TCF Bank will close 10 of its branches inside Minnesota Cub Foods stores this spring.
The announcement was made during an earnings call with investors on Friday, after the company reported fourth quarter profits that came in below Wall St. expectations.
TCF chief financial officer Brain Maass said during the call that the company would be reinvesting the savings from the branch closures into "digital channels and new products" and comes shortly after TCF renewed its contract to be the banking provider for Cub Foods.
The Pioneer Press reports that stores in Roseville (at the Har Mar mall), St. Paul (at the Sun Ray Shopping Center), Arden Hills, Burnsville, Eagan, Brooklyn Park, Brooklyn Center and Buffalo will close.
One of the bank's branches in two Minneapolis stores – in Uptown and at 60th and Nicollet Ave. S. – will also close, but the newspaper doesn't say which one.
The branches will close in mid-April.
The Wayzata-based company announced fourth quarter profits of $50.1 million on Friday, slightly down on the $52.5 million it reported in the same period in 2015.
Its net profits in 2016 were $212.1 million, which was an improvement on the $197.1 million earned in 2015.
The Business Journal lists TCF Bank as the third-biggest in Minnesota, with deposits in 2016 totaling $17.35 billion.