TCF Bank 2006 Annual Report Download - page 34

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Part II
Item 5. Market for Registrant’s
Common Equity, Related
Stockholder Matters and Issuer
Purchases of Equity Securities
TCF’s common stock trades on the New York Stock Exchange
under the symbol “TCB.” The following table sets forth the
high and low prices and dividends declared for TCF’s common
stock. The stock prices represent the high and low sale prices
for the common stock on the New York Stock Exchange
Composite Tape, as reported by Bloomberg.
Dividends
High Low Declared
2006
First Quarter $28.41 $24.23 $ .23
Second Quarter 27.70 24.91 .23
Third Quarter 28.10 24.94 .23
Fourth Quarter 27.89 25.16 .23
2005
First Quarter $32.03 $26.42 $.2125
Second Quarter 28.56 24.55 .2125
Third Quarter 28.82 25.81 .2125
Fourth Quarter 28.78 25.02 .2125
As of January 31, 2007, there were 8,451 record holders
of TCF’s common stock.
The Board of Directors of TCF Financial has not adopted
a formal dividend policy. The Board of Directors intends to
continue its practice of paying quarterly cash dividends on
TCF’s common stock as justified by the financial condition
of TCF. The declaration and amount of future dividends will
depend on circumstances existing at the time, including
TCF’s earnings, financial condition and capital requirements,
the cash available to pay such dividends (derived mainly
from dividends and distributions from TCF Bank), as well
as regulatory and contractual limitations and such other
factors as the Board of Directors may deem relevant. In
general, TCF 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 OCC. Restrictions on the
ability of TCF Bank to pay cash dividends or possible dimin-
ished earnings of the indirect subsidiaries of TCF may limit
the ability of TCF to pay dividends in the future to holders of
its common stock. See “Regulation – Regulatory Capital
Requirements,” “Regulation – Restrictions on
Distributions” and Note 14 of Notes to Consolidated
Financial Statements.
14 TCF Financial Corporation and Subsidiaries