Fitch Expects to Rate TCF National Bank's Subordinated Debt 'BBB+'

Company Release - 3/14/2005 10:12 AM ET

CHICAGO--(BUSINESS WIRE)--March 14, 2005--Fitch Ratings expects to rate the $50 million long-term subordinated debt to be issued by TCF National Bank on March 16, 2005 'BBB+'. TCF National Bank is a subsidiary of TCF Financial Corporation (NYSE: TCB). The Rating Outlook is Stable. The notes, which mature in 2015, are fixed at a rate of 5.00% until 2010, at which point the notes will bear interest at three-month Libor plus 1.56%.

The proceeds will be used to repurchase $50 million of TCB common stock, which will result in a decline in core capital ratios. However, Fitch expects levels to remain acceptable and consistent with TCB's rating profile. Furthermore, Fitch expects TCF to rebuild capital over the coming quarters.

    Fitch assigns the following expected rating and Outlook:

    TCF National Bank

    -- Subordinated debt 'BBB+';

    -- Rating Outlook Stable.

    CONTACT: Fitch Ratings
             Ileana Cervantes, 312-368-5472
             David Spring, 312-368-3194
             Doris Hoffman, 312-368-2057 (Chicago)
             Media Relations:
             Kenneth Reed, 212-908-0540 (New York)

    SOURCE: Fitch Ratings

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