![]() “There is a shared empathy and patience with the situation that lends itself to strong communication.” “We got this done in spite of a pandemic, in spite of civil unrest, in spite of flooding,” Butterfield said. The host of challenges, in many ways, galvanized the integration effort, said Tom Butterfield, TCF’s chief information officer and the key leader on the technology side of the integration. “They were very concerned.”Ĭosta and a team of more than 50 bankers - selected from the major departments across TCF and Chemical - did the only thing they could, shifting more than 90% of the work to remote setups while increasing the use of digital meeting tools. They were wrestling with changes to their daily lives and jobs, while coping with the sudden stress and uncertainty imposed by the coronavirus. To be sure, employees had their doubts in March when the pandemic set in. Those efforts should serve TCF well whenever it returns to bank M&A, and its experience could act as a blueprint for other acquirers looking to become more efficient with integrations. “Productivity really popped” as a result of eliminated commute times and office distractions, said James Costa, chief risk officer for TCF’s bank and the executive in charge of the integration. The integration relied more heavily on smaller teams and meetings were more focused on tightly defined tasks, making projects easier to manage. ![]() 10, finished many tasks remotely, learning along the way how to become more efficient. TCF, which completed a companywide systems conversion on Aug. The $50 billion-asset company that emerged from the deal, which closed about a year ago, had to navigate the coronavirus pandemic, civil unrest in each bank’s home city and flooding across Michigan as integration teams worked through an extensive checklist. TCF Financial in Minneapolis and Chemical Financial in Detroit had prepared for a daunting integration as part of their $3.6 billion merger.
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