<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
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 23, 1997
TCF Financial Corporation
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware
- --------------------------------------------------------------------------------
(State or other jurisdiction of incorporation)
0-16431 41-1591444
- ------------------------- -----------------------------------
Commission File Number (IRS Employer Identification No.)
801 Marquette Avenue, Suite 302, Minneapolis, Minnesota 55402
- --------------------------------------------------------------------------------
(Address of principal executive offices)
(612) 661-6500
- ----------------------------------
Registrant's Telephone Number
<PAGE>
Item 5. OTHER EVENTS
On May 23, 1997, TCF Financial Corporation (the "Registrant")
announced that its subsidiary Great Lakes National Bank Michigan, Ann
Arbor, will open six bank branches at Kroger Company of Michigan
stores (Kroger). In addition, TCF announced an agreement to sell the
branches and $130 million in deposits of Great Lakes National Bank
Ohio, Hamilton, to Fifth Third Bancorp, Cincinnati, for $11 million.
The sale is subject to regulatory approval and is expected to close in
the third quarter.
Attached hereto as Exhibit 99.1 and incorporated herein by reference
is the Registrant's press release relating to this event dated May 23,
1997.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
99.1 Press Release dated May 23, 1997.
<PAGE>
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 30, 1997
TCF FINANCIAL CORPORATION
By /s/ Ronald J. Palmer
-----------------------------------
Ronald J. Palmer
Its Treasurer and Chief Financial
Officer
<PAGE>
CONTACT: Media Investors
----- ---------
Barry N. Winslow Cynthia W. Lee
(313) 769-8300, x4202 (612) 475-7936
[LOGO] Elizabeth Anders Ann Storberg
(612) 475-7938 (612) 475-7940
FOR IMMEDIATE RELEASE
GREAT LAKES BANK FOCUSES EXPANSION IN MICHIGAN;
OHIO BRANCHES AND DEPOSITS SOLD TO FIFTH THIRD BANCORP
MINNEAPOLIS, May 23, 1997 -- TCF Financial Corporation (TCF) (NYSE:TCB)
today announced that its subsidiary Great Lakes National Bank Michigan, Ann
Arbor, will open five bank branches in The Kroger Company of Michigan stores
(Kroger). In addition, TCF announced an agreement to sell the branches and $130
million in deposits of Great Lakes National Bank Ohio, Hamilton, to Fifth Third
Bancorp (Nasdaq--NNM:FITB), Cincinnati, for $11 million. Pending regulatory
approval, the sale is expected to close in the third quarter.
"With $2 billion in assets and 56 branches in Michigan, Great Lakes Bank is
a well-known Michigan name with an identifiable market share. Further expansion
here makes strategic sense," said Great Lakes Bank President and Chief Executive
Officer Barry N. Winslow. "Although both the Ohio and Michigan markets show
great potential, it's more economically feasible to focus growth in our stronger
market," said Winslow.
Great Lakes Bank Michigan will open branches in five Kroger stores over the
next 12 months. Four of the in-store branches will be in suburban metropolitan
Detroit and one in Jackson, Mich. Great Lakes Bank Michigan currently has four
branches in Super Kmart stores in Michigan, and plans to open a branch in
September in the Super Kmart store currently under construction in Canton,
Michigan. The expansion will give Great Lakes Bank Michigan 10 in-store
branches.
The Kroger Company is the largest grocery retailing company in the United
States based on annual sales. It operates more than 1,300 stores in 28 states,
of which 84 stores are in Michigan.
Great Lakes Bank Ohio has eight branches: three in Hamilton, one in
Fairfield, one in West Chester, and three branches in Cub Foods stores in
Columbus, Dublin, and Reynoldsburg. Cub Foods earlier announced the sale of
these three stores to Kroger; the transaction is expected to be completed in
September.
-more-
<PAGE>
2
The loan portfolio of Great Lakes Bank Ohio will be transferred to Great
Lakes Bank Michigan, and lending employees will have the option to relocate to
Great Lakes Bank Michigan branches or to TCF's consumer finance company offices
in Ohio. Fifth Third has agreed to retain the other Great Lakes Bank Ohio
employees.
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.
# # #
