TCF Bank will close 37 branch banks -- including 19 local branches -- inside Chicago area Jewel-Osco stores.
TCF will still operate 118 branches within Jewel-Oscos, as well as expand its ATM network by adding 52 machines at Chicago CTA L train stations, the company announced today. The affected branches will close by March.
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TCF, based in Minnesota, released a statement saying the closings result from the company's intention to further invest in online and mobile banking, new products and services and expanded ATM locations.
"We determined our customer base at these branches could be served by other nearby TCF locations, enabling us to redirect resources to fund our growth initiatives," said Thomas F. Jasper, TCF vice chairman of funding, operations and finance. "We are working aggressively to minimize the impact of these changes on our customers and we expect to retain many of the employees impacted by the consolidations after March 2014." The closing will not affect TCF's relationship with Jewel-Osco, he added.
TCF spokesman Mark Goldman said that the majority of the branches being closed are within proximity of other TCF locations, so the closing will not affect customers greatly. "We looked at locations where there was a high concentration of TCF banks and services," Goldman said. "In fact, 25 of the 37 banks have another TCF location within a five miles, and 14 of the 37 are within 3 miles of another location."
Both Goldman and Jasper stressed the closings do not affect TCFs relationship with Jewel-Osco.
"Our partnership has enabled both TCF and Jewel to grow in the Chicago market over the past 16 years, delivering convenient services that make the Jewel-Osco stores a primary destination for consumers," Jasper said. "As we prepare to introduce new and expanded product offerings in the coming months, we look forward to creating new motivations for consumers to visit TCF branches inside one of the 118 Jewel-Osco stores."
The changes will result in TCF incurring a one-time pretax charge to earnings of approximately $7.6 million in its fiscal 2013 fourth quarter earnings.
The Wayzata, Minn.-based bank holding company has nearly 430 branches in Minnesota, Illinois, Michigan, Colorado, Wisconsin, Indiana, Arizona and South Dakota.
The suburban locations slated to close include:
• 1501 E. Algonquin Road, Algonquin
• 966 Route 59, Antioch
• 150 West Main St., Barrington
• 119 Randall Road, Batavia
• 696 Northwest Hwy., Cary
• 800 N. Main, Elburn
• 2031 Main St., Geneva
• 885 E. Belvidere Road, Grayslake
• 4222 Elm St., McHenry
• 3795 Orchard, Oswego
• 652 Kirk Road, St. Charles
• 2401 Route 12, Spring Grove
• 375 Randall Road, South Elgin
• 465 N. Rt 47 Sugar Grove
• 547 W. Liberty St., Wauconda
• 177 E. Roosevelt Road, West Chicago
• 145 S. Eastwood Dr., Woodstock
• 234 E. Veterans Parkway, Yorkville
• 1400 21st St., Zion