U.S. Treasury to net $9.45 mln from TCF warrants

WASHINGTON Dec 16 (Reuters) - The U.S. Treasury Department said on Wednesday it priced warrants in TCF Financial Corp (TCB.N) at $3.00 each in a deal that will bring U.S. taxpayers net proceeds of $9.45 million after sale costs.

The sale of the 3.2 million warrants to buy TCF stock marks the disposal of the final part of the government's $361.17 million bailout investment in the Wayzata, Minnesota, banking firm in November 2008.

TCF repaid the government capital in April, but like most banks that participated in the Troubled Asset Relief Program, it granted zero-cost warrants to the government to allow taxpayers to share in the banking sector's recovery.

The price achieved in the modified Dutch auction was twice the $1.50 minimum bid price set by the Treasury.

According to an auction prospectus filed with the Securities and Exchange Commission, each warrant represents the right to purchase one share of TCF common stock at an exercise price of $16.93, a price determined at the time of the capital injection. The warrants expire on Nov. 14, 2018.

TCF shares closed on Tuesday at $13.22 on the New York Stock Exchange. (Reporting by David Lawder; Editing by Neil Stempleman)