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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 12, 1997
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TCF Financial Corporation
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(Exact name of registrant as specified in its charter)
Delaware
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(State or other jurisdiction of incorporation)
0-16431 41-1591444
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Commission File Number (IRS Employer Identification No.)
801 Marquette Avenue, Suite 302, Minneapolis, Minnesota 55402
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(Address of principal executive offices)
(612) 661-6500
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Registrant's Telephone Number
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Item 5. OTHER EVENTS
On May 12, 1997, TCF Financial Corporation (the "Registrant")
announced that on June 16, 1997, its wholly-subsidiary, Great Lakes
Bank Michigan, will redeem its remaining $7.1 million of 7 1/4
percent convertible subordinated debentures due 2011. The debentures
will be redeemed at par plus accrued and unpaid interest to the date
of redemption. IBJ Schroder Bank & Trust Company will act as paying
agent for the debentures. Georgeson & Company Inc. will act as
information agent in connection with the debenture redemption.
The debentures are convertible into TCF common stock at the conversion
price of $17.04 per share plus cash in lieu of fractional shares.
Based on the closing price of TCF common stock on May 6 of $43.75,
each $10,000 of debentures would convert into 586 shares of TCF common
stock, with a value of $25,637.50, plus cash in lieu of a fractional
share. Holders of the debentures who wish to convert their debentures
into TCF common stock must do so by June 9. Attached hereto as
Exhibit 99.1 and incorporated herein by reference is the Registrant's
press release relating to this event dated May 12, 1997.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
99.1 Press Release dated May 12, 1997.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated: May 21, 1997
TCF FINANCIAL CORPORATION
By /s/ Ronald J. Palmer
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Ronald J. Palmer
Its Treasurer and Chief Financial Officer
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NEWS RELEASE CONTACT: Cynthia W. Lee
Corporate Communications
(612) 475-7936
FOR IMMEDIATE RELEASE
[LOGO]
TCF FINANCIAL CORPORATION
801 Marquette Avenue, Minneapolis, MInnesota 55402-3475
GREAT LAKES NATIONAL BANK MICHIGAN TO REDEEM
CONVERTIBLE SUBORDINATED DEBENTURES
MINNEAPOLIS, May 12, 1997 - TCF Financial Corporation (TCF) (NYSE:TCB)
announced today that on June 16 its wholly owned subsidiary, Great Lakes
National Bank Michigan, will redeem its remaining $7.1 million of 7 1/4 percent
convertible subordinated debentures due 2011. The debentures will be redeemed
at par plus accrued and unpaid interest to the date of redemption. IBJ Schroder
Bank & Trust Company will act as paying agent for the debentures. Georgeson &
Company Inc. will act as information agent in connection with the debenture
redemption.
The debentures are convertible into TCF common stock at the conversion
price of $17.04 per share plus cash in lieu of fractional shares. Based on the
closing price of TCF common stock on May 6 of $43.75, each $10,000 of debentures
would convert into 586 shares of TCF common stock, with a value of $25,637.50,
plus cash in lieu of a fractional share. Holders of the debentures who wish to
convert their debentures into TCF common stock must do so by June 9.
TCF is a $7 billion national bank holding company based in Minneapolis.
Its bank subsidiaries operate in Minnesota, Illinois and Wisconsin as TCF
National Bank, and in Michigan and Ohio as Great Lakes National Bank. Other TCF
affiliates include consumer finance, mortgage banking, title insurance, annuity
and mutual fund sales companies.
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