TCF Financial Corp. CEO Craig Dahl is retiring Tuesday, as the major player in Twin Cities banking wraps up its integration with Detroit-based Chemical Bank.
Craig Dahl’s retirement comes as TCF Financial’s board of directors on Monday elected Vice Chairman David Provost to succeed Dahl and voted Thomas Shafer onto the board as vice chairman and CEO of TCF National Bank. Shafer and Provost will report to Executive Chairman Gary Torgow.
TCF operates the third-largest bank by assets and revenue in Minnesota, but is no longer based in the Twin Cities. Last year, the firm merged with Chemical Financial, a similarly sized bank in Michigan. The combined company took the TCF name and the Chemical Financial headquarters in Detroit.
“[Dahl] 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,” Torgow said in a statement. “His passion and dedication have helped to guide the One TCF culture, and the strong bench strength of talent we benefit from are a testament to his leadership.”
Dahl, 66, has spent 21 years with TCF and was named president and CEO in 2016. Upon the merger in 2019, he retained those titles.
“I am proud of all of our accomplishments over the past year and the momentum that TCF has today,” a statement from Dahl read. “I am grateful for the opportunities and experiences I’ve had with this great institution.”
Provost served as president and CEO of Chemical Financial Corp. from June 2017 to August 2019, and vice chairman of TCF Financial since August 2019. Shafer served as vice chairman and a director of Chemical Financial until August 2019, and has served as president and chief operating officer of TCF Bank since August 2019.
Also as part of the executive makeover, Michael Jones, currently executive vice president of regional banking, will become president and chief operating officer of TCF Bank.