<PAGE>
FORM 11-K
FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS
AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
[x] Annual Report Pursuant to Section 15(d) of
the Securities Exchange Act of 1934
For the fiscal year ended
December 31, 1995
or
[ ] Transition Report Pursuant to Section 15(d)
of the Securities Exchange Act of 1934
--------------------------
Commission File
No. 033-57633
--------------------------
THE GREAT LAKES BANCORP 401(k) SAVINGS AND INVESTMENT PLAN
-----------------------------------------------------------
(Full title of the plan)
TCF FINANCIAL CORPORATION
-----------------------------------------------------------
(Name of issuer of the securities held pursuant to the plan)
801 Marquette Avenue, Suite 302, Minneapolis, Minnesota 55402
-------------------------------------------------------------
(Address and zip code of principal executive office)
1
<PAGE>
Index
Page No.
--------
Financial Statements and Exhibits
Independent Auditors' Report 3
Statements of Net Assets Available for Plan Participants
- at December 31, 1995 and 1994 4-5
Statements of Changes in Net Assets Available for Plan Participants
- Years ended December 31, 1995, 1994 and 1993 6-8
Notes to Financial Statements 9-12
Supplemental Schedules 13-14
Signatures 15
Index to Exhibits 16
2
<PAGE>
INDEPENDENT AUDITORS' REPORT
[LOGO]
The Benefits Administration Committee
of Great Lakes Bancorp
Savings and Investment Plan:
We have audited the accompanying statements of net assets available for plan
participants of the Great Lakes Bancorp Savings and Investment Plan as of
December 31, 1995 and 1994, and the related statements of changes in net assets
available for plan participants for each of the years in the three-year period
ended December 31, 1995. These financial statements are the responsibility of
the Plan's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
As discussed in note 8 to the financial statements, the Plan was terminated
effective December 31, 1995.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for plan participants at
December 31, 1995 and 1994, and the changes in those net assets for each of the
years in the three-year period ended December 31, 1995 in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. Supplemental schedules I and II are
presented for purposes of additional analysis and are not a required part of the
basic financial statements, but are supplementary information required by the
Department of Labor's Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974. The fund information in the
statements of net assets available for plan participants and the statements of
changes in net assets available for plan participants is presented for purposes
of additional analysis rather than to present the net assets available for plan
participants and changes in net assets available for plan participants of each
fund. The supplemental schedules and fund information have been subjected to the
auditing procedures applied in the audits of the basic financial statements and,
in our opinion, are fairly presented in all material respects in relation to the
basic financial statements taken as a whole.
/s/ KPMG Peat Marwick LLP
September 9, 1996
Minneapolis, Minnesota
3
<PAGE>
GREAT LAKES BANCORP
SAVINGS AND INVESTMENT PLAN
Statement of Assets Available for Plan Participants
December 31, 1995
<TABLE>
<CAPTION>
Fixed Great Lakes Fidelity Fidelity Fidelity
Income Stock Bond Balanced Blue Chip Loan
Assets Fund Fund Fund Fund Fund Fund Total
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Investments, at fair value:
TCF Financial Corporation common stock $ 0 11,457,047 0 0 0 0 11,457,047
Great Lakes Bancorp certificate of deposit 1,388,767 0 0 0 0 0 1,388,767
Fidelity Investment pooled funds 0 0 232,775 570,668 1,022,510 0 1,825,953
Participant loans 0 0 0 0 0 80,098 80,098
- -----------------------------------------------------------------------------------------------------------------------------------
Total investments 1,388,767 11,457,047 232,775 570,668 1,022,510 80,098 14,751,865
- -----------------------------------------------------------------------------------------------------------------------------------
Assets available for benefits $1,388,767 11,457,047 232,775 570,668 1,022,510 80,098 14,751,865
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Assets available for benefits to:
Withdrawn plan participants 457,038 2,426,055 136,021 199,203 148,870 0 3,367,187
