<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-------------------------
FORM 11-K
/x/ ANNUAL REPORT PURSUANT TO SECTION 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended
December 31, 1997
or
/ / TRANSITION REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF
For the transition period from _______ to ______
-------------------------
Commission File
No. 33-79202
-------------------------
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
401 (K) PLAN OF THE EMPLOYEES OF
STANDARD FEDERAL BANK FOR SAVINGS
800 BURR RIDGE PARKWAY
BURR RIDGE, IL 60521
B. Name of issuer of the securities held pursuant to the plan and the address
of its principal executive office:
TCF FINANCIAL CORPORATION
801 MARQUETTE AVENUE, MAIL CODE 100-01-A
MINNEAPOLIS, MN 55402
-1-
<PAGE>
REQUIRED INFORMATION
The 401(k) Plan of the Employees of Standard Federal Bank for savings is
subject to the Employee Retirement Income Security Act of 1974, as amended
("ERISA"). Therefore, in lieu of the requirements of Items 1-3 of Form 11-K,
the financial statements and supplementary schedules of the 401(k) Plan of
the Employees of Standard Federal Bank for savings, which have been prepared
in accordance with the financial reporting requirements of ERISA, are
attached hereto as Exhibit 99.1 to this form 11-K and are incorporated herein
by reference.
SIGNATURES
THE PLAN. Pursuant to the requirements of the Securities Exchange Act of
1934, the trustee (or other persons who administer the employee benefit plan)
has duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
TCF National Bank Illinois
(Plan Sponsor of the 401(k)
Plan of the Employees
of Standard Federal Bank for
savings)
By /s/ Michael B. Johnstone
-----------------------------
Michael B. Johnstone
President and Chief
Executive Officer
By /s/ Todd A. Palmer
-----------------------------
Todd A. Palmer
Senior Vice President and
Controller
Date: June 26, 1998
-2-
<PAGE>
401(k) Plan of the Employees of
Standard Federal Bank for savings
Index to Exhibits
For Form 11-K
<TABLE>
<CAPTION>
Exhibit Sequentially
Number Description Numbered Page
- ------- ----------- -------------
<S> <C> <C>
23.1 Consent of KPMG Peat Marwick LLP
dated June 26, 1998
23.2 Consent of Ernst & Young LLP
dated June 26, 1998
99.1 Financial statements and supplementary
schedules
</TABLE>
-3-
<PAGE>
CONSENT OF INDEPENDENT AUDITORS
TCF National Bank Illinois
Plan Sponsor of the 401(k) Plan of the
Employees of Standard Federal Bank for savings:
We consent to incorporation by reference in the registration statement (No.
33-79202) on Form S-8 of TCF National Bank Illinois, as successor by merger
to Standard Financial, Inc., of our report dated June 19, 1998, relating to
the statement of assets available for benefits of the 401(k) Plan of the
Employees of Standard Federal Bank for savings as of December 31, 1997, and
the related statement of changes in assets available for benefits for the
year then ended, and related schedules as of and for the year ended December
31, 1997, which report appears in the December 31, 1997, annual report on
Form 11-K of the 401(k) Plan of the Employees of Standard Federal Bank for
savings.
/s/ KPMG Peat Marwick LLP
Minneapolis, Minnesota
June 26, 1998
<PAGE>
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in the Registration Statement
(Form S-8 No. 33-79202) pertaining to the 401(k) Plan of the Employees of
Standard Federal Bank for savings of our report dated July 7, 1997, with
respect to the financial statements of the 401(k) Plan of the Employees of
Standard Federal Bank for savings for each of the two years in the period
ended December 31, 1996 included in the Plan's Annual Report (Form 11-K) for
the year ended December 31, 1997, filed with the Securities and Exchange
Commission.
/s/ Ernst & Young LLP
Chicago, Illinois
June 26, 1998
<PAGE>
401(k) PLAN OF THE EMPLOYEES
OF STANDARD FEDERAL BANK FOR SAVINGS
FINANCIAL STATEMENTS AND
SUPPLEMENTARY SCHEDULES
YEARS ENDED DECEMBER 31, 1997, 1996, AND 1995
<PAGE>
401(k) PLAN OF THE EMPLOYEES OF
STANDARD FEDERAL BANK FOR SAVINGS
TABLE OF CONTENTS
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Page(s)
<S> <C>
Independent Auditors' Report . . . . . . . . . . . . . . . . . . . 1-2
Financial Statements:
Statements of Assets Available for Benefits . . . . . . . . . 3
Statements of Changes in Assets Available for Benefits. . . . 4
Notes to Financial Statements. . . . . . . . . . . . . . . . . . . 5-8
Supplementary Schedules:
Schedule 1--Assets Held for Investment Purposes . . . . . . . 9
Schedule 2--Reportable Transactions . . . . . . . . . . . . . 10
</TABLE>
<PAGE>
INDEPENDENT AUDITORS' REPORT
TCF National Bank Illinois, Plan Sponsor of the
401(k) Plan of the Employees of Standard Federal Bank for savings:
We have audited the accompanying statement of assets available for benefits
of the 401(k) Plan of the Employees of Standard Federal Bank for savings (the
Plan) as of December 31, 1997, and the related statement of changes in assets
available for benefits for the year ended December 31, 1997. 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 audit.
