TCF Announces Redemption of Trust Preferred Securities
TCF Financial Corporation (NYSE: TCB) today announced that it has submitted a redemption notice to the property trustee for full redemption of $115 million of the 10.75% TCF Capital I (NYSE: TCB.A) trust preferred securities. The determination to redeem the trust preferred securities follows a notice of proposed rulemaking, approved for publication in the Federal Register by the Board of Governors of the Federal Reserve System (the “Federal Reserve”) on June 7, 2012, which would phase-out the Tier 1 capital treatment of the trust preferred securities. TCF has determined that the Federal Reserve's approval for publication of the notice of proposed rulemaking constituted a “capital treatment event” (as defined in the indenture governing the trust preferred securities), which allows TCF to redeem the trust preferred securities.
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