TCF to close bank branches in local Jewel stores

2013-12-11T15:45:00Z 2013-12-11T16:19:13Z TCF to close bank branches in local Jewel storesJoseph S. Pete, (219) 933-3316
December 11, 2013 3:45 pm  • 

TCF National Bank will have just one remaining Indiana location after closing 37 branches inside supermarkets across the greater Chicago area.

The Minnesota-based bank is closing branches in Jewel supermarkets, including at six locations in the Calumet Region. TCF National Bank will shutter in-store locations in Chesterton, South Chicago Heights, Crown Point, Dyer, Homewood and South Holland.

All those branches will be shut down by the end of March. At that point, the only remaining TCF National Bank in Indiana will be located in the Jewel supermarket at 716 Ridge Road in Munster.

"We looked at the profitability of each location, their overall proximity to other TCF stores and the long-term prospects for new account growth," said TCF spokesman Mark Goldman. "We determined that these 37 branches did not meet our threshold to make them viable and, in many cases, we determined that other branches nearby could serve their needs."

TCF will continue to operate branches in a 118 other Jewel stores across the Chicago area.

The bank is informing customers about the closures and will recommend other TCF branches to meet their banking needs, said Goldman. The Dyer, Homewood and South Holland branches are all within eight miles of the TCF in Munster, but the other area branches that are closing are at least 14 miles away.

After reviewing its retail portfolio, TCF decided to shutter the branches in order to shift focus to expanding its ATM presence in Chicago, chiefly at "L" stations. TCF is adding 52 new cash machines, bringing its total to 270 throughout the Chicago area.

"TCF continues to focus on enhancing the banking experience for our customers by delivering products and services that meet the needs of their everyday life," said Thomas Jasper, vice chairman of funding, operations and finance for TCF Bank. "As we make investments in these areas, we are deploying resources in places that benefit all of TCF's customers. 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."

The bank expects to retain many of the employees who now work at the branches that are closing, Japser said.

Jewel spokeswoman Allison Sperling declined to comment on what the supermarket chain would do to fill the empty space in its stores.

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