TCF Bank 2004 Annual Report Download

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High Performance Banking
TCF Financial Corporation 2004 Annual Report

Table of contents

  • Page 1
    TCF Financial Corporation 2004 Annual Report High Performance Banking

  • Page 2
    ... (4.5) % Change Selected Balance Sheet Data: Securities available for sale ...Residential real estate loans ...Subtotal ...Loans and leases excluding residential real estate loans ...Goodwill ...Mortgage servicing rights ...Total assets ...Checking, savings and money market deposits ...Certificates...

  • Page 3
    ... Profile TCF Financial Corporation is a Wayzata, Minnesota-based national financial holding company with $12.3 billion in assets. TCF has 430 banking offices in Minnesota, Illinois, Michigan, Wisconsin, Colorado and Indiana. Other TCF affiliates provide leasing and equipment finance, securities...

  • Page 4
    William Cooper, Chairman of the Board and Chief Executive Officer; Lynn Nagorske, President and Chief Operating Officer. 2 TCF Financial Corporation and Subsidiaries

  • Page 5
    ... Reserve Board interest rate hikes. This rise in short-term rates helped TCF's net interest margin because interest rate sensitive assets exceed variable-rate sensitive liabilities. The ten-year treasury rates started and ended the year at about 4.25 percent. This resulted in 2004 Annual Report 3

  • Page 6
    ... to cancel high cost fixed-rate borrowings. 4. During 2004, TCF restructured its mortgage banking business. Wholesale loan origination activities were eliminated and the retail Diluted EPS (dollars) We sold MBSs in 2004 when longer-term interest rates hovered near 40 year lows. $1.86 $1.58 $1.35...

  • Page 7
    ... in deposits with an average interest cost of .53 percent and 576,000 checking accounts. Checking account "TCF continued to experience strong growth in its core businesses in 2004." growth in new branches was approximately 16 percent. Our new traditional branches are generally performing close to...

  • Page 8
    ... of TCF's mortgage servicing rights. Second, TCF, like of new regulations. Legal and tax issues are always a risk (the 2003 Visa all banks, is subject to the effects of economic activity. In particular, debit card lawsuit is a good example of this legal risk). a significant decline in home values...

  • Page 9
    ... continued support and investment in TCF. 2005 promises to be another interesting and challenging year. We remain optimistic about TCF's future prospects. William A. Cooper Chairman of the Board and Chief Executive Officer Lynn A. Nagorske President and Chief Operating Officer 2004 Annual Report...

  • Page 10
    Holding Company Senior Management Seated, from left: Lynn Nagorske; Craig Dahl. Standing, from left: Paul Brawner; William Cooper; Earl Stratton; Barry Winslow; Neil Brown; Gregory Pulles; Barbara Shaw. 8 TCF Financial Corporation and Subsidiaries

  • Page 11
    ... growing our branch network and building additional relationships with our customers through our higher-yielding consumer and commercial loan products. Minnesota's consumer lending division originates home equity loans and lines of credit. The Minnesota consumer lending division is approaching...

  • Page 12
    ... division reached the billion-dollar mark in total deposits early in 2004. This division has branches inside Jewel-Osco ® 20 traditional branches and 12 supermarket branches. By the end of 2005, TCF Colorado plans to incorporate a business banking division and open ten new branches. In addition to...

  • Page 13
    ...open longer hours, seven days a week and open on most holidays. TCF offers a large supermarket branch network, complemented by traditional branches, providing customers with alternative locations to conduct their banking. TCF's free online banking services, extensive ATM network, automated telephone...

  • Page 14
    Bank Senior Management Seated: Barry Winslow. Standing, from left: Robert Scott; Timothy Bailey; Wayne Marty; Mark Jeter. Not pictured: Thomas Wagner. 12 TCF Financial Corporation and Subsidiaries

  • Page 15
    ...home equity loan products. We have been able to add several enhancements to this product over the years including tiered pricing, Visa credit line access, payment protection products, and this year, a fast-close service. In 2004, TCF launched the "TCF Miles PlusSM Card", a free non-revolving credit...

  • Page 16
    ... 24 hours a day, seven days a week, 365 days a year. Customers preferring personal service can contact a personal trading representative. New Branch1 Total Deposits (millions of dollars) Small business customers may also take advantage of TCF's Internet banking services. TCF® Totally Free Online...

