TCF Bank 2003 Annual Report Download - page 11

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2003 Annual Report 9
We continue to have a mutuality of interest with our shareholders. Our senior management and board of directors
own approximately 6.1 million shares, or 8.6 percent, of TCF stock. Seventy-eight percent of our eligible employees
participate in TCF’s Employees Stock Purchase Plan, which at year-end held over 4.1 million shares. Our stock plans
for senior management continue to be restricted stock grants based on long-term growth in earnings per share. These
stock grants are expensed in the income statement just like the rest of TCF’s expenses. We are true owners as we face the
downside risk of our decisions as well as the upside potential. As a result of not meeting TCF’s earnings goals, no incen-
tive compensation bonuses were paid to executive management for 2003.
TCF repurchased 3.5 million shares (five percent) of its stock in 2003 and a total of 25.1 million shares (29 percent)
since the beginning of 1998. While the number of shares we buy remains subject to the availability of capital, we plan to
continue repurchasing shares as long as TCF stock remains our most attractive investment opportunity. We consider the
return from repurchasing TCF stock as another hurdle rate for acquisitions.
Again this year, we give special thanks to our hardworking, responsive and dedicated Board of Directors. Our Board
consists largely of entrepreneurial business people who also own TCF stock. We appreciate their continued guidance and
support. We would like to especially recognize Pinky McNamara, who retired from our board of directors in 2003, for
his years of service to TCF. His wisdom and counsel were invaluable.
We also thank our outstanding team of employees who truly do put the customer first every day. Everything that
happens at TCF is the direct result of the exceptional ability, commitment and energy of TCF’s employees. We are proud
of the TCF team and their accomplishments.
Thank you for your continued support and investment in TCF. We are looking forward to a better year in 2004 and
remain optimistic about TCF’s future.
William A. Cooper
Chairman of the Board and Chief Executive Officer
Lynn A. Nagorske
President and Chief Operating Officer