TCF Bank 2003 Annual Report Download - page 13

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2003 Annual Report 11
Simple, straightforward, and enduring strategies, which are based on
a well-grounded philosophy coupled with successful execution and
solid management, have made TCF one of the top performing banks in
the United States.
DE NOVO EXPANSION
TCF’s future growth is contingent on a continuing investment in de novo
expansion, both in our branch network and in our development of new
products and services. Each of these components play a fundamental
and complementary role – adding new branches supports our growing
customer base and provides new products and services, allowing us to
attract new customers and deepen our customer relationships.
Since January of 1998, TCF has added 228 new branches to our rapidly
growing branch network – nearly 57 percent of our existing branches.
In 2003, we opened more traditional branches than supermarket
branches. With the opportunity to add new supermarket branches
slowing in some markets, TCF has a greater opportunity to support and
complement these branches with more new traditional branches.
Traditional branches require a higher initial investment. They
act as a visible anchor in our communities, providing convenient,
full-service banking not only to our retail customers but also to our
growing commercial and small business customers. In 2004, TCF plans
to open 22 new traditional offices.
Supermarket banking continues to play a key role in TCF’s ability to
provide the most convenient banking services in the markets we serve,
especially in Minnesota and the Chicagoland area. Our customers enjoy
the convenience of one-stop shopping and banking, causing these
lower-cost, high-volume branches to become profitable more quickly
than traditional branches. Our supermarket branches in Cub Foods
and Jewel-Osco play an important role in our expansion strategy. In
2004, TCF plans to open six new supermarket branches.
The other key element of TCF’s de novo expansion strategy is the evo-
lution of our convenient products and services. New products attract
new customers, allowing us to develop additional relationships with
our existing customers. TCF’s innovative culture fuels the strategic
initiatives that have led to the introduction of many of our products
and services.
Totally Free Checking remains the best example of a successful inno-
vative product brought to market by TCF. We listened to our customers,
and what they wanted was a very low-cost checking account. We gave
them a free account, which remains our most popular checking
account. Most of our competitors are attempting to copy this product.
Building for the Future TCF’s de novo
strategy of branch expansion and product line
improvements continues to complement each
other. New products and services with convenient
locations attract new customers and deepen our
customer relationships.