TCF Bank To Close Another Eight Branches
TCF Financial Corporation is reportedly closing eight of its branches at Cub Foods stores in Minnesota by the end of March.
The Minnesota branches that will shutter are in Hastings, Forest Lake, Northfield, Rogers, Chanhassen, Lakeville South, Elk River, and Mankato, the Star Tribune reported.
Following a two-year financial restructuring period, the bank is reportedly pursuing cost-cutting measures. TCF executives told the Minneapolis newspaper that the closures are more about “pruning” and said that the bank will continue to partner with Cub Foods and Jewel-Osco grocery stores.
In December, the Wayzata-based bank announced plans to close 37 branches in Illinois and Indiana along with one of its Minneapolis branches, resulting in the loss of roughly 200 jobs.
Those closures cost the bank $9 million in the fourth quarter, decreasing earnings by about 3 cents per share, according to the Star Tribune.
TCF currently operates 427 branches in Minnesota, Illinois, Michigan, Colorado, Wisconsin, Indiana, Arizona, and South Dakota—228 of which are in supermarkets.