<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, 1996
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
<TABLE>
<CAPTION>
PAGE NO.
--------
<S> <C>
Financial Statements and Exhibits
Independent Auditors' Report 3
Statements of Net Assets Available for Plan Participants
- at December 31, 1996 and 1995 4-5
Statements of Changes in Net Assets Available for Plan Participants
- Years ended December 31, 1996, 1995 and 1994 6-8
Notes to Financial Statements 9-13
Supplemental Schedules 14-15
Signatures 16
Index to Exhibits 17
</TABLE>
2
<PAGE>
[LOGO]
INDEPENDENT AUDITORS' REPORT
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 (the Plan)
as of December 31, 1996 and 1995, 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, 1996. 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 1 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, 1996 and 1995, and the changes in those net assets for each of the
years in the three-year period ended December 31, 1996 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
Minneapolis, Minnesota
June 23, 1997
3
<PAGE>
GREAT LAKES BANCORP
SAVINGS AND INVESTMENT PLAN
Statement of Assets Available for Plan Participants
December 31, 1996
<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>
Cash equivalents $ 0 99,670 0 0 0 0 99,670
- -------------------------------------------------------------------------------------------------------------------------------
Assets available for plan benefits $ 0 99,670 0 0 0 0 99,670
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
Assets available for benefits to:
Withdrawn plan participants 0 99,670 0 0 0 0 99,670
- -------------------------------------------------------------------------------------------------------------------------------
Total assets available for benefits $ 0 99,670 0 0 0 0 99,670
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
4
<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.
5
<PAGE>
GREAT LAKES BANCORP
SAVINGS AND INVESTMENT PLAN
Statement of Changes in Net Assets Available for Plan Participants
Year ended December 31, 1996
<TABLE>
<CAPTION>
Fixed Great Lakes Fidelity Fidelity Fidelity
Income Stock Bond Balanced Blue Chip Loan Insurance
Fund Fund Fund Fund Fund Fund Contracts Total
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Investment income:
Interest $ 27,062 0 0 0 0 0 0 27,062
Realized gains 0 4,599,536 7,350 47,214 179,660 0 0 4,833,760
Change in unrealized appreciation
(depreciation) 0 (3,879,974) (8,217) (55,026) (157,232) 0 0 (4,100,449)
- ------------------------------------------------------------------------------------------------------------------------------------
Net investment income (loss) 27,062 719,562 (867) (7,812) 22,428 0 0 760,373
Contributions:
Employees, net of transfer (1,559) (635) 0 0 (50) 0 2,244 0
Employer 0 0 0 0 0 0 0 0
- ------------------------------------------------------------------------------------------------------------------------------------
Total contributions (1,559) (635) 0 0 (50) 0 2,244 0
- ------------------------------------------------------------------------------------------------------------------------------------
Total additions 25,503 718,927 (867) (7,812) 22,378 0 2,244 760,373
Benefit payments 1,416,661 12,096,485 231,674 563,436 1,045,013 40,338 0 15,393,607
Loan repayments (3,976) (33,372) 0 (1,198) (1,214) 39,760 0 0
Trustee expenses 1,585 13,191 234 618 1,089 0 0 16,717
Employee insurance contract premiums 0 0 0 0 0 0 2,244 2,244
- ------------------------------------------------------------------------------------------------------------------------------------
Total deductions 1,414,270 12,076,304 231,908 562,856 1,044,888 80,098 2,244 15,412,568
- ------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets available
for plan participants (1,388,767)(11,357,377) (232,775) (570,668) (1,022,510) (80,098) 0 (14,652,195)
Net assets available for plan participants:
Beginning of year 1,388,767 11,457,047 232,775 570,668 1,022,510 80,098 0 14,751,865
- ------------------------------------------------------------------------------------------------------------------------------------
End of year $ 0 99,670 0 0 0 0 0 99,670
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
See accompanying note 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, 1995
<TABLE>
<CAPTION>
Fixed Great Lakes Fidelity Fidelity Fidelity
Income Stock Bond Balanced Blue Chip Loan Insurance
Fund Fund Fund Fund Fund Fund Contracts Total
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Investment income:
Interest $ 104,292 0 0 0 0 0 0 104,292
Realized gains 0 1,907,166 (1,024) 6,437 146,001 0 0 2,058,580
Change in unrealized appreciation 0 5,074,925 22,947 99,966 186,443 0 0 5,384,281
- ------------------------------------------------------------------------------------------------------------------------------------
Net investment income 104,292 6,982,091 21,923 106,403 332,444 0 0 7,547,153
- ------------------------------------------------------------------------------------------------------------------------------------
Contributions:
Employees, net of transfer 1,148,463 (416,165) 119,249 67,559 (15,368) 0 11,427 915,165
Employer 0 260,830 0 0 0 0 0 260,830
- ------------------------------------------------------------------------------------------------------------------------------------
Total contributions 1,148,463 (155,335) 119,249 67,559 (15,368) 0 11,427 1,175,995
