Five TCF National Bank locations inside Jewel-Osco grocery stores throughout McHenry County will close by the end of March.
The closings are part of 37 bank branches in the Chicago area that will shut their doors as part of a realignment of retail banking resources meant to support the company’s strategic growth initiatives, according to a news release.
Four branches in Lake County also will close, as well as a location in Barrington.
“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 Jasper, TCF vice chairman of funding, operations and finance, in the release. “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.”
Branches closing include those located inside grocery stores in Antioch, Zion, Spring Grove, Grayslake, Barrington, Wauconda, McHenry, Cary, Woodstock and Algonquin, according to Crain’s Chicago Business. Several of the locations to close are in northwest Indiana.
TCF still will have 118 in-store Jewel branches throughout the Chicago area.
“Our partnership has enabled both TCF and Jewel to grow in the Chicago market over the last 16 years, delivering convenient services that make the Jewel-Osco stores a primary destination for consumers,” Jasper said.
The changes will result in TCF incurring a one-time pretax charge to earnings of approximately $7.6 million in the corporation’s fiscal 2013 fourth-quarter earnings.
With 199 locations, Wayzata, Minn.-based TCF has the third-largest number of branches in the Chicago metropolitan statistical area, according to Crain’s, trailing only market leader J.P. Morgan Chase & Co. and retail player BMO Harris Bank.
TCF also announced that it is expanding its ATM network in the area with 52 new machines in CTA el stations throughout the city of Chicago.