Current plan participants 931,729 9,030,992 96,754 371,465 873,640 80,098 11,384,678
- -----------------------------------------------------------------------------------------------------------------------------------
Total assets available for benefits $1,388,767 11,457,047 232,775 570,668 1,022,510 80,098 14,751,865
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
4
<PAGE>
GREAT LAKES BANCORP
SAVINGS AND INVESTMENT PLAN
Statement of Net Assets Available for Plan Participants
December 31, 1994
<TABLE>
<CAPTION>
Fixed Great Lakes Fidelity Fidelity Fidelity
Income Stock Bond Balanced Blue Chip Loan
Assets Fund Fund Fund Fund Fund Fund Total
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Investments, at fair market value:
Great Lakes Bancorp common stock $ 0 10,036,007 0 0 0 0 10,036,007
Great Lakes Bancorp certificate of deposit 1,531,080 0 0 0 0 0 1,531,080
Fidelity Investment's pooled funds 0 0 156,597 746,038 1,171,084 0 2,073,719
Participant loans 0 0 0 0 0 276,876 276,876
- -----------------------------------------------------------------------------------------------------------------------------------
Total investments 1,531,080 10,036,007 156,597 746,038 1,171,084 276,876 13,917,682
- -----------------------------------------------------------------------------------------------------------------------------------
Liabilities
- -----------------------------------------------------------------------------------------------------------------------------------
Contributions payable - employer 0 7,550 0 0 0 0 7,550
- -----------------------------------------------------------------------------------------------------------------------------------
Total liabilities 0 7,550 0 0 0 0 7,550
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets available for benefits $ 1,531,080 10,028,457 156,597 746,038 1,171,084 276,876 13,910,132
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets available for benefits to:
Withdrawn plan participants 176,505 537,932 23,655 63,622 141,502 0 943,216
Current plan participants 1,354,575 9,490,525 132,942 682,416 1,029,582 276,876 12,966,916
- -----------------------------------------------------------------------------------------------------------------------------------
Total net assets available for
benefits $ 1,531,080 10,028,457 156,597 746,038 1,171,084 276,876 13,910,132
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
5
<PAGE>
GREAT LAKES BANCORP
SAVINGS AND INVESTMENT PLAN
Statement of Changes in Net Assets Available for Plan Participants
Year ended December 31, 1995
<TABLE>
<CAPTION>
Fixed Great Lakes Fidelity Fidelity Fidelity
Income Stock Bond Balanced Blue Chip
Fund Fund Fund Fund Fund
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Investment income:
Interest $ 104,292 0 0 0 0
Realized gains 0 1,907,166 (1,024) 6,437 146,001
Change in unrealized appreciation 0 5,074,925 22,947 99,966 186,443
- --------------------------------------------------------------------------------------------------------------------
Net investment income 104,292 6,982,091 21,923 106,403 332,444
Contributions:
Employees, net of transfer 1,148,463 (416,165) 119,249 67,559 (15,368)
Employer 0 260,830 0 0 0
- --------------------------------------------------------------------------------------------------------------------
Total contributions 1,148,463 (155,335) 119,249 67,559 (15,368)
- --------------------------------------------------------------------------------------------------------------------
Total additions 1,252,755 6,826,756 141,172 173,962 317,076
Benefit payments 1,407,451 5,442,888 64,993 381,375 467,067
Loan repayments (14,421) (60,495) (251) (33,021) (3,162)
Trustee expenses 2,038 15,773 252 978 1,745
Employee insurance contract premiums 0 0 0 0 0
- --------------------------------------------------------------------------------------------------------------------
Total deductions 1,395,068 5,398,166 64,994 349,332 465,650
- --------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets available
for plan participants (142,313) 1,428,590 76,178 (175,370) (148,574)
Net assets available for plan participants:
Beginning of year 1,531,080 10,028,457 156,597 746,038 1,171,084
- --------------------------------------------------------------------------------------------------------------------
End of year $1,388,767 11,457,047 232,775 570,668 1,022,510
- --------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------
<CAPTION>
Loan Insurance
Fund Contracts Total
