TCF Bank 2000 Annual Report Download - page 8
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Innovative Products and Services 4
The cost of this expansion flows through the
income statement faster than the dilution created
through acquisition, but is ultimately more prof-
itable. We believe we can grow these branches to
profitability (approximately two years for super-
market and three years for brick and mortar) fast
enough that de novo expansion is a better use of our
funds than paying the premiums of acquisition. The
internal rate of return on de novo expansion is one
of the Œhurdle rates• we use to measure acquisitions.
That is not to say we will not do an acquisition in the
future, but currently we think the de novo strategy
is best for us. We plan to open another 30 to 40
branches in 2001, and have plans for additional de
novo expansion beyond that.
In addition to our
de novo banking strategy, innovative products and
services continue to add to our success. Since our
current management took over in 1985, we have
provided our customers many new conveniences.
Many of these innovations we invented. Others were
existing products we modified and enhanced to fit
our business strategy. Totally Free Checking, home
equity loans, debit cards, annuity sales and, of
course, supermarket branch banking have been our
6
TCF