TCF Bank 2001 Annual Report Download - page 12

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losses (fraudulent checks, etc.) have risen and combat-
ting them is a continuing challenge. Technological
change is a risk. Additionally, rising and falling interest
rates could affect our results. Legal, regulatory and
tax issues are always a risk.
Over the long term, the success and viability of our
supermarket partners is important to TCF. We con-
tinue to work closely with our partners to optimize our
businesses and to be aware of and address any potential
risks. New competitors, many of whom have significantly
more resources than TCF, are entering the financial
services business. We must remain aware of these
competitors and be ready to address their challenges.
None of these risks are new. Our consistent results
have proven that we have managed these risks in the
past and we believe that we are adequately prepared
to manage them in the future. Our philosophy at TCF
is to run a highly profitable bank and to minimize
risk. TCF has no unconsolidated subsidiaries, exotic
derivatives, foreign loans, bank owned life insurance,
etc. In my opinion our accounting is very conservative.
A careful reading of this Annual Report will tell you
pretty much everything about our company.
We continue to have a mutuality of interest with our
shareholders. Our senior management and board of
directors own approximately 6.6 million shares of TCF
stock. Seventy-five percent of our eligible employees
participate in TCF’s stock ownership plan, which at
year-end held over 4.1 million shares. I believe I am
the third largest shareholder and the largest individual
10
2001 ANNUAL GROWTH RATE OF +13%
2001 ANNUAL GROWTH RATE OF +10%
$379
$618
$826
$1,074
$1,213
97 98 99 00 01
97 98 99 00 01
63
160
195
213
234
Supermarket Deposit Growth
Supermarket Branch Expansion
(Millions of Dollars)