TCF Financial Corp | Series A Non-Cumulative Perpetual Preferred Stock (TCB.PRB)

Prospectus excerpt:  TCF Financial Corporation is offering 6,000,000 depositary shares ("depositary shares"), each representing a 1/1,000th interest in a share of Series A Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share, with a liquidation preference of $25,000 per share (equivalent to $25 per depositary share) (the "Series A Preferred Stock"). As a holder of depositary shares, you will be entitled to all proportional rights and preferences of the Series A Preferred Stock (including dividend, voting, redemption and liquidation rights). You must exercise such rights through the depositary.

Dividends on the Series A Preferred Stock, when, as and if declared by our board of directors or a duly authorized committee thereof, will accrue and be payable on the liquidation preference amount, on a non-cumulative basis, quarterly in arrears on the 1st day of March, June, September and December of each year, commencing on September 1, 2012, at a rate per annum equal to 7.50%. If our board of directors or a duly authorized committee of the board has not declared a dividend on the Series A Preferred Stock before the dividend payment date for any dividend period, such dividend shall not be cumulative and shall not accrue or be payable for such dividend period, and we will have no obligation to pay dividends for such dividend period, whether or not dividends on the Series A Preferred Stock are declared for any future dividend period.

The Series A Preferred Stock may be redeemed at our option (i) in whole or in part, from time to time, on or after June 25, 2017 or (ii) in whole, but not in part, prior to June 25, 2017 upon the occurrence of a "regulatory capital treatment event," as described herein, in each case at a redemption price equal to $25,000 per share (equivalent to $25 per depositary share), plus any declared and unpaid dividends for prior dividend periods and accrued but unpaid and undeclared dividends for the then-current dividend period to the redemption date. The Series A Preferred Stock will not have any voting rights, except as set forth under "Description of Series A Preferred StockýVoting Rights" below.

Full Prospectus PDF », TCB Page »

Alternate symbology:TCB-B, TCB-PB, TCBprB
Call Date:6/25/2017 (Now Trading Post Call Date)
Shares Offered:6,000,000
Liquidation Preference:$25
Original Coupon:7.50%
Pay Period:Quarterly
Pay Dates:1-Mar, 1-Jun, 1-Sep, 1-Dec
CDx3 Compliance Rating: Learn TCB.PRB's Rating
TCF Financial is a bank holding company. Through its subsidiary, Co. provides retail banking and commercial banking products. Co.'s segments are: Consumer Banking, which is comprised of all of Co.'s consumer-facing businesses and includes retail banking, consumer real estate and auto finance; Wholesale Banking, which is comprised of commercial real estate and business lending, leasing and equipment finance and inventory finance; and Enterprise Services, which is comprised of corporate treasury, which includes Co.'s investment and borrowing portfolios and management of capital, debt and market risks. At Dec 31 2016, Co. had total assets of $21.44 billion and total deposits of $17.24 billion.

Preferreds: TCB.PRB, TCB.PRC

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TCF Financial Corp
Banking & Savings

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