TCF Financial thrives in ‘battered’ economy
TCF Financial thrives in ‘battered’ economy
TCF Financial Corp., which operates several TCF Bank locations in southeastern Wisconsin, reported second quarter net income of $45 million, or 32 cents per share, which was up from $23.5 million, or 8 cents per share, in the same period a year ago.
The Wayzata, Minn.-based company’s quarterly revenue grew to $312.4 million.
"Our improving financial results are fueled by both increased revenues and decreased expenses, including a decrease in credit costs," said William Cooper, TCF chairman and chief executive officer. "While the economy remains battered by slow growth and high unemployment, TCF’s credit quality remains both stable and better than most of our competitors. TCF is closely watching potential and actual regulatory changes coming out of Washington. We are taking a proactive approach in adjusting our products and programs to comply with these changes. TCF has remained profitable during this turbulent period by sticking to our conservative banking philosophy and I believe we are well positioned for success."
