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TCF Financial Corporation to Issue $100 Million of 10.75 Percent Trust Preferred Securities

Company Release - 8/14/2008 5:27 PM ET

WAYZATA, Minn.--(BUSINESS WIRE)--

TCF Financial Corporation (TCF) (NYSE: TCB), the parent company of TCF National Bank, will issue $100 million of trust preferred securities on August 19, 2008. The securities will be issued by a newly formed Delaware statutory trust affiliate of TCF (TCF Capital I). TCF also granted the underwriters a 15 percent purchase option to cover any over-allotments.

The securities will bear interest at a fixed rate of 10.75 percent until maturity. The securities will mature on August 15, 2068 and are redeemable at TCF's option, subject to the prior approval of the Federal Reserve, beginning August 15, 2013. The securities will qualify as Tier 1 capital for regulatory purposes. The proceeds from the sale of the trust preferred securities will be used for general corporate purposes, which will include balance sheet growth. TCF Chairman and Chief Executive Officer William A. Cooper said, "Our success in raising this regulatory capital provides us the ability to pursue certain growth opportunities we see in our markets and increases our regulatory capital ratios."

This announcement shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any 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 any such jurisdiction.

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 www.tcfbank.com

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