TCF Bank 2009 Annual Report Download - page 55
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2009 Form 10-K : 39
December 31, 2008. The decrease in the weighted average
rate for deposits was due to pricing decisions made by man-
agement as a result of declining interest rates during 2009.
Borrowings totaled $4.8 billion at December
31, 2009, up $94.7 million from December 31, 2008.
See Notes 10 and 11 of Notes to Consolidated Financial
Statements for detailed information on TCF’s borrowings.
The weighted-average rate on borrowings was 4.42% at
December 31, 2009, and 4.48% at December 31, 2008.
TCF does not utilize unconsolidated subsidiaries or special
purpose entities to provide off-balance sheet borrowings.
As disclosed in the Notes to Consolidated Financial Statements, TCF has
certain obligations and commitments to make future payments under contracts. At December 31, 2009, the aggregate
contractual obligations (excluding bank deposits) and commitments are as follows.
(In thousands)
Contractual Obligations
Total borrowings (1)
Annual rental commitments under
non-cancelable operating leases
Campus marketing agreements
Visa indemnication expense (2)
(In thousands)
Commitments
Commitments to lend:
Consumer real estate and other
Commercial
Leasing and equipment nance
Total commitments to lend
Standby letters of credit and guarantees
on industrial revenue bonds
(1) Total borrowings excludes interest.
(2) The payment time is estimated to be less than one year; however, the exact date of the payment can not be determined.
Commitments to lend are agreements to lend to a
customer provided there is no violation of any condition
in the contract. These commitments generally have xed
expiration dates or other termination clauses and may
require payment of a fee. Since certain of the commitments
are expected to expire without being drawn upon, the total
commitment amounts do not necessarily represent future
cash requirements. Collateral predominantly consists of
residential and commercial real estate.
Campus marketing agreements consist of xed or mini-
mum obligations for exclusive marketing and naming rights
with eight campuses. TCF is obligated to make various
annual payments for these rights in the form of royalties
and scholarships through 2029. TCF also has various renewal
options, which may extend the terms of these agreements.
Campus marketing agreements are an important element
of TCF’s campus banking strategy.