TCF Bank 2000 Annual Report Download - page 14

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In no vate, verb,
1. To introduce something new; make changes; to innovate on another's creation;
2. To introduce (something new);
3. To alter, to renew.
Random House Webster's College Dictionary
TCF believes that innovation and continuous improvement are key to an organization's success. In 2000 we created a process to boost
the recognition of innovators at TCF. The central aim is to create a corporate culture that supports innovation and to provide an envi-
ronment that fosters the values of freedom, tolerance, and individual initiative in a business setting. It is our hope that as these val-
ues permeate the organization, new ideas and products will be produced. Ideas deemed most worthy of implementation will be selected
and champions designated to move them forward. Some of TCF's most recent innovations include the very successful TCF Leasing, Inc.
and the TCF Express Phone Card.
LEASING TCF Leasing, one of TCF's newest de novo businesses, became profitable in less than one year. TCF first entered the leasing
business with its acquisition of Winthrop Resources Corporation (Winthrop) in 1997. Winthrop specializes in leasing high-tech and
business-essential equipment to large and middle-market companies throughout the United States. TCF Leasing was launched in
September 1999 and focuses on general equipment financing for middle-market companies, trucks and trailers, specialty trucks, lease
discounting, leveraged leasing and small ticket leasing.
For this de novo start-up, we were fortunate to assemble an excel-
lent team of experienced managers. From the back room processors
to the leasing sales representatives on the street, TCF recruited knowl-
edgeable, seasoned veterans from the leasing industry.
Total assets since TCF Leasing's inception in September 1999
have grown to $506.1 million at December 31, 2000. Total unin-
stalled backlog (where the transaction has been credit-approved
but not yet accepted by the customer) over that same period has
also grown tremendously, from $54.4 million at December 31, 1999
to $94 million at December 31, 2000. Fueled by these successes,
TCF Leasing became profitable during its second full quarter of
operation. TCF Leasing has quickly become a strong driver of prof-
itability for TCF and has set an impressive pattern of growth. We
attribute our success to the team of dedicated innovators who took
an existing business model and molded it to fit TCF's strategies.
T H E I N N O V A T I V E S P I R I T
12
TCF