TCF Bank 2012 Annual Report Download - page 4

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{ 02 } { TCF Financial Corporation and Subsidiaries }
It is no secret that the past few years have been very
challenging for TCF and the banking industry as a
whole. Banks have had to work through the deepest
recession since the Great Depression, which included
stressed home values and elevated unemployment,
as well as many regulatory and legislative changes.
We took an approach that we believe better positions
TCF for the future and made 2012 a “Building and
Investing” year.
TCF was proactive in taking several key steps to
enhance its business model and better prepare for the
future. TCF expanded its national lending platforms,
repositioned its balance sheet and brought back its
free checking product to consumers. We recognize that
the banking world has undergone a permanent change
in many regards and we are committed to taking the
necessary steps to ensure TCF’s long-term success.
The building and investing we did in 2012 was
just the first step in accomplishing our goals as
an organization. We now look for 2013 to be an
“Execution and Results” year. With the actions taken
in 2012, I am optimistic that 2013 will be a year in
which we increase the value of our organization.
.......... Dear Stockholders:
A Look at 2012
TCF has always relied on a diversified approach to
generating its revenue. Given the recent regulatory
and legislative changes, this diversified approach is
more important than ever as deposit accounts may
never be as profitable for banks as they have been
in the past. Instead of looking to increase revenue
simply by imposing new fees on our retail customers,
TCF chose to build a better way by taking a broader,
company-wide approach to increasing overall
revenue and making the company a more diverse
and powerful revenue-producing machine.
• Expansion of National Lending Platforms
National lending platforms have been a part of TCF’s
business model since it acquired Winthrop Resources
Corporation (Winthrop) in 1997. Since then, TCF
started an equipment finance company in 1999,
added TCF Inventory Finance in 2008 and expanded
into indirect auto finance in 2011. With limited asset
growth opportunities for regional banks within their
footprints today, TCF made a concerted effort to
make the national lending platforms a more substan-
tial part of its loan and lease portfolio.
William A. Cooper,
Chairman of the Board & Chief Executive Ofcer