TCF CEO Craig Dahl Retires
Craig Dahl, longtime CEO of TCF Financial Corp., is stepping down from his position, effective today.
His career at the bank spans 21 years. He remained on board as president and CEO after TCF merged with Detroit-based Chemical Bank in August 2019. Dahl’s retirement was formally announced Monday.
“I believe now is the right time to pass the baton and refocus my time with my family,” Dahl said during the bank’s third-quarter earnings call on Tuesday. “Even in the midst of a pandemic, I could not be prouder of what TCF has accomplished and the strong outlook and opportunities that lay ahead.”
Before the merger was completed, Dahl in January told the Star Tribune that he had signed a three-year contract to stay on board with the combined company.
During his time as CEO, Dahl helped lead the bank through its “merger of equals” with Chemical Bank. The combined organization retained TCF’s name, though its corporate headquarters moved from Wayzata to Detroit.
David Provost, who previously held the top spot at Chemical bank, will replace Dahl as TCF Financial Corp.’s new CEO. He’ll be joined by Thomas Shafer, who will serve as CEO of TCF National Bank, the organization’s primary banking subsidiary.
Provost and Shafer will report to TCF executive chairman Gary Torgow.
“Craig’s leadership has been instrumental in getting TCF to the point we are today,” Torgow said in a news release. “He has guided TCF through a successful integration program and has worked tirelessly with our teams to build many of our businesses from the ground up over the past 20 years.”
The 2019 merger took TCF from a bank with about $20 billion in assets to $48 billion in combined assets. TCF now counts 475 branches across seven states.
In an email, Vance Opperman, lead independent director on TCF’s board, said Dahl steered the integration of the two banks’ IT platforms.
“We were in our first year of merged operations following our merger of equals,” Opperman said. “Many on the TCF team should take credit for this, but none more than our leader, Craig Dahl. This was a good time for him to retire and help our company prepare for the future. Let me just add: No one on the TCF team will rest on our laurels — we are committed to serving our communities.”
[Editor’s note: Vance Opperman is CEO and owner of MSP Communications, which publishes Twin Cities Business.]