TCF Bank and New Albertson’s Inc. Announce a New Multi-Year Retail Banking Services Agreement for Jewel-Osco Stores

  • TCF Bank will continue to serve as primary retail banking partner
    in Jewel-Osco stores
  • Bank to expand ATM footprint and enhance digital platforms to
    support quality customer service and convenience
  • Bank to close 33 retail branches located inside Jewel-Osco stores
    while adding advanced ATM capabilities in these locations

WAYZATA, Minn.–(BUSINESS WIRE)–TCF National Bank (TCF Bank), the principal subsidiary of TCF Financial
Corporation (TCF) (NYSE: TCB) and New Albertson’s Inc. today announced a
new multi-year retail banking services agreement for Jewel-Osco grocery
stores located in the Chicago area. As part of a broader focus on
increasing its presence in the Chicago market, TCF Bank is enhancing its
retail branches, ATM footprint and online technologies to support
quality customer service and convenience. These include technology
enhancements at retail branches to streamline transactions, improved
layouts to support deeper customer relationships and the addition of
ATMs located in select parking lots of Jewel-Osco stores. In
conjunction, TCF Bank will close 33 retail branches inside Jewel-Osco
stores by the end of May 2016 and in their place install ATMs that
feature advanced transaction capabilities.

“We are pleased to extend our relationship with Jewel-Osco and continue
to build on our strong partnership of nearly 20 years. As we look ahead,
the way our customers connect with us for their financial needs is
evolving and our focus is on delivering products and solutions in a way
that’s in rhythm with their daily life,” said Michael S. Jones,
executive vice president of consumer banking for TCF. “A nearly 30
percent increase in the number of our ATMs throughout the Chicago
region, investments in our mobile and online banking platforms, our new
products and services and deployment of new technologies are in response
to our customers’ needs to transact and manage their money 24/7. Our
retail branches are still an important component of our service
experience and our new branch concept supports our ability to strengthen
relationships with our customers. In choosing to replace some branch
locations with advanced ATMs, we are able to redirect resources to fund
our customer service initiatives while preserving convenient access to
basic banking services. Our customers will benefit from our
industry-leading branch hours at nearby locations. We are committed to
minimizing the impact of these changes on our customers and we expect to
retain many of the affected employees once the closures are complete
after May 2016.”

TCF Bank is strongly committed to the Chicago market. Recently, TCF Bank
and Jewel-Osco partnered to develop new bank branch concepts at stores
in Darien and Bensenville. In November, TCF Bank announced the addition
of 71 new cash-only ATMs located in select Target stores throughout the
Chicago area. In total, TCF Bank has a network of more than 820 machines
across its retail banking footprint in Minnesota, Illinois, Michigan,
Colorado, Wisconsin, South Dakota, Indiana and Arizona. Once the retail
branch changes are fully implemented, TCF Bank will have 148 locations
throughout the Chicago region, southeast Wisconsin and northwest
Indiana, including 85 located inside Jewel-Osco stores. These branches
will continue to have industry-leading convenient hours of operation.

TCF expects to incur an immaterial one-time pre-tax charge to earnings
in its fiscal 2016 first quarter as a result of the changes related to
the Jewel-Osco service agreement. When fully implemented in fiscal 2016,
TCF expects the changes related to the agreement to result in a net
positive economic impact within the year. The new agreement is in effect
until 2021, with options for TCF to renew it.

Customers who want information on branches affected by this announcement
or the locations of TCF Bank’s ATMs can visit
or on the bank’s mobile application.

Safe Harbor for Forward-Looking Information
This press
release may contain projections and other “forward-looking” statements
within the meaning of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements
deal with future results, plans or performance. We caution you that such
statements are predictions and that actual events or results may differ
materially. TCF’s expected financial results or other plans are subject
to a number of risks and uncertainties. Please see the forward-looking
statement disclosure contained in TCF’s 2015 third quarter Form 10-Q for
more information about risks and uncertainties. Forward-looking
statements speak only as of the date made and TCF undertakes no duty to
update the information.

About TCF
TCF is a Wayzata, Minnesota-based national bank
holding company. As of December 31, 2015, TCF had $20.7 billion in total
assets and 375 branches in Illinois, Minnesota, Michigan, Colorado,
Wisconsin, Arizona, South Dakota and Indiana, providing retail and
commercial banking services. TCF, through its subsidiaries, also
conducts commercial leasing, equipment finance, and auto finance
business in all 50 states and commercial inventory finance business in
all 50 states and Canada. For more information about TCF, please visit


TCF Financial Corporation
Mark Goldman, 952-475-7050 (Media)
Korstange, 952-745-2755 (Investors)