TCF Financial Corp. recently announced that it would participate in the Treasury Department’s Capital Purchase Program, and expects to receive $361 million under the program. TCF is a financial services holding company based in Wayzata, Minnesota. The majority of the company’s net income comes from its principal subsidiary, TCF Bank. TCF also has bank branches in Illinois, Michigan, Colorado, Wisconsin, Indiana and Arizona.

In their 2008 third quarter earnings call, TCF executives attributed their relatively good performance to the fact that TCF’s portfolio did not include subprime loans or investments in Fannie Mae or Freddie Mac. 

On November 14, 2009, TCF received $361.2 million under the Capital Purchase Program. On April 22, 2009, the bank repurchased all of the preferred shares from Treasury.

USAspending.gov (last accessed 03/30/2009)
 

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Center for Responsive Politics  (Last Accessed 11/20/08).

►Related Articles

March 2, 2009 TCF to feds: You can keep your $361 million (Star Tribune)

November 17, 2008 TCF Financial receives government investment (AP/Forbes)

November 14, 2008 TCF Receives Proceeds from $361 Million Investment in TCF by the U.S. Treasury (press release)

November 6, 2008 Two more large banks to get cash injections (Star Tribune)

November 3, 2008 TCF Receives Approval for $361 Million Participation in U.S. Treasury Capital Purchase Program Press Release

October 22, 2008 TCF Financial Q3 2008 Earnings Call Transcript (Seeking Alpha)

Bailout Bank Bio: TCF Financial
 

Last Updated March 16, 2009