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TCF Financial Corp. | Series A Non-Cumulative Perpetual Preferred Stock (TCB.PRB)

Prospectus exerpt:  TCF Financial Corporation is offering 6,000,000 depositary shares ("depositary shares"), each representing a 1/1,000th interest in a share of Series A Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share, with a liquidation preference of $25,000 per share (equivalent to $25 per depositary share) (the "Series A Preferred Stock"). As a holder of depositary shares, you will be entitled to all proportional rights and preferences of the Series A Preferred Stock (including dividend, voting, redemption and liquidation rights). You must exercise such rights through the depositary.

Dividends on the Series A Preferred Stock, when, as and if declared by our board of directors or a duly authorized committee thereof, will accrue and be payable on the liquidation preference amount, on a non-cumulative basis, quarterly in arrears on the 1st day of March, June, September and December of each year, commencing on September 1, 2012, at a rate per annum equal to 7.50%. If our board of directors or a duly authorized committee of the board has not declared a dividend on the Series A Preferred Stock before the dividend payment date for any dividend period, such dividend shall not be cumulative and shall not accrue or be payable for such dividend period, and we will have no obligation to pay dividends for such dividend period, whether or not dividends on the Series A Preferred Stock are declared for any future dividend period.

The Series A Preferred Stock may be redeemed at our option (i) in whole or in part, from time to time, on or after June 25, 2017 or (ii) in whole, but not in part, prior to June 25, 2017 upon the occurrence of a "regulatory capital treatment event," as described herein, in each case at a redemption price equal to $25,000 per share (equivalent to $25 per depositary share), plus any declared and unpaid dividends for prior dividend periods and accrued but unpaid and undeclared dividends for the then-current dividend period to the redemption date. The Series A Preferred Stock will not have any voting rights, except as set forth under "Description of Series A Preferred Stock—Voting Rights" below.

Full Prospectus PDF », TCB Page »

Series:A
Redeemable?:Yes
Call Date:6/25/2017
Perpetual?:Yes
Cumulative?:No
Shares Offered:6,000,000
Overallotment:900,000
Liquidation Preference:$25
Recent Market Price:$25.70
Premium to Liquidation Preference:
(More Preferreds Trading at a Premium »)
$0.70 (2.80%)
Annualized Dividend:1.875
Recent Ex-Date:5/13/2014
Current Yield:7.30%
Original Coupon:7.500%
Pay Period:Quarterly
Pay Dates:1-Mar, 1-Jun, 1-Sep, 1-Dec
TCF Financial is a national bank holding company. Through its subsidiaries, Co. operates three segments: Lending, Funding and Support Services. The Lending segment includes retail lending, commercial banking, leasing and equipment finance, inventory finance and auto finance. The Funding segment includes branch banking and treasury services. The Support Services segment includes holding company and corporate functions that provide data processing, bank operations and other professional services. As of Dec 31 2012, Co. had total assets of $18.2 billion and total deposits of $14 billion.

Preferreds: TCB.PRB, TCB.PRC


Open the TCB Information Page »
Name:  TCF Financial Corp.
Website:  www.tcfbank.com
Sector:  Banking & Savings
Number of ETFs Holding TCB:  49 (see which ones)
Total Market Value Held by ETFs:  $218,787,776
Total Market Capitalization:  $2,651,000,000
% of Market Cap. Held by ETFs:  8.25%

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