TCF National Bank (TCF Bank) has agreed to offload its branches in Arizona along with its deposits and certain related assets to Alaska USA Federal Credit Union for an undisclosed amount.
The transaction will involve TCF Bank’s seven branches in the greater Phoenix market. TCF Bank is the primary banking subsidiary of Michigan-based TCF Financial.
TCF Bank will have more than 490 branches across Michigan, Minnesota, Illinois, Colorado, Ohio, South Dakota, and Wisconsin after the completion of the deal.
TCF Bank regional banking executive vice president Michael Jones said: “We are pleased to have found a buyer in Alaska USA that is equally recognized for its outstanding commitment to its credit union members and its employees, and we look forward to working together to provide a smooth transition for our customers and our team members.”
Jones further said that the sale of the branches in Arizona enables the bank to prioritise its efforts and resources on key markets where it has greater scale.
Alaska USA will increase its branches to 15 in the Phoenix market following the transaction.
Based in Anchorage, Alaska, the credit union also has a financial centre, a data centre, and an operations centre in Glendale, Arizona. The financial services company has more than 300 employees in Arizona and is set to increase its workforce by adding TCF Bank’s team members working at the seven branches.
Alaska USA CEO comments on the deal with TCF Bank
Alaska USA president and CEO Geoff Lundfelt said: “The acquisition of TCF Bank’s seven branches and deposits in Arizona further demonstrates our commitment to providing expanded access to credit union services to individuals residing throughout Maricopa County.
“We look forward to serving these customers, who will have the opportunity to become members of our credit union and all that it has to offer.”
Alaska USA operates across Alaska, Arizona, Washington, and California. The credit union claims to have more than $8.3 billion in assets.
The transaction, which is subject to customary closing conditions and regulatory approval, is likely to be closed in the second quarter of this year.
