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Stock Market & Financial Investment News

News Breaks
December 11, 2013
10:31 EDTTCBTCF Financial announces realignment, to consolidate 37 branch locations
TCF National Bank, the principal subsidiary of TCF Financial, announced a realignment of retail banking resources to support its strategic growth initiatives, including the consolidation of 37 branch locations. These branches will be fully transitioned by the end of March 2014. These changes follow a comprehensive review of TCF’s branch portfolio to determine how best to deploy its resources. These changes will result in TCF incurring a one-time pre-tax charge to earnings of approximately $7.6M in the Q4 earnings.
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April 22, 2014
08:05 EDTTCBTCF Financial reports Q1 EPS 24c, consensus 23c
Reports Q1 revenue $304.7M, consensus $200.44M. Reports Q1 provision for credit losses $14.5M. Reports Q1 non-accrual loans and leases of $266.7M. Reports Q1 loan and lease originations increased to $422.2M from Q1 last year. Reports Q1 average deposits increased to $483.9M from Q1 last year. The company said, "TCF’s Q1 results were positively impacted by the continuation of several key trends. Strong loan and lease originations and core deposit growth, decreased provision through continued credit quality improvement, and an industry-leading net interest margin more than offset the seasonal decline in banking fee revenue. In addition, TCF executed a significant expense reduction and efficiency initiative by completing the consolidation of 46 branches across our footprint late in Q1. As we continue to execute on our strategies and take advantage of opportunities, I believe we are well positioned to achieve strong returns for our stockholders.”

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