winthrop Resources Corporation

Inventory Finance:

• TCF Inventory Finance, Inc.
• TCF Commercial Finance Canada, Inc.

Philanthropy:

• TCF Foundation

Officers

• William Allen Cooper, Chairman and Chief Executive Officer
• Neil W. Brown, President and Chief Operating Officer
• Barry N. Winslow, Vice Chairman
• Timothy P. Bailey, Chief Credit Officer
• Craig R. Dahl, Executive Vice President
• Earl D. Stratton, Chief Information Officer

History

TCF Financial Corporation, formerly Twin City Financial, has roots that can be traced to 1923. The current holding company

Holding company

A holding company is a company or firm that owns other companies' outstanding stock. It usually refers to a company which does not produce goods or services itself; rather, its purpose is to own shares of other companies. Holding companies allow the reduction of risk for the owners and can allow...

 structure was created in the mid-1980s to take advantage of easing regulations and allow expansion into non-bank services. In the 1990s, the company expanded banking into Michigan through the acquisitions of First Federal Savings Bank of Oakland County and Great Lakes National Bank. 1997 saw the acquisition of Winthrop Resources Corporation and 2004 saw the acquisition of VGM Leasing, Inc.

Anti Durbin Amendment Action

As reported in the Minneapolis Star Tribune, TCF Financial Corporation filed a lawsuit October 12, 2010 against Federal Reserve chairman Ben Bernanke and the Fed's board of governors. The lawsuit seeks a court order declaring the Durbin amendment to the current financial reform bill unconstitutional and seeks an injunction barring its enforcement.

The Durbin amendment allows the Federal Reserve to limit interchange fees to the bank's cost of authorizing, clearing and settling debit card transactions. The amendment was instigated by retailers, and is supported by consumer groups.

"Right now, consumers are footing the bill," said Doug Kantor of the Merchants Payments Coalition, a large group of retailers and retail trade associations. "To the extent that retailers pay less, consumers will pay less."

Operations

TCF's lending is focused on assets such as commercial loans and leases while they seek lower cost deposits such as checking accounts as a source of funds. They hope to attract these deposits through longer hours of operation. Most branches are open 80 hours a week including Saturdays and Sundays.

TCF's major sources of non-interest (fee) income are overdraft fees, VISA interchange fees, and lending and leasing origination fees. Historically ATM fees were also a major source of income, but industry-wide this has fallen over the last several years, and TCF is no exception.

TCF earns only 64% of its income from interest; this limits TCF's exposure to interest rate shifts.