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The Wayzata-based bank said that it is no longer taking on new annuity accounts, but will continue to service its current accounts.
The move is not related to the national upheaval in the financial industry, according to TCF spokesman Jason Korstange, but he said that it will allow TCF to focus on its core services of deposits and loans "and just be a real bank."
Korstange said the company will need fewer employees because of the move, but added that he was unsure how many jobs will be cut.
"Our plan is to hire as many within the organization as possible," Korstange said. "If we can't do that, we have to let them go. We don't have a number on that yet." He added that he expected the layoffs to be "minimal."
TCF's central handling of annuities is done in Minneapolis, and sales occur in branches in many states. Korstange said that the eventual layoffs could occur in any of the company's locations.
According to TCF's annual report, annuity and mutual fund sales totaled $222.6 million in 2007, compared with $203.7 million in 2006. The increase was credited to sales of mutual funds.
Sales of fixed annuities declined slightly in 2007 as a result of lower interest rates. Korstange said that annuity sales have generated profit for TCF.
PAUL WALSH
To see more of the Star Tribune, or to subscribe to the newspaper, go to http://www.startribune.com/. Copyright (c) 2008, Star Tribune, Minneapolis Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
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