TCF is moving to Sioux Falls.
Well, sort of. Technically anyway.
The Star Tribune is reporting that TCF National Bank, the largest part of TCF Financial Corp.’s business, is setting up a headquarters in Sioux Falls, S.D.
The move won’t mean any lost jobs or lost tax revenue in Minnesota, a bank spokesman tells the newspaper.
Instead, the move is meant to simplify the bank’s regulatory requirements, the spokesman said. South Dakota is “known for being bureaucratically kind to multistate financial entities.”
Wells Fargo and Citibank have similar footprints in Sioux Falls that allow them to take advantage of South Dakota banking laws.
More in-depth coverage and explanation here from my former colleagues out at the Argus Leader.