- -------------------------------------------------------------------------------------
<S> <C> <C> <C>
Investment income:
Interest 0 0 104,292
Realized gains 0 0 2,058,580
Change in unrealized appreciation 0 0 5,384,281
- -------------------------------------------------------------------------------------
Net investment income 0 0 7,547,153
Contributions:
Employees, net of transfer 0 11,427 915,165
Employer 0 0 260,830
- -------------------------------------------------------------------------------------
Total contributions 0 11,427 1,175,995
- -------------------------------------------------------------------------------------
Total additions 0 11,427 8,723,148
Benefit payments 85,428 0 7,849,202
Loan repayments 111,350 0 0
Trustee expenses 0 0 20,786
Employee insurance contract premiums 0 11,427 11,427
- -------------------------------------------------------------------------------------
Total deductions 196,778 11,427 7,881,415
- -------------------------------------------------------------------------------------
Increase (decrease) in net assets available
for plan participants (196,778) 0 841,733
Net assets available for plan participants:
Beginning of year 276,876 0 13,910,132
- -------------------------------------------------------------------------------------
End of year 80,098 0 14,751,865
- -------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
6
<PAGE>
GREAT LAKES BANCORP
SAVINGS AND INVESTMENT PLAN
Statement of Changes in Net Assets Available for Plan Participants
Year ended December 31, 1994
<TABLE>
<CAPTION>
Fixed Great Lakes Fidelity Fidelity Fidelity Fidelity
Income Stock Money Market Bond Balanced Blue Chip
Fund Fund Fund Fund Fund Fund
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Investment income (loss):
Interest $ 62,936 0 777 0 0 0
Realized gains 0 14,184 0 (653) (1,292) 56,662
Change in unrealized appreciation
(depreciation) 0 2,006,792 0 (908) (47,455) 65,740
- ----------------------------------------------------------------------------------------------------------------------------------
Net investment income (loss) 62,936 2,020,976 777 (1,561) (48,747) 122,402
Contributions:
Employees, net of transfer 73,318 602,206 (96,446) 40,809 116,435 257,698
Employer 0 221,902 0 0 0 0
Loans (67,950) (83,432) 0 (2,561) (14,355) (27,952)
- ----------------------------------------------------------------------------------------------------------------------------------
Total contributions 5,368 740,676 (96,446) 38,248 102,080 229,746
- ----------------------------------------------------------------------------------------------------------------------------------
Total additions 68,304 2,761,652 (95,669) 36,687 53,333 352,148
Benefit payments 229,162 461,266 219 12,236 248,119 586,861
Loan repayments (24,258) (62,700) (209) (658) (11,637) (8,590)
Employee insurance contract premiums 0 0 0 0 0 0
- ----------------------------------------------------------------------------------------------------------------------------------
Total deductions 204,904 398,566 10 11,578 236,482 578,271
- ----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets available
for plan participants (136,600) 2,363,086 (95,679) 25,109 (183,149) (226,123)
Net assets available for plan participants:
Beginning of year 1,667,680 7,665,371 95,679 131,488 929,187 1,397,207
- ----------------------------------------------------------------------------------------------------------------------------------
End of year $1,531,080 10,028,457 0 156,597 746,038 1,171,084
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Loan Insurance
Fund Contracts Total
- -------------------------------------------------------------------------------------
<S> <C> <C> <C>
Investment income (loss):
Interest 0 0 63,713
Realized gains 0 0 68,901
Change in unrealized appreciation
(depreciation) 0 0 2,024,169
- -------------------------------------------------------------------------------------
Net investment income (loss) 0 0 2,156,783
Contributions:
Employees, net of transfer 0 12,974 1,006,994
Employer 0 0 221,902
Loans 196,250 0 0
- -------------------------------------------------------------------------------------
Total contributions 196,250 12,974 1,228,896
- -------------------------------------------------------------------------------------
Total additions 196,250 12,974 3,385,679
Benefit payments 8,100 0 1,545,963
Loan repayments 108,052 0 0
Employee insurance contract premiums 0 12,974 12,974
- -------------------------------------------------------------------------------------
