In a cost-cutting consolidation move, 37 of the TCF Bank branches located in Chicago-area and Northwest Indiana Jewel-Osco stores will be closed by the end of March, TCF National Bank announced Wednesday.
The consolidation will affect five Kane County locations: 119 Randall Road, Batavia; 652 Kirk Road, St. Charles; 465 N. Route 47, Sugar Grove; 800 N. Main St., Elburn; and 375 Randall Road, South Elgin.
TCF Bank spokesman Mark Goldman said there was no “average” number of employees per branch bank, but the consolidation will affect approximately 200 employees.
“It is our focus and intent to retain as many as possible at TCF,” Goldman said. “We are working with them and encouraging them to apply for other positions.”
TCF is based in Wayzata, Minn., and is closing its downtown Minneapolis branch as well, the company announced in a statement. TCF has partnered with Jewel-Osco stores for the past 16 years, officials said.
TCF will remain the primary banking partner for Jewel, as it will be keeping 118 of its branch locations, Goldman said. In all, the bank currently has 199 branch locations in Illinois and Indiana.
“We have one of the largest bank footprints of any bank in the Chicago area,” Goldman said.
The decision to consolidate the branches was based on a comprehensive review of the TCF branch network to see where branches could be consolidated and resources could be deployed in other products and services, Goldman said.
TCF plans to add 52 ATMs at train stations in Chicago, he said.
“Another factor is the nature of how our customers bank is evolving,” Goldman said. “As more have the capability to do online and mobile banking through smartphone banking, the amount of foot traffic has decreased.”
TCF now offers mobile and Android applications for customers to use, so they see less need to go into a branch to do banking, he said.
A spokeswoman for Jewel did not return a voice mail message or an email requesting comment on the closures and whether the grocery company plans to have another bank step in after TCF leaves.