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TCF National Bank Announces Completion of $150 Million Fixed-to-Floating Rate Subordinated Bank Notes Offering

Company Release - 5/6/2020 4:15 PM ET

DETROIT--(BUSINESS WIRE)-- TCF National Bank (“TCF Bank”), a wholly-owned subsidiary of TCF Financial Corporation (“TCF”) (NASDAQ: TCF), today announced the completion of its offering of $150 million aggregate principal amount of 5.50% fixed-to-floating rate subordinated bank notes due 2030 (the “Subordinated Notes”). The Subordinated Notes were sold at par resulting in net proceeds, after underwriting commissions and other estimated offering expenses, of approximately $148.4 million.

The Subordinated Notes have not been and will not be registered under the Securities Act or any state securities laws. The offering was exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). The Subordinated Notes may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The Subordinated Notes were offered and sold only to institutional investors that are “accredited investors” within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act.

This announcement is neither an offer to sell nor a solicitation of an offer to buy any securities and does not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, the Subordinated Notes or any other securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About TCF
TCF Financial Corporation (NASDAQ: TCF) is a Detroit, Michigan-based financial holding company with $49 billion in total assets at March 31, 2020 and a top 10 deposit market share in the Midwest. TCF’s primary banking subsidiary, TCF National Bank, is a premier Midwest bank offering consumer and commercial banking, trust and wealth management, and specialty leasing and lending products and services to consumers, small businesses and commercial clients. TCF has approximately 500 branches primarily located in Michigan, Illinois and Minnesota with additional locations in Arizona, Colorado, Ohio, South Dakota and Wisconsin. TCF also conducts business across all 50 states and Canada through its specialty lending and leasing businesses. To learn more about TCF, visit http://ir.tcfbank.com.

Source: TCF Financial Corporation

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Tom Wennerberg (248) 498-2872 [email protected] (Media)
Timothy Sedabres (952) 745-2766 [email protected] Investors)

Source: TCF Financial Corporation

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