Total deductions 116,152 12,974 1,558,937
- -------------------------------------------------------------------------------------
Increase (decrease) in net assets available
for plan participants 80,098 0 1,826,742
Net assets available for plan participants:
Beginning of year 196,778 0 12,083,390
- -------------------------------------------------------------------------------------
End of year 276,876 0 13,910,132
- -------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
7
<PAGE>
GREAT LAKES BANCORP
SAVINGS AND INVESTMENT PLAN
Statement of Changes in Net Assets Available for Plan Participants
Year ended December 31, 1993
<TABLE>
<CAPTION>
Fidelity
Fixed Great Lakes Money Fidelity Fidelity Fidelity
Income Stock Market Bond Balanced Blue Chip
Fund Fund Fund Fund Fund Fund
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Investment income:
Interest $ 59,268 0 3,306 0 0 0
Realized gains (losses) 0 0 0 918 2,696 11,916
Change in unrealized appreciation 0 3,288,330 0 13,011 118,625 231,601
- -----------------------------------------------------------------------------------------------------------------------------------
Net investment income 59,268 3,288,330 3,306 13,929 121,321 243,517
Contributions:
Employees, net of transfer 15,306 624,351 6,933 11,724 207,526 184,889
Employer 0 208,328 0 0 0 0
Loans (66,381) (76,604) (822) (752) (2,345) (2,096)
- -----------------------------------------------------------------------------------------------------------------------------------
Total contributions (51,075) 756,075 6,111 10,972 205,181 182,793
- -----------------------------------------------------------------------------------------------------------------------------------
Total additions 8,193 4,044,405 9,417 24,901 326,502 426,310
Benefit payments 262,596 553,642 29,802 19,462 14,692 24,178
Loan repayments (16,736) (39,708) (274) (760) (20,907) (2,932)
Employee insurance contract premiums 0 0 0 0 0 0
- -----------------------------------------------------------------------------------------------------------------------------------
Total deductions 245,860 513,934 29,528 18,702 (6,215) 21,246
- -----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets
available for plan participants (237,667) 3,530,471 (20,111) 6,199 332,717 405,064
Net assets available for plan participants:
Beginning of year 1,905,347 4,134,900 115,790 125,289 596,470 992,143
- -----------------------------------------------------------------------------------------------------------------------------------
End of year $1,667,680 7,665,371 95,679 131,488 929,187 1,397,207
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Loan Insurance
Fund Contracts Total
- --------------------------------------------------------------------------------------
<S> <C> <C> <C>
Investment income:
Interest 0 0 62,574
Realized gains (losses) 0 0 15,530
Change in unrealized appreciation 0 0 3,651,567
- --------------------------------------------------------------------------------------
Net investment income 0 0 3,729,671
Contributions:
Employees, net of transfer 0 13,383 1,064,112
Employer 0 0 208,328
Loans 149,000 0 0
- --------------------------------------------------------------------------------------
Total contributions 149,000 13,383 1,272,440
- --------------------------------------------------------------------------------------
Total additions 149,000 13,383 5,002,111
Benefit payments 11,890 0 916,262
Loan repayments 81,317 0 0
Employee insurance contract premiums 0 13,383 13,383
- --------------------------------------------------------------------------------------
Total deductions 93,207 13,383 929,645
- --------------------------------------------------------------------------------------
Increase (decrease) in net assets
available for plan participants 55,793 0 4,072,466
Net assets available for plan participants:
Beginning of year 140,985 0 8,010,924
- --------------------------------------------------------------------------------------
End of year 196,778 0 12,083,390
- --------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------
</TABLE>
See accompanying notes financial statements.
8
<PAGE>
GREAT LAKES BANCORP
SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements
(1) DESCRIPTION OF THE PLAN
The following description of the Great Lakes Bancorp Savings and
Investment Plan (the Plan), which is a 401(k) plan, is provided for
general information purposes only. Reference should be made to the
plan agreement for more complete information.
