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TCF Financial Corp., 5.70% Dep Shares Series C Non-Cumul Perp Preferred Stock
Ticker Symbol: TCF-D* CUSIP: 872275300 Exchange: NYSE
* NOTE: This security is no longer trading as of 8/01/2019
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QUANTUMONLINE.COM SECURITY DESCRIPTION: TCF Financial Corp., 5.70% Depositary Shares, each Representing a 1/1,000th Interest in a Share of Series C Non-Cumulative Perpetual Preferred Stock, liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 12/1/2022 at $25 per depositary share plus accrued and unpaid dividends, and with no stated maturity. Non-Cumulative distributions of 5.70% per annum ($1.425 per annum or $0.35625 per quarter) will be paid quarterly on 3/1, 6/1, 9/1 & 12/1 to holders of record on the 15th day of the month prior to the payment date (NOTE: the ex-dividend date is one business day 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 which no longer allows the company to include the funds originating from this security as Tier 1 capital on their balance sheet (see the prospectus for further information). 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-17 of the prospectus for further information). This security was rated as Ba1 by Moody’s and BB- by S&P at the date of its IPO. 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**)
Notes: August 01, 2019 --TCF Financial Corporation (NASDAQ: TCF), today announced the successful closing of its previously announced merger of equals in which legacy TCF Financial Corporation (Legacy TCF) merged into Chemical Financial Corporation (Chemical), with Chemical as the surviving company. Upon the merger closing, Chemical was renamed TCF Financial Corporation, and its common shares will trade on The NASDAQ Stock Market under the symbol “TCF” beginning today. Pursuant to the terms of the previously disclosed merger agreement between the companies dated January 27, 2019, each share of common stock of Legacy TCF has converted into 0.5081 common shares of new TCF, and each common share of Chemical is now a common share of new TCF. In addition, each depositary share with respect to Legacy TCF 5.70% Series C Non-Cumulative Perpetual Preferred Stock has converted into a depositary share with respect to new TCF 5.70% Series C Non-Cumulative Perpetual Preferred Stock, which will trade on The NASDAQ Stock Market under the symbol “TCFCP” beginning today.
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IPO - 9/7/2017 - 7.00 Million Shares @ $25.00 /share.
Link to IPO Prospectus
Previous Ticker Symbol: TCFFP Changed: 9/18/2017
Market Value $175.0 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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