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Press Release

TCF Elects Peter L. Scherer to Board

Company Release - 8/12/2003 3:05 PM ET

WAYZATA, Minn.--(BUSINESS WIRE)--Aug. 12, 2003--TCF Financial Corporation (NYSE:TCB) today announced the election of one new director, Peter L. Scherer, Chief Executive Officer and President of Scherer Bros. Lumber Co., to its Board of Directors. Mr. Scherer has served since 1995 as President of Scherer Bros. Lumber, a large privately held Minnesota-based retailer and manufacturer of residential building products. He also serves as CEO of Alpine Capital, an affiliated residential construction finance company, Chief Partner of Albertville Investments, LLC and as President of S.B. General Partner, Inc., the general partner of Scherer Limited Partnership.

"We are pleased to have someone of Mr. Scherer's caliber and experience join us," said TCF Chairman and Chief Executive Officer William A. Cooper. "His outstanding character, strong values and business judgment will be a tremendous asset to TCF."

Mr. Scherer received his BBA degree with a concentration in finance from the University of Notre Dame in 1986. He joined American National Bank in St. Paul, Minnesota, in commercial real estate lending from 1986 to 1989, prior to rejoining the family's lumber business.

TCF is a Wayzata, Minnesota-based national financial holding company with $11.8 in assets. TCF has more than 390 banking offices in Minnesota, Illinois, Michigan, Wisconsin, Colorado and Indiana. Other TCF affiliates provide leasing and equipment finance, mortgage banking, brokerage, and investments and insurance sales.

    CONTACT: TCF Financial Corporation, Wayzata
             Jason Korstange, 952-745-2755
             Patricia L. Quaal, 952-745-2758

    SOURCE: TCF Financial Corporation

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