The Plan is a contributory, defined contribution plan available to
substantially all salaried employees of Great Lakes Bancorp (the
Bank). To be eligible, an employee must have attained the age of 21
and have at least one year of qualifying service. The Plan became
effective April 1, 1984, and is subject to the provisions of the
Employee Retirement Income Security Act of 1974 (ERISA).
Under the terms of the agreement with the Bank, each participant's
account is credited with the participant's voluntary contribution, the
Bank's contribution, and a proportionate share of plan earnings.
Participants are fully vested in their voluntary contributions plus
the actual earnings thereon at all times. Employer contributions vest
100% upon death, disability, or normal retirement and during
employment at 20% per year of service. A participant qualifies for
payment of vested plan benefits when employment with the Bank ends for
any reason or age 59.5 is reached. If termination occurs after age 65,
a participant may elect to delay payment of benefits until the April 1
following the attainment of age 70.5. Subject to predefined hardship
conditions and terms, a participant may make voluntary withdrawals
while employed. Nonvested employer contributions which are forfeited
due to terminations are first allocated to reduce contributions of the
employer, then to legal fees and trustee compensation, and then to
supplementary contributions which are distributed to each eligible
participant based on the participant's portion of credible
compensation to total compensation paid to all eligible participants.
(2) SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION
The accompanying financial statements are presented on an accrual basis of
accounting. Insurance contracts purchased on behalf of participants
are not included among the assets of the Plan.
INVESTMENTS
Investments are stated at fair value as determined by quoted market prices.
Purchases and sales of securities are recorded on a trade date basis.
Realized gains and losses from sales of common stock in the Great
Lakes Stock Fund are reported on the average cost method. Realized
gains and losses from sales of all other securities are reported on
the first-in, first-out method.
(Continued)
9
<PAGE>
GREAT LAKES BANCORP
SAVINGS AND INVESTMENT PLAN
(3) CONTRIBUTIONS
Prior to October 1, 1994, participants could elect to have contributions
made to the Trust on their behalf of not less than 1% nor more than
12% of their credible annual compensation (generally inclusive of
bonuses, commissions, overtime) or make contributions to the Trust
and/or any other tax qualified plan of the bank of not more than
$7,000 in any taxable year of the participant. Effective October 1,
1994, the Plan was amended to provide that no further elective
contributions be made to the Plan during the 1994 Plan year. It was
again amended effective January 1, 1995 to provide that the maximum
limit on elective contributions made during 1995 be 6%.
The Bank's matching contributions equal 50% of the participants' elective
contribution to the Stock Fund up to a maximum of $3,600 or 6% of the
participants' credible annual compensation prior to October 1, 1994.
The matching contribution is invested in the Stock Fund. Effective
October 1, 1994, the Plan was amended to provide that no matching
contributions be made on any elective contributions which are
distributed back to the participants, due to exceeding the limitations
of $30,000 or 25% of annual compensation allocated to all defined
contribution plans of the bank.
A formula is used to fund, on a monthly basis, the estimated amount of the
annual matching contribution by the Bank. As the components of the
formula change, the actual contribution requirements change. This can
result in an overcontributed or undercontributed position. A
receivable is established for an undercontributed position, and
overcontributed amounts are recorded as liabilities and applied
against subsequent matching contributions.
(4) INVESTMENTS
The following investments represent five percent or more of the Plan's net
assets available for benefits at December 31:
Current
1995 value
--------------------------------------------------------------------
TCF Financial Corporation common stock $ 11,457,047
Great Lakes Bancorp certificate of deposit 1,388,767
Fidelity Blue Chip Fund 1,022,510
1994
--------------------------------------------------------------------
Great Lakes Bancorp common stock $ 10,028,457
Great Lakes Bancorp certificate of deposit 1,531,080
Fidelity Balanced Fund 746,038
Fidelity Blue Chip Fund 1,171,084
(Continued)
10
<PAGE>
GREAT LAKES BANCORP
SAVINGS AND INVESTMENT PLAN
(5) INCOME TAX STATUS
The Plan has received a favorable determination from the Internal Revenue
Service, dated July 8, 1986, that it is exempt from federal income
taxes; therefore, no provision for income taxes has been made.
