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Press Release

TCF Closes $230 Million Common Stock Offering

Company Release - 3/15/2011 11:07 AM ET

WAYZATA, Minn.--(BUSINESS WIRE)-- TCF Financial Corporation (“TCF”) (NYSE:TCB) today announced that the company raised gross proceeds of $230 million through its previously announced public common stock offering. In connection with the offering, TCF issued 15,081,968 shares of common stock, including 1,967,213 shares issued pursuant to the full exercise of the underwriters’ over-allotment option, at a public offering price of $15.25 per share. Net proceeds of the offering to TCF after deducting underwriting discounts and commissions and estimated offering expenses were approximately $220 million. J.P. Morgan Securities LLC and Morgan Stanley acted as joint lead book-running managers. RBC Capital Markets served as co-manager.

This announcement shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any offer or sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The offering will be made only by means of a prospectus supplement and accompanying prospectus, copies of which may be obtained from J.P. Morgan Securities LLC via Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by calling toll-free (866) 803-9204 or from Morgan Stanley at 180 Varick Street, 2nd Floor, New York, NY 10014, Attention: Prospectus Department or by email at [email protected].

TCF is a Wayzata, Minnesota-based national bank holding company with $18.5 billion in total assets. The company has 442 branches in Minnesota, Illinois, Michigan, Colorado, Wisconsin, Indiana, Arizona and South Dakota, providing retail and commercial banking services. TCF also conducts commercial leasing and equipment finance business in all 50 states and commercial inventory finance business in the U.S. and Canada. For more information about TCF, please visit www.tcfbank.com.

Source: TCF Financial Corporation

Contact:

TCF Financial Corporation, Wayzata

Jason Korstange, 952-745-2755

www.tcfbank.com

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