  • Page 17
    ..., in 2004, TCF's consumer lending and home loan divisions merged offering new home purchase customers quicker access to their funds through TCF's fast-close loan program. Our customers' lives and business needs are evolving and we will continue to develop and enhance products and services to meet...

  • Page 18
    ... and assisted with the capitalization of several affordable housing loan funds. In June of 2004, TCF received the National Business Partner of the Year Award from Goodwill Easter Seals. Seven years ago, TCF joined forces with Goodwill/Easter Seals to develop a program to help give people Checking...

  • Page 19
    ... Liquidity Management Deposits New Branch Expansion Borrowings Contractual Obligations and Commitments Stockholders' Equity Market Risk - Interest-Rate Risk Summary of Critical Accounting Estimates Recent Accounting Developments Fourth Quarter Summary Earnings Teleconference and Website Information...

  • Page 20
    ...core lending business is its consumer home equity loan operation, which offers fixed- and variable-rate loans and lines of credit secured by residential real estate properties. The leasing and equipment finance businesses consist of Winthrop Resources Corporation ("Winthrop"), a leasing company that...

  • Page 21
    ... debit cards. TCF's mortgage banking business originated residential mortgage loans and sold them to investors, primarily retaining the servicing rights and related servicing revenue. During 2004, TCF restructured its mortgage banking business by eliminating the wholesale loan origination activities...

  • Page 22
    ... 15.7 Consolidated Financial Condition: At December 31, (Dollars in thousands, except per-share data) Securities available for sale ...Residential real estate loans ...Subtotal ...Loans and leases excluding residential real estate loans ...Total assets ...Checking, savings and money market deposits...

  • Page 23
    ... party investors. This operating segment reported a net loss of $3.2 million for 2004, compared with net income of $2.9 million for 2003. TCF's mortgage banking operations funded $856.7 million in loans during 2004, down from $3 billion in 2003, primarily reflecting a decline in refinance activity...

  • Page 24
    ...912 424,770 88,401 513,171 641,519 Change Average Yields and Rates (bps) (Dollars in thousands) Assets: Investments ...Securities available for sale (2) ...Loans held for sale ...Loans and leases: Consumer ...Commercial real estate ...Commercial business ...Leasing and equipment finance ...Subtotal...

  • Page 25
    ...522) (91,844) (bps) (Dollars in thousands) Assets: Investments ...Securities available for sale (2) ...Loans held for sale ...Loans and leases: Consumer ...Commercial real estate ...Commercial business ...Leasing and equipment finance ...Subtotal ...Residential real estate ...Total loans and leases...

  • Page 26
    ...Securities available for sale ...Loans held for sale ...Loans and leases: Consumer ...Commercial real estate ...Commercial business ...Leasing and equipment finance ...Residential real estate ...Total interest income ...Interest expense: Checking ...Savings ...Money market ...Certificates of deposit...

  • Page 27
    ... in 2002 increased from 2001 primarily as a result of growth in average low-cost deposits (checking, savings and money market), up $997.8 million, or 23.2%, coupled with growth in higher-yielding loans and leases (commercial, consumer and lease equipment finance) of $724.6 million, or 14%, and lower...

  • Page 28
    ... by increased fees, service charges and card revenue generated by TCF's expanding branch network and customer base. The increases in fees and service charges and card revenue primarily reflect an increase in the number of checking accounts, which totaled 1,535,152 accounts at December 31, 2004, up...

  • Page 29
    ...'s card business: (Dollars in thousands) Average number of checking accounts with a TCF card ...Active card users ...Average number of transactions per month ...Sales volume for the year ended: Off-line (Signature) ...On-line (PIN) ...Total ...Percentage off-line ...Average off-line interchange rate...

  • Page 30
    ... with TCF's consumer lending business. TCF's mortgage banking business no longer originates any new loans and continues to service the remaining $4.5 billion portfolio of mortgage loans for third party investors. As a result, gains on sales of loans declined as origination volumes declined in 2004...

  • Page 31
    ... mortgage servicing rights decline. TCF periodically evaluates its capitalized mortgage servicing rights for impairment. A key component in determining the fair value of mortgage servicing rights is the projected cash flows of the underlying loan portfolio. TCF uses projected cash flows and related...