Subsequent to that date, the Plan has been amended and received a
favorable determination from the Internal Revenue Service dated
June 14, 1995 on the Plan as amended and adopted on May 18, 1995.
(6) ADMINISTRATIVE COSTS
The Plan provides for payment of administrative costs out of plan income.
Prior to 1995, the Bank elected to pay all administrative costs
incurred to date and Bank personnel administered the Plan without
charge to the Plan.
(7) TRUST FUNDS
Prior to March 31, 1994, participants were able to elect to participate in
any of six investments: a Fixed Income Fund (invested in the Bank's
certificates of deposit), Stock Fund (invested in the Bank's common
stock), Fidelity Money Market Fund, Fidelity Bond Fund, Fidelity
Balanced Fund, and Fidelity Blue Chip Fund. Investments are made in
various funds as designated by the participants. Effective April 1,
1994, the Fidelity Money Market Fund was eliminated as an investment
election, and participants in this fund were transferred to other
funds at the participants' request.
(8) PLAN TERMINATION
On February 8, 1995, the Bank merged with TCF Financial Corporation. The
Plan's investment in the Bank's common stock was exchanged for the
common stock of TCF Financial Corporation. The Plan was terminated
effective December 31, 1995.
All employee and matching contributions to the Plan ceased on December 31,
1995. Effective January 1, 1995, any participant with a balance as of
January 1, 1995 became 100% vested in the Company's matching
contributions allocated to his or her account.
Beginning January 1, 1996, the Bank's employees were offered participation
in the TCF Employee Stock Ownership Plan-401(k) (TCF Plan). At this
time, the participants were given the option to: 1) rollover their
account balance to the TCF Plan; 2) rollover their account balance to
an individual retirement account; or, 3) receive a distribution of
their account balance.
The accounts of participants who elected to rollover their account balance
to the TCF Plan, were transferred effective January 1, 1996. Prior to
the final distribution of the Plan, all outstanding loans to
participants were repaid. (Effective November 1, 1994, the Plan had
been amended to provide that no further loans to participants be
made.) Also, those participants who had a 401(k) life insurance policy
surrendered or received distribution of it by December 31, 1995.
(Continued)
11
<PAGE>
GREAT LAKES BANCORP
SAVINGS AND INVESTMENT PLAN
The remaining net assets of the Plan will be transferred to the TCF Plan
prior to December 31, 1996.
(9) RECONCILIATION TO FORM 5500
In the accompanying financial statements, benefit amounts allocated to
participants who have elected to withdraw from the Plan are recorded
when paid. On Form 5500, allocated benefit amounts are removed from
plan assets at termination from the Plan, which causes the following
differences:
<TABLE>
<CAPTION>
December 31,
1995
- ------------------------------------------------------------------------------------------
<S> <C>
Assets available for benefits per the financial statements $ 14,751,865
Less benefit amounts allocated to participants who have elected to
withdraw from the Plan (3,367,187)
- ------------------------------------------------------------------------------------------
Assets available for benefits per Form 5500 $ 11,384,678
- ------------------------------------------------------------------------------------------
<CAPTION>
Year ended
December 31,
1995
- ------------------------------------------------------------------------------------------
<S> <C>
Net increase in assets available for benefits per the financial
statements $ 841,733
Less benefit amounts allocated to participants who have elected to
withdraw from the Plan as of December 31, of the current year
ended (3,367,187)
Plus benefit amounts allocated to participants who had elected to
withdraw from the Plan as of December 31, of the prior year
ended 943,216
- ------------------------------------------------------------------------------------------
Net decrease in assets available for benefits per Form 5500 $ (1,582,238)
- ------------------------------------------------------------------------------------------
</TABLE>
(10) PARTY-IN-INTEREST TRANSACTIONS
The Plan engages in transactions involving the acquisition or disposition
of the Bank's and TCF Financial Corporation's common stock. The Bank
and TCF Financial Corporation are parties-in-interest. These
transactions are covered by an exemption from the "prohibited
transactions" provisions of ERISA and the Internal Revenue Code.
