The CEO of TCF Financial Corp. retired Tuesday, and its board vice chair is taking his place, leading to a ripple of other executive changes within the financial institution.
Detroit-based TCF Financial — parent of TCF National Bank, which merged with Chemical Bank in August— said Monday its CEO Craig Dahl retired, effective Tuesday, following the integration between TCF and Chemical, a merger Dahl helped lead.
The TCF Financial Corporation board of directors elected its Vice Chair David Provost as CEO of TCF Financial to replace Dahl, and it elected Thomas Shafer as vice chair and CEO of TCF National Bank, also known as TCF Bank.
Shafer and Provost will report to Gary Torgow, executive chair.
“Craig’s leadership has been instrumental in getting TCF to the point we are today,” Torgow said. “He has guided TCF through a successful integration program and has worked tirelessly with our teams to build many of our businesses from the ground up over the past 20 years. His passion and dedication have helped to guide the One TCF culture, and the strong bench strength of talent we benefit from (is) a testament to his leadership. We congratulate Craig on a tremendous career and thank him for his many contributions.”
Dahl spent 21 years with TCF and was named president and CEO of the legacy TCF in 2016. Upon the merger of equals in 2019, he became president and CEO of TCF Financial.
“I am proud of all of our accomplishments over the past year and the momentum that TCF has today. One of the benefits of our merger of equals is the great talent that rises to the top. These leaders are ready to assume their roles and run the business,” Dahl said. “I would like to extend my appreciation to the executive leadership team and Gary for his partnership as we have worked together to integrate the operations and cultures of two banks into One TCF. I am grateful for the opportunities and experiences I’ve had with this great institution.”
Provost served as president and CEO of Chemical Financial Corporation from June 2017 to August 2019 and as vice chair of TCF Financial Corporation since August 2019.
Shafer served as vice chair and a director of Chemical Financial Corporation until August 2019 and served as president and COO of TCF Bank since August 2019.
“Dave’s and Tom’s commitment to our team members, customers and communities sets us on a trajectory for monumental success in the years ahead,” Torgow said. “Dave and Tom have worked well together in leading our company since the first days of Talmer Bank, Chemical Bank and through the TCF merger. This is a natural time to implement our succession plan.”
Shafer described TCF as a “purpose-driven company passionate about building stronger individuals, customers and communities.”
“I am grateful for the opportunity to lead this bank and our dedicated team members,” he said. “The banking industry is changing dramatically, accelerated by the pandemic, and I am confident that together, we will take TCF to new heights.”
Michael Jones, currently executive vice president, regional banking, will become president and COO of TCF Bank, reporting to Shafer.
Since the merger, Jones has served as executive vice president of regional banking, responsible for retail banking; consumer lending; small business banking; middle-market and regional commercial banking; wealth management; treasury management; municipal banking; mortgages; and home lending. Previously, he was executive vice president, consumer banking of the legacy TCF, and he previously served as its CFO.
“(Jones) is a wonderful leader and plays a key role in the executive leadership of the bank,” Torgow said.
As previously announced last year, effective Oct. 1, Brian Maass succeeded Dennis Klaeser as CFO. Maass will report to Shafer.
In addition, R. Patricia Kelly, Chris McComish and Daniel Terpsma have been elevated to the TCF Bank executive leadership team and will report to Jones.
TCF Financial Corporation (Nasdaq: TCF) is a Detroit-based financial holding company with $48 billion in total assets as of Sept. 30.
Its 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 about 475 banking centers primarily in Michigan, Illinois and Minnesota with additional locations in Colorado, Ohio, South Dakota and Wisconsin. It also conducts business across all 50 states and Canada through its specialty lending and leasing businesses.