  • Page 32
    ...: Year Ended December 31, (Dollars in thousands) Compensation ...Employee benefits ...Total compensation and employee benefits ...Occupancy and equipment ...Advertising and promotions ...Deposit account losses ...Other ...Subtotal ...Amortization of goodwill ...Total non-interest expense ...2004...

  • Page 33
    ... tax rate in 2004 and 2003 primarily reflects increases in investments in taxadvantaged affordable housing limited partnerships and lower state and local income taxes. TCF has a Real Estate Investment Trust ("REIT") and a related foreign operating company that acquire, hold and manage mortgage...

  • Page 34
    ...Compound Annual Growth Rate 1-Year 5-Year 2004/2003 2004/1999 21.7% 16.5% 12.4 14.9 (.8) 3.8 18.5 22.8 17.3 16.1 (16.4) (23.7) 12.4 3.5 Geographic Distribution: Minnesota ...Michigan ...Illinois ...Wisconsin ...Colorado ...California ...Florida ...Texas ...Ohio ...Other ...Total ... Consumer $1,789...

  • Page 35
    ... the loan amount (current outstanding balance on closed-end loans and the total commitment on lines of credit) plus deferred loan origination costs net of fees and refundable insurance premiums, if any, plus the amount of senior liens, if any. Property values represent the most recent market value...

  • Page 36
    ...% of TCF's commercial real estate loans outstanding were secured by properties located in its primary markets. The following tables summarize TCF's leasing and equipment finance portfolio by marketing segment and by equipment type: At December 31, (Dollars in thousands) 2004 Over 30-Day Delinquency...

  • Page 37
    ... and interest on the notes representing the third-party participation related to this leveraged lease. However, these noteholders have a security interest in the aircraft which is superior to TCF's equity interest. Such notes, which totaled $19.2 million at December 31, 2004, down from $22.6 million...

  • Page 38
    ..., including economic conditions and TCF's on-going credit review process, will not require significant changes in the allowance for loan and lease losses. Among other factors, a protracted economic slowdown and/or a decline in commercial or residential real estate values in TCF's markets may have an...

  • Page 39
    ... loans secured by real estate than for unsecured loans or loans secured by other property primarily due to state foreclosure laws. The key indicators of TCF's credit quality and reserve coverage for 2004 include the ratio of net charge-offs to average loans and leases of .11%, the year-end allowance...

  • Page 40
    ... Loans and Leases .10% .07 .18 .40 1.28 - 1.85 - 1.79 .69 .01 .16 (Dollars in thousands) Consumer ...Commercial real estate ...Commercial business ...Leasing and equipment finance: Middle market ...Small ticket ...Winthrop ...Wholesale ...Leveraged leases ...Other ...Total leasing and equipment...

  • Page 41
    ... following table summarizes TCF's over 30-day delinquent loan and lease portfolio, by loan type: At December 31, 2004 (Dollars in thousands) Consumer ...Commercial real estate ...Commercial business ...Leasing and equipment finance ...Residential real estate ...Total ...Principal Balances $15,436 32...

  • Page 42
    ... lending and for other general business purposes. In addition to deposits, TCF derives funds primarily from loan and lease repayments, proceeds from the discounting of leases and borrowings. Deposit inflows and outflows are significantly influenced by general interest rates, money market conditions...

  • Page 43
    ......Supermarket ...Total ...Number of new branches* at year end: Traditional and campus ...Supermarket ...Total ...Percent of total branches ...Number of checking accounts ...Deposits: Checking ...Savings ...Money market ...Subtotal ...Certificates of deposit ...Total deposits ...Total fees and other...

  • Page 44
    .... TCF Bank paid the proceeds from the offering to TCF to be used for general corporate purposes, which may include repurchases in the open market of TCF common stock. See Notes 12 and 13 of Notes to Consolidated Financial Statements for detailed information on TCF's borrowings. Included in long-term...

  • Page 45
    .... Although TCF manages other risks, such as credit and liquidity risk, in the normal course of its business, the Company considers interest rate risk to be its most significant market risk. Since TCF does not hold a trading portfolio, the Company is not exposed to market risk from trading activities...

