TCF Financial (TCB) Commences $150 Million Common Stock Offering

TCF Financial Corporation ("TCF") (NYSE: TCB) has commenced an underwritten registered public offering of $150 million of its common stock. TCF intends to grant the underwriters an option to purchase up to an additional 15 percent of the amount sold to cover over-allotments, if any. Morgan Stanley and J.P. Morgan are acting as joint book-running managers. RBC Capital Markets and Stifel Nicolaus will serve as co-managers.

The shares will be issued pursuant to a prospectus supplement filed as part of a shelf registration statement filed with the Securities and Exchange Commission on Form S-3. The issuance of the additional common stock enhances TCF's capital ratios and therefore TCF's ability to pursue growth and acquisition opportunities. TCF expects to use the net proceeds of the offering for general corporate purposes.

[SM]