We conducted our audit 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 audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the assets available for benefits of the Plan at
December 31, 1997, and the changes in its assets available for benefits for
the year ended December 31, 1997, in conformity with generally accepted
accounting principles.
Our audit was made for the purpose of forming an opinion on the financial
statements taken as a whole. The accompanying supplementary schedules of
assets held for investment purposes as of December 31, 1997, and reportable
transactions for the year then ended are presented for purposes of complying
with the Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974 and are
not a required part of the financial statements. The supplementary schedules
have been subjected to the auditing procedures applied in our audit of the
1997 financial statements and, in our opinion, are fairly stated in all
material respects in relation to the 1997 financial statements taken as a
whole.
The accompanying schedules of assets held for investment purposes and
reportable transactions do not disclose the historical cost basis of assets
held and reportable transactions executed by the Plan. Disclosure of this
information is required by the Department of Labor's Rules and Regulations
for Reporting and Disclosure under the Employee Retirement Income Security
Act of 1974.
/s/ KPMG Peat Marwick LLP
June 19, 1998
1
<PAGE>
REPORT OF INDEPENDENT AUDITORS
PLAN SPONSOR
401(k) Plan of the Employees of
Standard Federal Bank for
savings
We have audited the accompanying statements of assets available for benefits
of the 401(k) Plan of the Employees of Standard Federal Bank for savings as
of December 31, 1996, and the related statements of changes in assets
available for benefits for each of the two years in the 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 presentations. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the assets available for benefits of the Plan as of
December 31, 1996, and the changes in its assets available for benefits for
each of the two years in the period ended December 31, 1996, in conformity
with generally accepted accounting principles.
/s/ Ernst & Young LLP
July 7, 1997
2
<PAGE>
401(k) PLAN OF THE EMPLOYEES OF
STANDARD FEDERAL BANK FOR SAVINGS
Statements of Assets Available for Benefits
December 31, 1997 and 1996
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------
ASSETS 1997 1996
- --------------------------------------------------------------------------------------------
<S> <C> <C>
Cash and cash equivalents $ 541 13,191
Investments in mutual funds at fair value:
Fidelity Growth and Income Portfolio Fund* 2,921,912 2,057,651
Fidelity United States Government Reserves Fund* 8,203,327 3,646,283
Twentieth Century Investors United States Government Fund 597,788 611,851
Stock funds:
Gabelli Growth Fund 485,822 307,365
Janus Fund 653,053 435,522
Nicholas Fund 409,604 291,469
Brandywine Fund 644,475 598,787
Investment in common stock of Standard Financial, Inc.* -- 12,309,212
Investment in common stock of TCF Financial Corporation* 7,907,079 --
Loans to participants 56,108 79,351
- --------------------------------------------------------------------------------------------
Total investments 21,879,709 20,350,682
Accrued interest and dividends receivable 65,456 52,830
- --------------------------------------------------------------------------------------------
Assets available for benefits $21,945,165 20,403,512
- --------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------
</TABLE>
*Represents 5% or more of assets available for benefits at year end.
See accompanying notes to financial statements.
3
<PAGE>
401(k) PLAN OF THE EMPLOYEES OF
STANDARD FEDERAL BANK FOR SAVINGS
Statements of Changes in Assets Available for Benefits
Years ended December 31, 1997, 1996, and 1995
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------
1997 1996 1995
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Additions (deductions):
Income from investments $ 1,009,683 766,526 574,060
Contributions:
Employer 280,277 254,414 226,844
Employee 1,144,997 782,654 583,496
- --------------------------------------------------------------------------------------------
1,425,274 1,037,068 810,340
Net realized and unrealized appreciation
in fair value of investments 6,543,925 3,241,760 3,701,029
Distributions (7,437,229) (1,545,337) (1,647,569)
- --------------------------------------------------------------------------------------------
Net increase 1,541,653 3,500,017 3,437,860
Assets available for benefits at beginning of year 20,403,512 16,903,495 13,465,635
- --------------------------------------------------------------------------------------------
Assets available for benefits at end of year $21,945,165 20,403,512 16,903,495
- --------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
4
<PAGE>
401(k) PLAN OF THE EMPLOYEES OF
STANDARD FEDERAL BANK FOR SAVINGS
Notes to Financial Statements
December 31, 1997
- -------------------------------------------------------------------------------
(1) DESCRIPTION OF THE PLAN
The 401(k) Plan of the Employees of Standard Federal Bank for savings
(the Plan), established in 1987, is a defined-contribution plan covering
a majority of the salaried and office employees of Standard Federal Bank
for savings (Standard Bank). On September 4, 1997, Standard Financial,
Inc. (Standard), the holding company for Standard Bank, was acquired by
TCF Financial Corporation (TCF) and, as a result, Standard Bank merged
with and into TCF National Bank Illinois, a wholly owned subsidiary of
TCF (TCF Bank). Standard Bank and TCF Bank are collectively referred to
as "the Bank." The Plan's investment in Standard's common stock was
exchanged for the common stock of TCF.
