Menu
Email page PDF view Print view Email Alert Social Media Sharing

Press Release

TCF Bank Selects Independent Financial Marketing Group to Expand Investment and Insurance Offerings to Customers

Company Release - 10/13/2006 12:10 PM ET

PURCHASE, N.Y.--(BUSINESS WIRE)--

Independent Financial Marketing Group, Inc. today announced that TCF National Bank, a wholly-owned subsidiary of TCF Financial Corporation (NYSE:TCB), has selected it to outsource its brokerage and general insurance agency functions carried out by its registered representatives. Through this agreement, TCF Bank's 455 banking offices throughout the Midwest will have access to the Independent Financial technology and product offering platform.

"This was a difficult decision. We needed to improve technology and modernize processes without sacrificing our traditional high level of service to customers and representatives," says Peter Torvik, CEO of TCF Investments. "We intend to build a long-term relationship with Independent Financial in order to accomplish those goals, while continuing to improve our profit margins."

According to the ABA Banking Journal, TCF Bank had a 20.78% return on equity two years ago and its numbers are growing. TCF also had the fourth largest bank branch growth from 1999 to 2003.

"It is an honor to be chosen to partner with a bank as progressive as TCF," said Michael Weiss, President of Independent Financial. "TCF is always challenging the status quo and this forward-thinking approach has obviously been successful. We are very excited about working with TCF Bank as one of our valued clients and providing them with the services they need to help them advance their business even further."

About TCF National Bank

TCF is a Wayzata, Minnesota-based national financial holding company with $14.2 billion in assets. TCF has 455 banking offices in Minnesota, Illinois, Michigan, Colorado, Wisconsin, Indiana and Arizona. TCF core businesses include retail banking; commercial banking; small business banking; consumer lending; leasing and equipment finance; and investments, securities brokerage and insurance services.

About Independent Financial

Since 1983, Independent Financial has been a prominent leader in providing banks, savings and loans, and credit unions nationwide with a portfolio of investment and insurance products, plus the sophisticated infrastructure necessary to support their sale. Independent Financial is a member of the Sun Life Financial group of companies. For more information, please visit www.ifmg.com.

About Sun Life Financial

Sun Life Financial is a leading international financial services organization providing a diverse range of wealth accumulation and protection products and services to individuals and corporate customers. Chartered in 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of June 30, 2006, the Sun Life Financial group of companies had total assets under management of US$346.7 billion.

Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under ticker symbol SLF.

Source: Sun Life Financial

Contact: Sun Life Financial Kristen Peterson, 781-446-3359 [email protected]

The information that is on or available through this site speaks only as of the particular date or dates of that information. We do not guarantee the accuracy or completeness of information on or available through this site, and we are not responsible for inaccuracies or omissions in that information or for actions taken in reliance on that information. TCF Financial Corporation does not undertake an obligation, and disclaims any duty, to update any of the information on or available through this site.