TCF Bank 2005 Annual Report Download - page 9

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72005 Annual Report
emphasizing long-term growth in earnings
per share. These stock grants are expensed
in the income statement just like all the
rest of TCF’s expenses.
TCF repurchased 3.5 million shares of
its stock during 2005 at an average cost
of $27.10 per share. We consider the
return from repurchasing TCF stock as
a hurdle rate for acquisitions.
Once again I would like to thank our ded-
icated Board of Directors. Our Board of
Directors is wise, strong and hard working.
We appreciate their counsel and advice.
We would especially like to recognize
Tom McGough, who retired from our Board
of Directors in 2005 after 20 years of
distinguished service. Tom’s insights and
counsel were always worth heeding.
I would like to take this opportunity to also
recognize the retirement of Bill Cooper as
CEO. Under Bill’s leadership, TCF went from
a near bankrupt savings and loan to one
of the best-run banks in America. His
unique skills, experience and personality
have powered TCF to an 18 percent annu-
alized return to stockholders over his
20-year tenure. I will always appreciate
Bill’s plain speaking style, high integrity,
savvy intelligence and passion for the
business. Bill will continue to serve as
non-employee Chairman of the Board of
Directors. In that capacity, TCF will still
have access to his innovative ideas and
wealth of experience. I look forward to
working with Bill as Chairman.
I would also like to recognize and thank
our outstanding employees for being part
of the TCF Team. We hire people who love
to compete and win. Their exceptional
abilities, commitment and energy make
everything happen. We are proud of the
TCF Team and its accomplishments.
On January 1, 2006, concurrent with
Bill Cooper’s retirement, the torch was
passed to a new generation of bankers
at TCF. While the people in the chairs
have changed, rest assured our philoso-
phy of banking remains the same.
We have an experienced and disciplined
management team focused on producing
superior returns.
Thank you for your continued support and
investment in TCF. I remain optimistic about
TCF’s future prospects.
Lynn A. Nagorske
Chief Executive Officer