U.S. Bank to replace TCF in West Bank skyway

The Board of Regents will review a $40,000 lease with U.S. Bank.

Taylor Selcke

The closing of TCF Bank on the University of MinnesotaâÄôs West Bank following winter break will mark another frame in what has been a âÄúgame of musical chairs,âÄù between TCF and U.S. Bank on campus.
First TCF overtook the U.S. Bank office in Coffman Union. Then low customer traffic on the West Bank forced TCF to shutter that office. Now, with TCFâÄôs West Bank lease set to expire Dec. 31, U.S. Bank is primed to take the spot, Richard Pfutzenreuter, the UniversityâÄôs chief financial officer, said.
For TCF customers, the inconvenient removal of the branch could spark anger.
âÄúI think people will be upset,âÄù junior Julianna Fazio  said, âÄúespecially for those who live on West Bank or have a lot of classes in Carlson.âÄù
But for Lauren Schaefer, another University junior, the switch is ideal.
âÄúWhen they moved U.S. Bank from Coffman and replaced it with a TCF, I was surprised because I hadnâÄôt heard anything about it,âÄù she said. âÄúBut now that there will be a U.S. Bank on West Bank, it will be extremely convenient for me.âÄù
Pfutzenreuter is prepared to deal with disgruntled students, and noted that while TCF Bank is a major partner of the University, itâÄôs not
the only one.
âÄúWe have a special relationship with TCF Bank, but they are not going to be the only bank service on the campus,âÄù he said. âÄúWe have a broad scope of faculty, staff and students and we need to provide different banking services on campus.âÄù
The agreement over the naming of TCF Bank Stadium sparked the companyâÄôs initial move into Coffman.
âÄúAt the end of the lease of U.S. Bank inside Coffman, TCF would have the right to replace them,âÄù Pfutzenreuter said.
Members of the Board of RegentsâÄô  Facilities Committee will review the lease agreement Thursday.
The University discussed extending the lease with TCF, but the company declined, Pfutzenreuter said.
U.S. Bank will move into the 743-square-foot space in the skyway and pay $40,000 annually for the location. After the first year, the amount will increase by 3 percent annually.
If TCF chose to remain in the location, its rent would  have been about $51,000 due to annual increases.
The lease agreement lasts from Jan. 1, 2011, to Dec. 31, 2015, and U.S. Bank will have the option to renew the lease after the period.
U.S. Bank will be open to customers by the time students return to classes Jan. 18.