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Press Release

TCF Expands into Inventory Finance Business

Company Release - 8/5/2008 9:00 AM ET


TCF Financial Corporation (TCF) (NYSE: TCB) announced today the creation of a new subsidiary called TCF Inventory Finance, Inc. ("TCF Inventory Finance"). TCF Inventory Finance, headquartered in Hoffman Estates, Illinois, will specialize in the inventory floorplan finance business in the U.S. and Canada, with an initial focus on the consumer electronics and household appliance industries.

TCF Inventory Finance is led by Ross A. Perrelli, President and CEO, who joins TCF Inventory Finance after a thirty-year career in the commercial finance business. Mr. Perrelli has held senior-level management positions with Transamerica Finance Corporation, where he most recently served as President, and Borg-Warner Acceptance Corporation. Mr. Perrelli will report to Craig R. Dahl, Executive Vice President of TCF Financial Corporation, President and CEO of TCF Equipment Finance, Inc. and Chairman and CEO of Winthrop Resources Corporation.

Joining Mr. Perrelli at TCF Inventory Finance are several inventory finance veterans including Chris C. Meals as Chief Risk Officer, H. James Hentz as Corporate Development Officer and Vincent E. Hillery as General Counsel.

"The expansion of our commercial finance business into inventory finance will diversify and grow TCF's Power Assets(R)," said William A. Cooper, Chairman and CEO of TCF Financial Corporation. "Ross has assembled a management team with a wealth of industry experience that has worked together for a significant part of their business careers. They have a successful track record in inventory finance for the consumer electronics and household appliance industries. Their combined experience and the current competitive landscape will allow TCF Inventory Finance to quickly become a significant contributor to our corporate objectives."

TCF is a Wayzata, Minnesota-based national financial holding company with $16.5 billion in total assets. The company has 454 banking offices in Minnesota, Illinois, Michigan, Colorado, Wisconsin, Indiana and Arizona, providing retail and commercial banking services, and investments and insurance products. TCF also conducts leasing and equipment finance business in all 50 states.

Source: TCF Financial Corporation

Contact: TCF Financial Corporation, Wayzata Jason Korstange, 952-745-2755

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