Our very own Wayzata-based TCF Financial Corporation is planning to move TCF Bank headquarters from Minneapolis to Sioux Falls by April 1. TCF isn't the first bank to move to the area as South Dakota is widely known as a bank-friendly state; In fact, some of the nation's most relaxed laws on lending and taxes are in South Dakota. The planned move makes sense as TCF has to constantly adjust its policies to comply with the various laws in each state where it operates. TCF spokesman, Jason Korstange stated, "It'll allow us to use the South Dakota laws and regulations throughout our eight states that we'll be doing business," Korstange said. "So that'll save us money on legal costs, operational costs and processing."
TCF Financial Corporation announced last November that it had received $360 million from the U.S. Treasury as part of the government's TARP program, though company officials say TCF is financially strong. On the company's Web site, CEO Bill Cooper says TCF was not involved in any of the risky financial deals which collapsed some major U.S. banks. It is also known that no jobs Minnesota jobs will be lost during this move.
(Photo courtesy of
http://www.wayzatalifestyle.tk/)
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