Simultaneous to this announcement, TCF Financial has cut itscash dividend from $0.25 per share to $0.05 per share.
"Participation in the TARP has created a competitivedisadvantage for TCF and we believe it is in the best interest ofour stockholders to repurchase these shares," says TCF's WilliamCooper, CEO. "TCF is a safe and sound franchise and is uniquelypositioned to be able to pay back the TARP funds to the governmentso that Congress can put the money to work where it is needed.Furthermore, TCF's earnings per share will improve by over $0.14per share on an annualized basis as a result of eliminating itsTARP dividend obligation."
TCF Financial has $16.7 billion in assets across the country.The company has 448 banking offices throughout the Midwest,Colorado and Arizona, providing retail and commercial bankingservices.
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