TCF Financial (TCB) Files Notice To Pay Back TARP

TCF Financial Corporation (NYSE: TCB) announced today that it has filed notice with the U.S. Department of the Treasury to permit redemption of all of the 361,172 outstanding shares of its Fixed Rate Cumulative Perpetual Preferred Stock, Series A, $.01 Par Value, at a total redemption price of $361.2 million plus a final pro rata accrued dividend. According to the American Recovery and Reinvestment Act of 2009, the U.S. Department of the Treasury must consult with TCF's primary Federal Regulator before approving repayment.

CEO William A. Cooper said, "The rules have definitely changed. In November when we agreed to accept the funds under the Capital Purchase Program, it was with the understanding that only healthy banks would be granted the funds. These healthy banks would then employ the funds within their markets to expand lending to creditworthy individuals and businesses. Recent actions by the U.S. Treasury and possible congressional or regulatory restrictions/mandates changed the rules. As a result, public perception views those banks that took the TARP money as having done so out of weakness and a need to survive without distinction among TARP programs or individual bank capital adequacy. We believe participation in TARP has created a competitive disadvantage for TCF and it is in the best interest of our shareholders to redeem these shares."

You May Also Be Interested In

• Lazard Global Total Return fund declares $0.1534 monthly distribution
• Simmons First National Corp (SFNC) Declares $0.215 Quarterly Dividend; 3.7% Yield
• Medtronic (MDT) Declares $0.72 Quarterly Dividend; 3.1% Yield