TCF Financial Corporation TCB announced today that it has
taken steps to reposition its balance sheet by prepaying $3.6 billion of
long-term debt and selling $1.9 billion of mortgage-backed securities, which
it anticipates will increase net interest margin and reduce interest rate
risk.
“TCF's strong capital and liquidity position created the opportunity for us to
execute this transaction,” said William A. Cooper, Chairman and Chief
Executive Officer. “This balance sheet repositioning enables TCF to realize
its true franchise value from its ongoing strategy of originating
high-yielding, low-risk, secured loans and leases funded by a low-cost, core
deposit base.”
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