  • Page 46
    ... could experience an increase in prepayments of residential loans, mortgage-backed securities and fixed-rate consumer and commercial real estate loans and could experience compression of its net interest income. The one-year interest rate gap could be significantly affected by external factors such...

  • Page 47
    ... $ (Dollars in thousands) Interest-earning assets: Loans held for sale ...Securities available for sale (1) ...Real estate loans (1) ...Leasing and equipment finance (1) ...Other loans (1) ...Investments ...Interest-bearing liabilities: Checking deposits (2) ...Savings deposits (2) ...Money market...

  • Page 48
    ... the investor relations section within TCF's website at www.tcfexpress.com or by contacting TCF's Corporate Communications Department at (952) 745-2760. The website also includes free access to company news releases, TCF's annual report, quarterly reports, investor presentations and Securities and...

  • Page 49
    ... in which TCF holds an equity interest; denial of insurance coverage for claims made by TCF; technological, computer-related or operational difficulties; adverse changes in securities markets; the risk that TCF could be unable to effectively manage the volatility of its mortgage servicing portfolio...

  • Page 50
    Consolidated Statements of Financial Condition At December 31, (Dollars in thousands, except per-share data) 2004 2003 Assets Cash and due from banks ...Investments ...Securities available for sale ...Loans held for sale ...Loans and leases: Consumer ...Commercial real estate ...Commercial business...

  • Page 51
    ... for credit losses ...Non-interest income: Fees and service charges ...Card revenue ...ATM revenue ...Investments and insurance revenue ...Subtotal ...Leasing and equipment finance ...Mortgage banking ...Other ...Fees and other revenue ...Gains on sales of securities available for sale ...Gains...

  • Page 52
    Consolidated Statements of Stockholders' Equity (Dollars in thousands) Balance, December 31, 2001 ......Change in shares held in trust for deferred compensation plans, at cost ...Balance, December 31, 2004 ...See accompanying notes to consolidated financial statements. 50 TCF Financial Corporation...

  • Page 53
    Number of Common Shares Issued Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Treasury Stock and Other Total...(150,356) (1,704) 2,371 9,701 2,058 (695) (839,401 116,134) (1,618) 835 6,905 2,685 211 $ (946,517)...$ $ 2004 Annual Report 51

  • Page 54
    ... net income to net cash provided by operating activities: Depreciation and amortization ...Mortgage servicing rights amortization and impairment ...Provision for credit losses ...Proceeds from sales of loans held for sale ...Principal collected on loans held for sale ...Originations and purchases of...

  • Page 55
    ... The consolidated financial statements include the accounts of TCF Financial Corporation and its wholly owned subsidiaries. TCF Financial Corporation ("TCF" or the "Company") is a national financial holding company engaged primarily in community banking, mortgage banking and leasing and equipment...

  • Page 56
    ... known. Pension Plan As summarized in Note 18, TCF provides pension benefits to eligible employees in the TCF Cash Balance Pension Plan. In accordance with Statement of Financial Accounting Standards ("SFAS") No. 87 "Employers' Accounting for Pensions," the Company does not consolidate the assets...

  • Page 57
    ... due (150 days or six payments or more past due for loans secured by residential real estate), unless the loan or lease is adequately secured and in the process of collection. When a loan or lease is placed on non-accrual status, uncollected interest accrued in prior years is charged off against the...

  • Page 58
    ... (Dollars in thousands) Due in one year or less ...No stated maturity (1) ...Total ...(1) Balance represents FRB and Federal Home Loan Bank ("FHLB") stock, required regulatory investments. Carrying Value $ 520 102,706 $103,226 Yield 1.71% 3.77 3.76 Note 4. Securities Available for Sale Securities...

  • Page 59
    ... ...Total consumer ...Commercial: Commercial real estate: Permanent ...Construction and development ...Total commercial real estate ...Commercial business ...Total commercial ...Leasing and equipment finance: Equipment finance loans ...Lease financings: Direct financing leases ...Sales-type leases...

  • Page 60
    ... aggregate amount of loans to non-management directors of TCF and their related interests was $56.5 million and $60.9 million at December 31, 2004 and 2003, respectively. During 2004, $22.8 million of new loans were made, repayments of loans totaled $27.1 million and there were no changes due to the...

