Chemical completing its conversion to TCF Bank
WARREN — The final conversion of Chemical Bank into Detroit-based TCF Bank is planned for early August, a switch Chemical customers in Trumbull and Mahoning counties should find to be seamless, officials said.
“The most noticeable thing for our customers in Ohio will simply be the name change,” said Chris McComish, executive vice president of regional banking for TCF Bank. “We are taking the core banking systems for the legacy Chemical organization, and we’re integrating our TCF customers and infrastructure into the the Chemical Bank infrastructure. So for our customers in Ohio, there really is no change except for the name.”
Chemical customers should have already noticed upgrades to their online and mobile banking platforms, the conversion for which happened in May. TCF is sending new Visa debit cards to replace Chemical cards from Mastercard.
“It’s pretty seamless,” said McComish. “It (the new card) will be tied to the same checking account. There is a period of time where you’ve got overlap, (so) we want to make sure we don’t turn off one card before the other gets turned on, so there will be a time frame there where customers have some flexibility.”
Chemical has 14 branch locations in Austintown, Boardman, Poland, Youngstown, Cortland and Warren that will be rebranded TCF Bank. In Ohio, Chemical has about 200 branches.
The final system integration will happen Aug. 8-10.
“There has been a number of integrations that have taken place over the past year,” McComish said. “This final integration is what we would define as integration of our core banking system, the back office, the engine that runs the bank.”
TCF Financial Corp. and Chemical Financial Corp., the banks’ holding companies, closed on a merger of equals in August 2019, creating a premier Midwest bank with more than 500 branch locations in nine states.
TCF previously had no presence in Ohio, meaning no bank consolidations, but TCF has several relationships in the state in its national commercial lending division.
The bank has $47 million in assets and $35 billion in deposits, including $700 million in deposits in the Mahoning Valley market. That represents about 9 percent market share. It employs about 80 people at the branch locations.
The company’s stock trades on the NASDAQ exchange under the ticker symbol “TCF.” It was trading Monday afternoon at $27.48 per share.