TCF Financial Corp. will close branches in 10 Cub Food stores on April 14, leaving them with ATMs amid a decline in demand for full-service bank locations.
The company recently signed a new contract with Supervalu Inc., parent of Cub, to extend its provision of financial services in stores through 2021.
Under the new arrangement, TCF Bank will have a presence in the same 49 stores it now does, though 10 will simply have automated teller machines while the other 39 will continue to be full-service branches with tellers and loan officers.
The closings could result in some job cuts, though TCF executives said many workers are likely to be moved to other branches and that it was too early to comment precisely on staffing. The move is a reflection of demand for banking services and an assessment of the company's existing footprint, a spokeswoman said.
In most cases, TCF operates a stand-alone branch within 3 miles of the Cub store that is losing a branch.
As ATMs proliferated and smartphones provided mobile currency, consumers, particularly young adults, tend to visit bank branches less often.
And TCF, after creating a new brand identity about a year ago, also has been experimenting with new designs of branches, starting with sites in Dinkytown in Minneapolis and near the Ridgedale Mall in Minnetonka.
The 10 Cub stores that will lose TCF branches are:
7435 179th St. W., Lakeville; 2100 N. Snelling Av., Roseville; 3717 Lexington Av. N., Arden Hills; 1750 W. County Road 42, Burnsville; 1008 E. Hwy. 55, Buffalo; 2195 Old Hudson Road, St. Paul; 1020 Diffley Road, Eagan; 3245 County Road 10, Brooklyn Center; 3930 Silver Lake Road NE., Minneapolis; 7555 W. Broadway Av., Brooklyn Park.
Evan Ramstad • 612-673-4241
