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BRIEF-TCF To Discontinue Indirect Auto Originations, Authorizes New Share Repurchase Program
November 27, 2017 / 9:41 PM / in 16 days

BRIEF-TCF To Discontinue Indirect Auto Originations, Authorizes New Share Repurchase Program

Nov 27 (Reuters) - Tcf Financial Corp:

* TCF TO DISCONTINUE INDIRECT AUTO ORIGINATIONS, AUTHORIZES NEW SHARE REPURCHASE PROGRAM

* ‍ANNOUNCED THAT IT WILL DISCONTINUE ALL INDIRECT AUTO LOAN ORIGINATIONS, EFFECTIVE DECEMBER 1, 2017​

* - TCF TO CONTINUE SERVICING EXISTING AUTO PORTFOLIO (OWNED AND SERVICED FOR OTHERS)

* TCF FINANCIAL - ‍BOARD APPROVED REPLACEMENT OF PREVIOUS SHARE REPURCHASE PROGRAM WITH NEW AUTHORIZATION TO REPURCHASE UP TO $150 MILLION OF COMMON STOCK​

* TCF FINANCIAL - ‍EXPECTS TO RECOGNIZE A ONE-TIME, AFTER-TAX CHARGE IN Q4 OF AN AFTER-TAX CHARGE FOR GOODWILL AND OTHER INTANGIBLES OF $73.4 MILLION​

* ‍ALSO EXPECTS TO RECOGNIZE AFTER-TAX RESTRUCTURING CHARGE BETWEEN ABOUT $7.0 MILLION AND $12.0 MILLION FOR ITEMS SUCH AS SEVERANCE​ Source text for Eikon: Further company coverage:

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