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WAYZATA, MN-TCF Financial Corp. has won government approval to buy back the 361,172 outstanding shares from the Treasury Department under the Troubled Asset Relief Program. TCF Financial will pay $361.2 million for the stock.

Simultaneous to this announcement, TCF Financial has cut its cash dividend from $0.25 per share to $0.05 per share.

“Participation in the TARP has created a competitive disadvantage for TCF and we believe it is in the best interest of our stockholders to repurchase these shares,” says TCF’s William Cooper, CEO. “TCF is a safe and sound franchise and is uniquely positioned to be able to pay back the TARP funds to the government so that Congress can put the money to work where it is needed. Furthermore, TCF’s earnings per share will improve by over $0.14 per share on an annualized basis as a result of eliminating its TARP 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 banking services.

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