Five months after its merger with Detroit-based Chemical Bank, TCF Financial Corp. has unveiled a new naming rights agreement that cements its presence in Minnesota.
Under a three-year naming rights agreement unveiled Tuesday, the Mall of America’s central rotunda is now the TCF Rotunda. There hasn’t been a formal naming agreement for the space in 10 years, said Jill Renslow, the mall’s senior VP of business development and marketing.
Some mall patrons may remember the days of the “Sam Goody Rotunda,” named after the erstwhile music retailer that was acquired by Best Buy. The rotunda kept the name throughout the early 2000s. (Best Buy pulled its own store out of the mall in 2018.)
“It’s just been an issue of timing and finding the right partner,” Renslow said. “We wanted something that would be more than just a brand that’s hanging on the wall. We wanted a partner we can work with collaboratively.”
The mall and the bank declined to share the agreement’s financial terms.
The Mall of America has secured a number of sponsorships over the years—including agreements with Pepsi-Cola, Explore Minnesota, and the Mystic Lake Casino and Hotel—but the rotunda is the mall’s “preeminent space,” Renslow said.
TCF, meanwhile, moved its headquarters from Minnesota to Detroit when it merged with Chemical in August. The merged bank is now headquartered in Detroit.
The bank in late summer began talks with the mall about naming rights for the rotunda, said TCF president and CEO Craig Dahl. TCF already co-sponsors the mall’s ice-skating rink.
“This is clearly a destination for people all over the world,” Dahl said in an interview at the mall on Tuesday morning. “The naming agreement just made a lot of sense to us.”
TCF is trying to raise brand awareness in some of its new markets, too. For instance, shortly after its merger, the bank secured naming rights for the Cobo Center convention hall in downtown Detroit.
Dahl said he expects “some kind of investments” in all of the bank’s markets, including Chicago and Denver. Through the merger, the bank gained footholds in Michigan, Ohio, and Indiana. The bank had already been operating in Minnesota, Wisconsin, Illinois, Arizona, South Dakota, and Colorado.