12
<PAGE>
SCHEDULE I
GREAT LAKES BANCORP
SAVINGS AND INVESTMENT PLAN
Item 27a - Schedule of Assets Held for Investment Purposes
December 31, 1995
Description of investments Cost Fair value
- -------------------------------------------------------------------------------
Fixed Income Fund:
Great Lakes Bancorp certificate of deposit (a) $ 1,388,767 1,388,767
Stock Fund:
TCF Financial Corporation common stock (a) 3,663,151 11,457,047
Fidelity Investment Funds:
Bond Fund 221,818 232,775
Balanced Fund 527,193 570,668
Blue Chip Fund 891,249 1,022,510
Loan to participants, 8.0% to 10.5% 80,098 80,098
- -------------------------------------------------------------------------------
$ 6,772,276 14,751,865
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
(a) Great Lakes Bancorp and TCF Financial Corporation are parties-in-interest
to the Plan.
See accompanying independent auditors' report.
13
<PAGE>
SCHEDULE II
GREAT LAKES BANCORP
SAVINGS AND INVESTMENT PLAN
Item 27d - Schedule of Reportable Transactions
Year ended December 31, 1995
SERIES OF TRANSACTIONS (INVOLVING ONE SECURITY) WHICH EXCEED 5% OF PLAN ASSETS:
<TABLE>
<CAPTION>
Number of Amount of
------------------- --------------------------
Description of Asset Purchases Sales Purchases Sales Net gain
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
TCF Financial Common
Stock* 0 7 $ 0 2,880,365 1,875,694
First American Prime
Obligation Class C
Institutional Fund 172 91 5,835,776 5,295,463 0
Great Lakes Bancorp
Certificate of Deposit* 0 3 0 1,572,111 0
</TABLE>
*Parties-in-interest.
See accompanying independent auditors' report.
14
<PAGE>
Signatures
Pursuant to the requirements of the Securities and Exchange Act of 1934, Great
Lakes Bancorp, A Federal Savings Bank has duly caused this annual report to be
signed on its behalf by the undersigned hereunto duly authorized.
Great Lakes Bancorp, A Federal Savings Bank
(Plan Sponsor and Plan Administrator of
the Great Lakes Bancorp 401(k) Savings and
Investment Plan
By /s/ Barry N. Winslow
------------------------------------------
Barry N. Winslow
President and
Chief Executive Officer
By /s/ James S. Broucek
------------------------------------------
James S. Broucek
Senior Vice President and
Controller
December 9, 1996
15
<PAGE>
Great Lakes Bancorp Savings and Investment Plan
Index to Exhibits
For Form 11-K
Exhibit Sequentially
Number Description Numbered Page
- ------ ----------- -------------
23 Consent of KPMG Peat Marwick LLP 17
dated December 13, 1996
16
<PAGE>
EXHIBIT 23
[LOGO]
INDEPENDENT AUDITORS' CONSENT
The Board of Directors and
The Administrator of the
Great Lakes Bancorp 401(k) Savings
and Investment Plan:
We consent to incorporation by reference in the registration statement (No.
033-57633) on Form S-8 of TCF Financial Corporation of our report dated
September 9, 1996, relating to the statements of net assets available for plan
benefits of the Great Lakes Bancorp 401(k) Savings and Investment Plan as of
December 31, 1995 and 1994, and the related statements of changes in net assets
available for plan benefits for each of the years in the three-year period ended
December 31, 1995, and related schedules as of and for the year ended December
31, 1995, which report appears elsewhere in this December 31, 1995 annual report
on Form 11-K of the Great Lakes Bancorp 401(k) Savings and Investment Plan.
KPMG Peat Marwick LLP
Minneapolis, Minnesota
December 13, 1996
17
