TCF Bank today announced donations totaling $250,000 in support of Great Lakes Bay Region community organizations, as well as a $10 million Hardship Lending Program to support residents and businesses impacted by recent dam failures and historic flooding in the region. Organizations receiving financial support from TCF Bank include United Way of Midland County, the Midland Area Community Foundation and the Gladwin County Community Foundation.
TCF designated $150,000 to the United Way of Midland County’s Rise Together Fund which will make a critical difference on the area’s asset limited, income constrained, employed (ALICE) population. Those dollars will be generously matched by The Herbert H. and Grace A. Dow Foundation.
An additional $100,000 in relief donations will be made to funds at the Midland Area Community Foundation, with $50,000 towards a new TCF Employee Assistance Fund and $50,000 for the Gladwin County Relief Fund at the Gladwin County Community Foundation. These donations will provide flood relief throughout Gladwin and Midland counties and can be used for food, shelter and other recovery and repair efforts.
“Our Purpose is to strengthen individuals, businesses, and our community – not just in good times but in times of hardship,” said Executive Chairman Gary Torgow. “We have a long, proud history serving the Midland community, with over 600 team members in essential operations and banking centers. The unusual events of 2020 have created challenging economic crises for our customers and team members, and we want to do as much as we can to lessen their financial burdens and help them maintain hope.”
By establishing the $10 million TCF Hardship Loan Fund, qualifying residents impacted by flooding can get fast financial support to purchase vitally important supplies and labor as they recover and rebuild. These unsecured loans will be offered for up to $10,000 at zero percent for 36 months with no fees and require auto pay from a customer’s Chemical Bank account. Details about this program and how to apply will be available on Wednesday May 27, 2020 at www.chemicalbank.com/midland .
Jordan Summers, Chemical Bank Market President, Midland said, “This community is important to us, and we are here for our neighbors in a time of need. Our banking professionals are ready to make a difference, helping customers put the pieces of their lives back together – we do this because we care.”
In addition to its donations and new loan fund, TCF is offering the following relief measures for consumers and businesses affected by the flooding:
Consumer Payment Assistance: For those facing hardship due to the flood, TCF Bank and Chemical Bank are offering payment assistance on Chemical mortgage, home, auto and personal loans with no late fees. Certain government-sponsored mortgage loan customers may also be eligible for payment assistance.
Payment Forbearance or Other Assistance: Borrowers with a Federally backed mortgage loan who are experiencing a financial hardship due to the flood may be eligible for a payment forbearance of up to 180 days, which may be extended for an additional period of up to 180 days, for a maximum forbearance of up to 360 days, or other assistance. Borrowers also have the option at any time to shorten the forbearance period and resume payments. (A “forbearance” is a temporary workout option for borrowers with a financial hardship that provides for a period of reduced or suspended payments; this may be followed by either a full reinstatement, loan payoff, or workout option to enable the borrower to resolve the delinquency.)
To request assistance, please contact Chemical Bank Monday-Friday from 8 a.m. to 5 p.m. EDT at 1-888-347-2008. Due to high demand, call wait times may be longer than normal. You can also email us at email@example.com and we will contact you about your situation.
Repossession Halt Program: Chemical Bank has suspended initiating new repossession actions for vehicles, RVs, or marine craft through June 30, 2020.
Suspension of Foreclosure Program: Chemical Bank has also suspended initiating any new residential property foreclosures actions on an occupied property through June 30, 2020.
For more information on specific programs for consumers and businesses affected by the flooding, please visit www.chemicalbank.com/midland .
In 2019, TCF and Chemical Bank merged, forming the largest Michigan-based bank with over $49 billion in combined assets, and construction on its new headquarters in the City of Detroit is underway.
About TCF: TCF Financial Corporation /zigman2/quotes/202459217/composite TCF +3.02% is a Detroit, Michigan-based financial holding company with $49 billion in total assets at March 31, 2020 and a top 10 deposit market share in the Midwest. TCF’s primary banking subsidiary, TCF National Bank, is a premier Midwest bank offering consumer and commercial banking, trust and wealth management, and specialty leasing and lending products and services to consumers, small businesses and commercial clients. TCF has approximately 500 branches primarily located in Michigan, Illinois and Minnesota with additional locations in Colorado, Ohio, South Dakota and Wisconsin. TCF also conducts business across all 50 states and Canada through its specialty lending and leasing businesses. To learn more about TCF, visit ir.tcfbank.com .
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Source: TCF Financial Corporation
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SOURCE: TCF Financial Corporation
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