- ------------------------------------------------------------------------------------------------------------------------------------
Total additions 1,252,755 6,826,756 141,172 173,962 317,076 0 11,427 8,723,148
Benefit payments 1,407,451 5,442,888 64,993 381,375 467,067 85,428 0 7,849,202
Loan repayments (14,421) (60,495) (251) (33,021) (3,162) 111,350 0 0
Trustee expenses 2,038 15,773 252 978 1,745 0 0 20,786
Employee insurance contract premiums 0 0 0 0 0 0 11,427 11,427
- ------------------------------------------------------------------------------------------------------------------------------------
Total deductions 1,395,068 5,398,166 64,994 349,332 465,650 196,778 11,427 7,881,415
- ------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets
available for plan participants (142,313) 1,428,590 76,178 (175,370) (148,574) (196,778) 0 841,733
Net assets available for plan participants:
Beginning of year 1,531,080 10,028,457 156,597 746,038 1,171,084 276,876 0 13,910,132
- ------------------------------------------------------------------------------------------------------------------------------------
End of year $ 1,388,767 11,457,047 232,775 570,668 1,022,510 80,098 0 14,751,865
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</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, 1994
<TABLE>
<CAPTION>
Fixed Great Lakes Fidelity Fidelity
Income Stock Money Market Bond
Fund Fund Fund Fund
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Investment income (loss):
Interest $ 62,936 0 777 0
Realized gains 0 14,184 0 (653)
Change in unrealized appreciation
(depreciation) 0 2,006,792 0 (908)
- -----------------------------------------------------------------------------------------------------
Net investment income (loss) 62,936 2,020,976 777 (1,561)
Contributions:
Employees, net of transfer 73,318 602,206 (96,446) 40,809
Employer 0 221,902 0 0
Loans (67,950) (83,432) 0 (2,561)
- -----------------------------------------------------------------------------------------------------
Total contributions 5,368 740,676 (96,446) 38,248
- -----------------------------------------------------------------------------------------------------
Total additions 68,304 2,761,652 (95,669) 36,687
Benefit payments 229,162 461,266 219 12,236
Loan repayments (24,258) (62,700) (209) (658)
Employee insurance contract premiums 0 0 0 0
- -----------------------------------------------------------------------------------------------------
Total deductions 204,904 398,566 10 11,578
- -----------------------------------------------------------------------------------------------------
Increase (decrease) in net assets
available for plan participants (136,600) 2,363,086 (95,679) 25,109
Net assets available for plan participants:
Beginning of year 1,667,680 7,665,371 95,679 131,488
- -----------------------------------------------------------------------------------------------------
End of year $ 1,531,080 10,028,457 0 156,597
- -----------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------
Fidelity Fidelity
Balanced Blue Chip Loan Insurance
Fund Fund Fund Contracts Total
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Investment income (loss):
Interest $ 0 0 0 0 63,713
Realized gains (1,292) 56,662 0 0 68,901
Change in unrealized appreciation
(depreciation) (47,455) 65,740 0 0 2,024,169
- -----------------------------------------------------------------------------------------------------------
Net investment income (loss) (48,747) 122,402 0 0 2,156,783
Contributions:
Employees, net of transfer 116,435 257,698 0 12,974 1,006,994
Employer 0 0 0 0 221,902
Loans (14,355) (27,952) 196,250 0 0
- -----------------------------------------------------------------------------------------------------------
Total contributions 102,080 229,746 196,250 12,974 1,228,896
- -----------------------------------------------------------------------------------------------------------
Total additions 53,333 352,148 196,250 12,974 3,385,679
Benefit payments 248,119 586,861 8,100 0 1,545,963
Loan repayments (11,637) (8,590) 108,052 0 0
Employee insurance contract premiums 0 0 0 12,974 12,974
- -----------------------------------------------------------------------------------------------------------
Total deductions 236,482 578,271 116,152 12,974 1,558,937
- -----------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets
available for plan participants (183,149) (226,123) 80,098 0 1,826,742
Net assets available for plan participants:
Beginning of year 929,187 1,397,207 196,778 0 12,083,390
- -----------------------------------------------------------------------------------------------------------
End of year $ 746,038 1,171,084 276,876 0 13,910,132
- -----------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
8
<PAGE>
GREAT LAKES BANCORP
SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements
December 31, 1996 and 1995
(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 that 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 that
are distributed to each eligible participant based on the participant's
portion of credible compensation to total compensation paid to all
eligible participants.
MERGER
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.
All employee and matching contributions to the Plan ceased on December 31,
1995. Beginning January 1, 1996, the Bank's employees were offered
participation in the TCF Employees Stock Ownership Plan 401(k)--(TCF
Plan).
