Other subsidiaries offer insurance, annuities, brokerage products, and nation-wide equipment leasing. As of December 31, 2005, the company reported more than $13 billion in assets. As of 2006, TCF has increased dividend payments for fifteen consecutive years.

Brief History

TCF Financial Corporation, formerly Twin City Financial, has roots that can be traced to 1923. The current holding company structure was created in the mid-1980s to take advantage of easing regulations and allow expansion into non-bank services. In the 1990s, the company expanded banking into Michigan through the acquisitions of First Federal Savings Bank of Oakland County and Great Lakes National Bank; the early 2000s saw the acquisition of Winthrop Resources Corporation and the expansion of leasing operations nation-wide.

Operations

TCF’s lending is focused on assets such as commercial loans and leases while they seek lower cost deposits such as checking accounts as a source of funds. They hope to attract these deposits through longer hours of operation. Most branches are open 80 hours a week including Saturdays and Sundays. TCF also engages in business lines such as check cashing, Western Union and insurance reaching out to traditionally “unbanked” customers.

TCF’s major sources of non-interest (fee) income are overdraft fees, VISA interchange fees, and lending origination fees. Historically ATM fees were also a major source of income, but industry-wide this has fallen over the last seven years, and TCF is no exception. ATMs are used far less frequently today than they were seven to ten years ago (debit cards having become more popular and widespread), and so fee income from this category has fallen off sharply.