TCF Financial Corp Closes $100 Million Preferred Stock Offering

TCF Financial Corp announced public offering of 6.45% Series B Non-Cumulative Perpetual Preferred Stock ("Preferred Stock"). In connection with the offering, TCF issued 4,000,000 shares at a public offering price of $25.00 per share. The underwriters have a 30-day option, expiring January 11, 2013, to purchase up to an additional 600,000 shares of Preferred Stock to cover over-allotments, if any, at the same price for potential additional gross proceeds of $15 million. Morgan Stanley & Co. LLC and UBS Securities LLC acted as joint book-running managers. RBC Capital Markets, LLC and Stifel, Nicolaus & Company, Incorporated served as co-managers. Net proceeds of the offering to TCF after deducting underwriting discounts and commissions and estimated offering expenses were approximately $96.5 million. TCF expects to use the net proceeds of the offering for general corporate purposes, which may include capital to support asset growth.