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Preferred Stock

Preferred Stock

TCF Financial Corporation currently has one class of preferred stock and one class of depositary shares (representing interests in shares of preferred stock) listed on the New York Stock Exchange. Below is a summary of certain terms of the depositary shares and preferred stock. A potential investor should carefully read TCF’s SEC filings including the relevant prospectus supplement and accompanying prospectus to understand fully the terms of the depositary shares and preferred stock, as well as the tax and other considerations that are important in making a decision about whether to invest. Please note that TCF does not undertake any obligation to update the information set forth in the prospectuses and prospectus supplements.

Depositary Shares Each Representing a 1/1000th Interest in a Share of Series A Non-Cumulative Perpetual Preferred Stock
  • Issuance Date: June 25, 2012
  • Initial Public Offering Price: $25.00
  • NYSE Symbol: TCBPRB
  • Maturity Date: No stated maturity date
  • Earliest Permitted Redemption Date at Par: June 25, 2017 or within 90 days of the occurrence of a Capital Treatment Event, as defined in the Certificate of Designations of the Series A Non-Cumulative Perpetual Preferred Stock dated June 18, 2012.
  • Non-Cumulative Dividend: Paid quarterly, if, as and when declared by our board of directors or a duly authorized committee thereof, on March 1, June 1, September 1, and December 1 of each year at a per annum rate of 7.50%.
  • Liquidation Preference: $25.00 per depositary share

Series B Non-Cumulative Perpetual Preferred Stock
  • Issuance Date: December 19, 2012
  • Initial Public Offering Price: $25.00
  • NYSE Symbol: TCBPRC
  • Maturity Date: No stated maturity date
  • Earliest Permitted Redemption Date at Par: December 19, 2017 or within 90 days of the occurrence of a Capital Treatment Event, as defined in the Certificate of Designations of the 6.45% Series B Non-Cumulative Perpetual Preferred Stock dated December 13, 2012.
  • Non-Cumulative Dividend: Paid quarterly, if, as and when declared by our board of directors or a duly authorized committee thereof, on March 1, June 1, September 1, and December 1 of each year at a per annum rate of 6.45%
  • Liquidation Preference: $25.00 per share