  • Page 61
    ... and 2002, TCF had no loans outstanding with terms that had been modified in troubled debt restructurings. There were no material commitments to lend additional funds to customers whose loans or leases were classified as non-accrual at December 31, 2004. Note 8. Premises and Equipment Premises and...

  • Page 62
    ... 4,440 Deposit Base Intangibles $ 1,659 1,631 955 - - Total $13,352 11,018 8,272 5,687 4,440 Note 10. Mortgage Banking The activity in mortgage servicing rights and the related valuation allowance is summarized as follows: (In thousands) Mortgage servicing rights at beginning of year ...Wholesale...

  • Page 63
    ...Condition. These custodial deposits relate primarily to mortgage servicing operations and represent funds due to investors on mortgage loans serviced by TCF and customer funds held for real estate taxes and insurance. The estimated fair value of mortgage servicing rights included in the Consolidated...

  • Page 64
    ... ...Total ...Maximum month-end balance Federal funds purchased ...Securities sold under repurchase agreements ...Treasury, tax and loan note payable ...Federal Home Loan Bank advances ...Line of credit ...N.A. Not Applicable. 2004 Amount $ 219,000 568,319 4,792 250,000 14,000 $1,056,111 2003 Rate...

  • Page 65
    ... real estate loans, consumer loans, commercial real estate loans, mortgage-backed securities and FHLB stock with an aggregate carrying value of $4.4 billion as collateral for FHLB advances. Included in FHLB advances and repurchase agreements at December 31, 2004 are $767.5 million of fixed-rate FHLB...

  • Page 66
    ... for loan and lease losses ...Securities available for sale ...Other ...Total deferred tax assets ...Deferred tax liabilities: Lease financing ...Subsidiary tax year-end ...Loan fees and discounts ...Mortgage servicing rights ...Pension plan ...Premises and equipment ...Securities available for sale...

  • Page 67
    ... general, TCF National Bank may not declare or pay a dividend to TCF in excess of 100% of its net profits for that year combined with its retained net profits for the preceding two calendar years without prior approval of the Office of the Comptroller of the Currency ("OCC"). 2004 Annual Report 65

  • Page 68
    ... total risk-based capital levels, and applicable percentages of adjusted assets, together with the excess over minimum capital requirements: Actual (Dollars in thousands) As of December 31, 2004: Tier 1 leverage capital TCF Financial Corporation ...TCF National Bank ...Tier 1 risk-based capital TCF...

  • Page 69
    ... to diversify and invest their vested account balance in various mutual funds or TCF common stock. At December 31, 2004, the fair value of the assets in the plan totaled $267.8 million and included $262.2 million invested in TCF common stock. The Company's matching contributions are expensed when...

  • Page 70
    ... 6.0% 4.5 Postretirement Plan Year Ended December 31, 2003 6.0% N.A. Assumptions used to determine benefit obligations Discount rate ...Rate of compensation increase ...N.A. Not Applicable. 2004 6.0% 4.0 2002 6.5% 4.5 2004 6.0% N.A. 2002 6.5% N.A. 68 TCF Financial Corporation and Subsidiaries

  • Page 71
    ...Pension Plan Year Ended December 31, 2003 6.5% 8.5 4.5 Postretirement Plan Year Ended December 31, 2003 6.5% N.A. N.A. Assumptions used to determine benefit cost (credit) Discount rate ...Expected long-term rate of return on plan assets ...Rate of compensation increase ...N.A. Not Applicable. 2004...

  • Page 72
    ... on management's credit evaluation of the customer. Financial instruments with off-balance sheet risk are summarized as follows: (In thousands) Commitments to extend credit: Consumer ...Commercial ...Leasing and equipment finance ...Other ...Total commitments to extend credit ...Loans serviced with...

  • Page 73
    ... are estimated by discounting contractual cash flows adjusted for prepayment estimates, using interest rates currently being offered for loans with similar terms to borrowers with similar credit risk characteristics. Deposits The fair value of checking, savings and money market deposits is deemed...

  • Page 74
    ... mortgage loan sales commitments (1) ...Loans: Consumer ...Commercial real estate ...Commercial business ...Equipment finance loans ...Residential real estate ...Allowance for loan losses(2) ...Total financial instrument assets ...Financial instrument liabilities: Checking, savings and money market...

