Associated Bank cancels Puerto Rico trip; TCF Bank sends employees
Late last week, Green Bay-based Associated Banc-Corp. cancelled a controversial trip for about 100 of its highest performing employees, who were to be sent to a posh resort in Puerto Rico. The trip was cancelled after public outcry because Associated accepted more than $500 million in federal TARP funds in December.
Meanwhile, employees from Minnesota-based TCF Financial Corp. returned this past weekend from a week-long trip to Mexico’s Cancun region. The group of about 40 workers was from the bank’s “Lakeshore Area” division, made up of the Milwaukee, Chicago and northern Indiana regions.
The Wayzata, Minn.-based parent company of TCF Bank operates more than 20 branches in Wisconsin. TCF received more than $361.2 million in TARP funds in November.
TCF calls the annual trip its "President’s Club" recognition, which has been in place for more than 20 years, said Jason Korstange, director of corporate communication with the bank.
To view a list of all of the U.S. banks that have received federal funding from the TARP, visit http://www.treasury.gov/initiatives/eesa/docs/transaction_report_02-10-09.pdf.
