TCF CEO to retire having completed merger with Chemical Bank
TCF Financial Corp. CEO Craig Dahl will retire Tuesday, the Detroit-based bank said, following the completion of the integration as one brand of TCF and Chemical Bank, which merged last year to create one of the largest banks in the Midwest.
Dahl has led TCF from outside Minneapolis since 2016 before the tie-up. His duties will be split between David Provost, who will take over as CEO of the company, and Thomas Shafer, who will be CEO of its subsidiary, TCF National Bank.
Provost and Shafer came from the Michigan-based Chemical Bank side of the merger.
“Craig’s leadership has been instrumental in getting TCF to the point we are today," said TCF Executive Chairman Gary Torgow in a statement. "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."
Dahl, 66, said the merger has created momentum for growth in the future: "These leaders are ready to assume their roles and run the business."
Provost, 66, has been TCF's vice chairman since the merger closed in August 2019. Prior to that, he was president and CEO of Chemical Financial Corp. since June 2017. The board also elected Shafer, TCF Bank chief operating officer and president, to the board as vice chairman.
Schafer, 62, previously served as vice chairman and a director of Chemical Financial Corp. and president and CEO of Chemical Bank.
“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 added.
Michael Jones, currently executive vice president of regional banking, will become president and chief operating officer of TCF Bank and report to Shafer.
The succession announcement came as TCF reported net income in the third quarter increased almost 152% year-over-year to $55.7 million. The quarter marked the conclusion of the full integration of activities related to the merger. Shares were falling slightly in after-hours trading.