  • Page 75
    ... account losses ...Postage and courier ...Telecommunication ...Card processing and issuance ...Office supplies ...ATM processing ...Federal deposit insurance and OCC assessments ...Deposit base intangible amortization ...Mortgage servicing liquidation expense ...Other ...Total other expense ...2004...

  • Page 76
    ... activities represent the mortgage servicing business and previously included the origination and purchase of residential mortgage loans primarily for sale to third parties, generally with servicing retained. In addition, TCF operates a bank holding company ("parent company") and has corporate...

  • Page 77
    ...for the years ended December 31, 2004, 2003 and 2002 are as follows: Condensed Statements of Financial Condition (In thousands) Assets: Cash ...Interest-bearing deposits with banks ...Investment in TCF National Bank ...Premises and equipment ...Dividends receivable from TCF National Bank ...Accounts...

  • Page 78
    ......Total adjustments ...Net cash provided by operating activities ...Cash flows from investing activities: Net (increase) decrease in interest-bearing deposits with banks ...Capital distribution from TCF National Bank ...Loan to deferred compensation plans, net ...Purchases of premises and equipment...

  • Page 79
    ... instances of fraud, if any, will be detected. William A. Cooper Chairman of the Board and Chief Executive Officer Neil W. Brown Executive Vice President and Chief Financial Officer David M. Stautz Senior Vice President, Controller and Assistant Treasurer February 17, 2005 2004 Annual Report 77

  • Page 80
    ... of financial condition of TCF Financial Corporation and subsidiaries as of December 31, 2004 and 2003, and the related consolidated statements of income, stockholders' equity, and cash flows for each of the years in the three-year period ended December 31, 2004. These consolidated financial...

  • Page 81
    ... of financial condition of TCF Financial Corporation and subsidiaries as of December 31, 2004 and 2003, and the related consolidated statements of income, stockholders' equity, and cash flows for each of the years in the three-year period ended December 31, 2004, and our report dated February...

  • Page 82
    ... Condition Data: Securities available for sale ...Residential real estate loans ...Subtotal ...Loans and leases excluding residential real estate loans ...Goodwill ...Mortgage servicing rights ...Total assets ...Checking, savings and money market deposits ...Certificates of deposit ...Total deposits...

  • Page 83
    ... D. JOHNSON MICHAEL R. KLEMZ JAMES L. KOON MARK W. ROHDE DAVID J. VEURINK C. HUNTER WESTBROOK TCF NATIONAL BANK COLORADO President WAYNE A. MARTY TCF MORTGAGE CORPORATION President DOUGLAS L. DINNDORF Senior Vice Presidents JAMES W. HAGEN MATTHEW G. LAMB * Effective 2005 2004 Annual Report 81

  • Page 84
    ... President and Chief Executive Officer McGough Companies WINTHROP RESOURCES CORPORATION Headquarters 11100 WAYZATA BOULEVARD SUITE 800 MINNETONKA, MN 55305 (952) 936-0226 Supermarket Branches CHICAGOLAND (157) MILWAUKEE AREA (8) KENOSHA/RACINE AREA (8) INDIANA (6) MICHIGAN Headquarters 401 EAST...

  • Page 85
    ... available to shareholders without charge. Information may also be obtained from: TCF Financial Corporation Corporate Communications 200 Lake Street East EX0-02-C Wayzata, MN 55391-1693 (952) 745-2760 CORPORATE WEBSITE TRADING OF COMMON STOCK The common stock of TCF Financial Corporation is listed...

  • Page 86
    ...in Security Prices, Graduate School of Business, The University of Chicago 2005. Used with permission. All rights reserved. crsp.com. CREDIT RATINGS Last Rating Action Moody's TCF National Bank: Outlook Issuer Long-term deposits Short-term deposits Bank financial strength Last Review September 2004...

  • Page 87
    ... in banking; we're open 12 hours a day, seven days a week, 364 days per year. We provide customers innovative products through multiple banking channels, including traditional and supermarket branches, TCF EXPRESS TELLER® ATMs, debit cards, phone banking, and Internet banking. • TCF operates like...

  • Page 88
    TCF Financial Corporation 200 Lake Street East Wayzata, MN 55391-1693 www.TCFExpress.com 2690-AR-05 TCFIR9328