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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): January 20, 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 January 20, 1997, TCF Financial Corporation (the "Company") authorized the
repurchase of up to five percent of the Company's outstanding shares through
open market or privately negotiated transactions. The repurchased shares will
become treasury shares. The Company has 337,688 shares remaining unpurchased in
its current five percent stock repurchase program, which the Company expects to
repurchase before initiating the new program. Attached hereto as Exhibit 99.1
and incorporated herein by reference is the Company's press release dated
January 20, 1997.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
99.1 Press Release dated January 27, 1997.
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: January 27, 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 (Investors)
(612) 661-8859
Ann Storberg (Investors)
(612) 661-8883
Elizabeth Anders (Media)
(612) 661-8853
[LOGO] FOR IMMEDIATE RELEASE
TCF FINANCIAL CORPORATION 801 Marquette Avenue, Minneapolis, Minnesota 55402-
3475
TCF ANNOUNCES THIRD STOCK REPURCHASE PROGRAM
MINNEAPOLIS, Jan. 20, 1997 -- TCF Financial Corporation (TCF) (NYSE:TCB)
today announced that its board of directors has authorized the repurchase of up
to 5 percent of TCF common stock, or approximately 1.7 million shares. The
shares will be repurchased from time to time, depending upon market
conditions, through open market or privately negotiated transactions. The
repurchased shares will become treasury shares.
This will be TCF's third common stock repurchase program. TCF has 337,688
shares remaining unpurchased in its current 5 percent stock repurchase program,
authorized by the board of directors in December 1995, which the company expects
to repurchase before initiating the new program. Since January 1994, when TCF's
board of directors authorized the initial 5 percent stock repurchase program,
TCF has repurchased 2.7 million shares at an average cost of $28.38 per share,
including 390,000 shares purchased in January 1997. At Dec. 31, 1996, TCF had
34.8 million common shares outstanding.
TCF is a $7.1 billion stock savings bank holding company based in
Minneapolis. Its bank subsidiaries operate in Minnesota, Illinois, and
Wisconsin as TCF Bank, and in Michigan and Ohio as Great Lakes Bancorp. Other
TCF affiliates include consumer finance, mortgage banking, title insurance,
annuity, and mutual fund sales companies. TCF common stock is traded on the New
York Stock Exchange under the symbol TCB.
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