Detroit-based bank assists customers and communities with loan modifications, hazard pay for employees, and grants to community food banks
TCF Bank is accepting a second round of applications for Paycheck Protection Program (PPP) loans following the initial phase of the program resulting in over 16,000 loans approved by the Small Business Administration, including over 3,000 from new customers. Beyond the federal loan program, TCF is helping its customers and communities navigate the pandemic with loan modifications, hazard pay for employees and grants to community food banks.
"In every state where we’re fortunate enough to serve, we mobilized our teams to protect the health and economic welfare of our customers, our communities and our employees," said Executive Chairman Gary Torgow. "We’re proud of our work to plug local businesses into the federal PPP pipeline, but that’s just one aspect of our mission to help people weather the pandemic in places like Minneapolis, Chicago, Grand Rapids, Detroit and mid-Michigan."
CEO Craig Dahl reported that in both rounds of the PPP, over 16,000 businesses secured SBA approval through TCF for $2.0 billion in potential funding. Of that, $1.8 billion in loans already has been paid out by TCF to small businesses. In Michigan alone, TCF secured SBA approval for nearly 9,000 businesses for a total of $1.3 billion in potential funding. "For existing and new customers who applied through TCF, we were proud to help in an urgent time of need" Dahl said. "There is still work to be done helping customers with this program, and we stand ready to serve in this second round of assistance."
In addition to connecting businesses to federal and local loan solutions, TCF reached out to business customers to offer commercial loan modifications, deferments and restructuring during the economic crisis. To date, we have modified loans for 8,500 TCF business customers. Also, TCF worked jointly with Wayne County, Mich., to support businesses with a $10 million program offering low-cost, short-term loans to the hardest-hit small businesses. That program has delivered over 200 applications with nearly $4 million in approved loans.
For individual customers, TCF launched a COVID-19 hardship program for people struggling to make loan payments and in need of deferrals and forbearances. Following state level stay at home orders and other federal guidelines, TCF suspended all mortgage foreclosure actions and granted payment relief to over 8,000 consumers with $900 million in balances.
Dedicated to the welfare of its employees, TCF provided hazard pay to front-line employees, including 2,900 team members in our banking and operations centers. In April and May, hourly workers received a $3-per-hour increase while all others received a $1,000 bonus. TCF quickly enabled thousands of team members to work from home while instituting enhanced monitoring, reporting and cleaning procedures at its banking and operation centers.
Finally, TCF doubled down on its community investment once the pandemic struck, starting with match donations for Henry Ford Health System (MI) and M-Health Fairview (MN) COVID-19 Emergency Needs Fund to provide urgent and vital resources where they are needed most on the front lines and to advance the development of new diagnostics and treatments critical to addressing and stopping the spread of COVID-19. Recently, TCF sponsored antibody testing with Hatzalah of Michigan to identify plasma donors. Other pandemic related giving includes:
Detroit Public Schools (Connected Futures)
City of Detroit Transportation Fund (COVID-19 testing)
Michigan Ecumenical Community
Council of Baptist Pastors of Detroit and Vicinity
Minnesota Disaster Recovery Funds
The Right Place Economic Development Corp
Greater Chicago Food Depository
Gladwin County EDC
Middle Michigan Development Corporation
NAACP Detroit Chapter and local churches
PPE, Food and Toys to senior life facilities and disadvantaged families
In 2019, TCF and Chemical Bank merged, forming the largest Michigan-based bank with over $49 billion in combined assets, and construction on its new Detroit headquarters in Detroit is underway. "We’re in this for the long haul with our customers and communities," Torgow said. "TCF Bank is big enough to make a difference and small enough to care."
About TCF: TCF Financial Corporation (NASDAQ: TCF) is a Detroit, Michigan-based financial holding company with $49 billion in total assets at March 31, 2020 and a top 10 deposit market share in the Midwest. TCF’s primary banking subsidiary, TCF National Bank, is a premier Midwest bank offering consumer and commercial banking, trust and wealth management, and specialty leasing and lending products and services to consumers, small businesses and commercial clients. TCF has approximately 500 branches primarily located in Michigan, Illinois and Minnesota with additional locations in Colorado, Ohio, South Dakota and Wisconsin. TCF also conducts business across all 50 states and Canada through its specialty lending and leasing businesses. To learn more about TCF, visit ir.tcfbank.com.
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Source: TCF Financial Corporation
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TCF Press Contact:
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