TCF Bank shutters 8 branches inside Cub Foods stores

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TCF Bank is closing eight Minnesota branches located inside Cub Food stores by the end of March as part of new cost-savings strategy.

The closures will occur at Chanhassen, Elk River, Forest Lake, Hastings, Lakeville, Northfield, Mankato and Rogers locations.

The Business Journal says the number of jobs affected by the move hasn't been disclosed, but company spokesman Mark Goldman said the bank is working to find other jobs within the company for affected employees.

Last month, TCF announced it was closing 37 of its Chicago-area branches located inside Jewel-Osco grocery stores, along with a longtime downtown Minneapolis branch.

Bank CEO Bill Cooper says more cost-cutting measures are expected as the company invests more in ATMs and mobile and online banking, the Journal says.

"There’s probably some more things to come in that, not only in the branch system but others areas in the bank as well,” Cooper said during a conference call with analysts Wednesday, according to the Star Tribune.

The closures are not a sign that TCF is backing away from it's strategy of operating breaches inside supermarkets. The bank says Cub Foods remains an important partner, the newspaper reports. The closures leaves 49 in-store branches in Minnesota.

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