(Continued)
9
<PAGE>
GREAT LAKES BANCORP
SAVINGS AND INVESTMENT PLAN
PLAN TERMINATION
In connection with the merger of the Bank and TCF, the Plan was terminated
on December 31, 1995. Approval by the Internal Revenue Service (IRS) for
termination of the Plan was received on February 14, 1996. Participants
with account balances on January 1, 1995 became 100% vested in the
Company's matching contributions. On April 30, 1996, the assets in the
Plan were liquidated for final distribution to the participants. 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 (IRA); 3) receive a distribution of their
account balance; or 4) a combination of two of the above options,
provided one of the two was a rollover to the TCF Plan.
(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.
(3) CONTRIBUTIONS
Prior to October 1, 1994, participants could elect to have contributions
made to the Plan 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 Plan 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 equaled 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 was 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 that 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.
(Continued)
10
<PAGE>
GREAT LAKES BANCORP
SAVINGS AND INVESTMENT PLAN
A formula was 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
was established for an undercontributed position, and overcontributed
amounts were 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
1996 value
-----------------------------------------------------------------------
First American Prime Obligation Class C $ 99,670
1995
-----------------------------------------------------------------------
TCF Financial Corporation common stock $ 11,457,047
Great Lakes Bancorp certificate of deposit 1,388,767
Fidelity Blue Chip Fund 1,022,510
(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.
(Continued)
11
<PAGE>
GREAT LAKES BANCORP
SAVINGS AND INVESTMENT PLAN
(8) 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:
December 31,
1996
-----------------------------------------------------------------------
Assets available for benefits per the financial
statements $ 99,670
Less benefit amounts allocated to participants who
have elected to withdraw from the Plan (99,670)
-----------------------------------------------------------------------
Assets available for benefits per Form 5500 $ 0
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Year ended
December 31,
1996
-----------------------------------------------------------------------
Net decrease in assets available for benefits per
the financial statements $ (14,652,195)
Less benefit amounts allocated to participants who
have elected to withdraw from the Plan as of
December 31, of the current year ended (99,670)
Plus benefit amounts allocated to participants who
had elected to withdraw from the Plan as of
December 31, of the prior year ended 3,367,187
-----------------------------------------------------------------------
Net decrease in assets available for benefits per
Form 5500 $(11,384,678)
-----------------------------------------------------------------------
-----------------------------------------------------------------------
(Continued)
12
<PAGE>
GREAT LAKES BANCORP
SAVINGS AND INVESTMENT PLAN
December 31,
1995
-----------------------------------------------------------------------
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
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Year ended
December 31,
1995
-----------------------------------------------------------------------
Net decrease 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)
-----------------------------------------------------------------------
-----------------------------------------------------------------------
(9) 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.
13
<PAGE>
SCHEDULE I
GREAT LAKES BANCORP
SAVINGS AND INVESTMENT PLAN
Item 27a--Schedule of Assets Held for Investment Purposes
December 31, 1996
Description of investments Cost Fair value
- ------------------------------------------------------------------------------
First American Prime Obligation $ 99,670 $ 99,670
Class C
See accompanying independent auditors' report.
14
<PAGE>
SCHEDULE II
GREAT LAKES BANCORP
SAVINGS AND INVESTMENT PLAN
Item 27d--Schedule of Reportable Transactions
Year ended December 31, 1996
<TABLE>
<CAPTION>
SERIES OF TRANSACTIONS (INVOLVING ONE SECURITY) THAT EXCEED 5% OF PLAN ASSETS:
Number of Amount of
---------------------- ----------------------
Description of asset Purchases Sales Purchases Sales Net gain
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
TCF Financial Common
Stock* 0 8 $ 0 6,193,972 4,547,786
First American Prime
Obligation Class C
Institutional Fund 141 99 9,331,910 9,820,236 0
Great Lakes Bancorp
Certificate of Deposit* 3 6 3,022,238 4,638,792 0
Fidelity Blue Chip Fund 0 6 0 1,246,760 178,526
*Parties-in-interest.
</TABLE>
See accompanying independent auditors' report.
15
<PAGE>
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, Great Lakes
National Bank Michigan has duly caused this annual report to be signed on
its behalf by the undersigned hereunto duly authorized.
Great Lakes National Bank Michigan
(Plan Sponsor and Plan
Administrator of 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
June 27, 1997
16
<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 18
dated June 27, 1997
17
<PAGE>
EXHIBIT 23
CONSENT OF INDEPENDENT AUDITORS
The Board of Directors and
The Administrator of the
Great Lakes Bancorp 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 June 23,
1997, relating to the statements of net assets available for plan benefits of
the Great Lakes Bancorp Savings and Investment Plan as of December 31, 1996 and
1995, 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, 1996,
and the related schedules as of and for the year ended December 31, 1996, which
report appears elsewhere in this December 31, 1996 annual report on Form 11-K of
the Great Lakes Bancorp Savings and Investment Plan.
/s/ KPMG Peat Marwick LLP
Minneapolis, Minnesota
June 27, 1997
18
