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TCF Financial Corp., 7.50% Dep Shares Series A Non-Cumul Perp Preferred Stock
Ticker Symbol: TCF-B* CUSIP: 872277207 Exchange: NYSE
* NOTE: This security is no longer trading as of 10/16/2017
Security has been Called for: Monday, October 16, 2017
September 15, 2017 -- TCF Financial Corporation today announced that it has submitted a redemption notice to Computershare Inc. and Computershare Trust Company, N.A. for the full redemption of all 6,900 issued and outstanding shares of Series A Non-Cumulative Perpetual Preferred Stock (the “Preferred Stock”) and all 6,900,000 issued and outstanding shares of the related depositary shares, each representing a 1/1,000th interest in a share of the Preferred Stock (NYSE: TCFPRB). The Board of Governors of the Federal Reserve System has approved the redemption. The Company will redeem the Preferred Stock on October 16, 2017 at a cash redemption price equal to $25,234.3750 per share of Preferred Stock. Upon deposit by the Company of the Preferred Stock Redemption Price with the Redemption Agent, the Redemption Agent will redeem the Series A Depositary Shares. The Series A Depositary Shares will be redeemed on the Redemption Date for cash at a redemption price representing 1/1,000th of the Preferred Stock Redemption Price, or $25.2343750 per Series A Depositary Share. ____________ September 7, 2017 -- TCF Financial Corporation today announced it has commenced an underwritten registered public offering of depositary shares, each representing a 1/1,000th interest in a share of Series C Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share. TCF intends to file an application to list the depositary shares on the New York Stock Exchange. TCF also announced that it expects to use the proceeds of the offering plus cash on hand, if needed, to redeem all or a portion of its issued and outstanding Series A Non-Cumulative Perpetual Preferred Stock. The redemption of the Series A Preferred Stock will result in the redemption of all or a portion of the related depositary shares, each representing a 1/1,000th interest in a share of the Series A Preferred Stock. TCF received approval from the Board of Governors of the Federal Reserve to use the proceeds from the offering to redeem all or a portion of the Series A Preferred Stock and the subsequent redemption of all or a portion of the Series A Depositary Shares. ____________ April 26, 2017 -- TCF Financial Corporation (NYSE: TCB) today announced the change of its NYSE ticker symbol from “TCB” to “TCF”, effective with the opening of trading on May 8, 2017.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: TCF Financial Corp., 7.50% Depositary Shares each representing a 1/1000 interest in a share of the Series A Non-Cumulative Perpetual Preferred Stock, liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 6/25/2017 at $25 per depositary share plus declared and unpaid dividends, and with no stated maturity. Non-cumulative distributions of 7.50% per annum ($1.875 per annum or $0.46875 per quarter) will be paid quarterly on 3/1, 6/1, 9/1 & 12/1 to holders of record on the record date that will be the 15th day of the month prior to the payment date (NOTE: the ex-dividend date is at least 2 business days prior to the record date). The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. This security is possibly subject to an early call as a result of the occurrence of a regulatory capital treatment event (see the prospectus for further information) which no longer allows the company to include the funds originating from this security as Tier 1 capital on their balance sheet. Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page S-31 of the prospectus for further information). In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (TCF**)
IPO - 6/19/2012 - 6.00 Million Shares @ $25.00/share.
Link to IPO Prospectus
Previous Ticker Symbol: TCB-B Changed: 5/08/2017
Market Value $150.0 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 200 Lake Street East, Wayzata, MN 55391 |
| Main Phone Number |
952-745-2760 |
| Fax Number |
Not Available |
| Investor Relations
Jason Korstange
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952-745-2755
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| Toll Free Phone Number |
800-823-2265 |
| CEO - Craig R. Dahl |
CFO - Brian W. Maass |
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