According to a number of sources, TCF Bank is moving it's charter to South Dakota. Details in the number of stories indicate that while the company's headquarters and executives will remain in Wayzata, MN, the main office will be located in Sioux Falls.
There are a number of reasons that companies are moving to South Dakota, and a trip out west along the Minnesota border will reveal towns that are failing as jobs and work are being sucked across because of South Dakota's rules for corporate and personal income tax. TCF claims that this is not why they are moving out there. That seems difficult to believe, as Elisha and I have wondered if we should move our "operations" to Sioux falls and leave the executives here in town. We all hear ads on WCCO from time to time saying move your company out there, and regardless of the reason, TCF is doing so.
My interpretation of their actions aside, Jason Korstange of TCF is quoted as saying, "It improves operational efficiency" in the Argus Leader. Apparently banking law in South Dakota allows for loan documents to be used across state lines, unlike Minnesota. TCF currently has to have multiple sets of documents for each state it does business in, and by having the Charter in South Dakota, the bank can avoid this.
Check out all the media sources that are carrying the story tonight. I'll post more as they become available.
- TCF Bank moving headquarters to SD - KSAX
- TCF Bank headquarters moving to Sioux Falls - Finance and Commerce
- TCF Bank to move HQ to Sioux Falls; no jobs affected - Pioneer Press
- TCF setting up headquarters in Sioux Falls - MinnPost
- TCF National Bank putting HQ in Sioux Falls - Strib
Got an opinion on TCF moving to Sioux Falls? Post your comments below. Think I am off my rocker for not following what all the local outlets indicate is not a tax dodging move? Let the Wayzata community know. Think I'm right? Let the community know that too. Thanks for stopping by and visiting your TCF changing zip codes from 55391 to something else, Wayzata.com.