The Bank has the right to amend or terminate the Plan; however, no
amendment or termination can cause any of the Plan's assets to be
returned to the Bank. All eligible full-time employees who are at least
21 years of age and have completed at least one year of employment with
Standard Bank can participate in the Plan. Prior to 1995, the net assets
of the Retirement and Savings Fund of the Employees of Standard Federal
Bank for savings (Retirement Savings Fund) were transferred into the
Plan.
Employees may make pre-tax contributions up to 12% and after-tax
contributions up to 10% of their annual compensation as defined. Each
employee's contribution will be matched in whole or in part quarterly by
employer contributions at a rate determined by the Bank's Board of
Directors. Additionally, the Bank may make an annual profit-sharing
contribution as determined by the Bank's Board of Directors. All
employee contributions and employer matching contributions are fully
vested and nonforfeitable at all times. Employer profit-sharing
contributions and earnings thereon and employer contributions
transferred from the Retirement Savings Fund and earnings thereon vest
in 20% annual increments beginning with the third complete year of
service, as defined.
Contributions are allocated to investment funds as elected by the
participant. Net earnings of a participant's account balance are based
upon net earnings of the investment funds, including appreciation or
depreciation in the market value of the investments selected by the
participant.
The Plan provides for loans to participants of the Plan in an amount not
to exceed the lesser of $50,000 or one-half of the current value of the
participant's individual account.
Payment of benefits to participants is generally made in a lump-sum
distribution; however, assets transferred from the Retirement Savings
Fund may be distributed in the form of an annuity unless waived by the
employee.
Substantially all administrative expenses are paid by the Bank.
A summary of plan description that contains information about the Plan
agreement is provided to all participants in the Plan and is available
from the Bank's personnel department.
(2) ACCOUNTING POLICIES
(a) BASIS OF PRESENTATION
The accompanying financial statements have been prepared on the accrual
basis of accounting. The preparation of financial statements in
conformity with generally accepted accounting principles requires the
plan sponsor to make estimates and assumptions that affect the reported
amounts of assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.
(Continued)
5
<PAGE>
401(k) PLAN OF THE EMPLOYEES OF
STANDARD FEDERAL BANK FOR SAVINGS
Notes to Financial Statements
- -------------------------------------------------------------------------------
(b) VALUATION OF INVESTMENTS
The fair value of investments in mutual funds is based on the quoted
redemption value on the last business day of the Plan year.
The fair values of the common stock of Standard and TCF are based upon
the fair market value reported in the Wall Street Journal on the last
business day of the Plan year, as applicable.
The change in the difference between current value at the end of the
year and the current value at the beginning of the year or cost, if the
investment was acquired during the year, is reflected as net unrealized
appreciation or depreciation in the fair value of investments.
Purchases and sales of investments are recorded on a trade date basis.
(3) INCOME TAX STATUS
The Internal Revenue Service has previously ruled that the Plan
qualifies under section 401(a) of the Internal Revenue Code (IRC) and
is, therefore, not subject to tax under present income tax law. The Plan
is required to operate in conformity with the IRC to maintain its
qualification. The plan sponsor is not aware of any course of action or
series of events that have occurred that might adversely affect the
Plan's qualified status.
The Internal Revenue Service has determined and informed Standard by a
letter dated September 6, 1995, that the Plan has qualified and,
therefore, is not subject to tax under present federal income tax laws.
(4) TRANSACTIONS WITH PARTIES IN INTEREST
For the period from September 4, 1997 to December 31, 1997, the Plan
engaged in transactions involving the acquisition or disposition of TCF
common stock. For the period from January 1, 1997 through September 3,
1997 and for the years ended December 31, 1996 and 1995, the Plan
engaged in transactions involving the acquisition or disposition of
Standard common stock. TCF and Standard are parties-in-interest for the
respective periods indicated. Transactions with parties-in-interest are
covered by an exemption from the "prohibited transactions" provisions of
ERISA and the IRC.
The Bank paid the cost of legal and certain other outside services for
the Plan and provided accounting, record keeping, and administrative
services for the Plan, for which it received no compensation.
(Continued)
6
<PAGE>
401(k) PLAN OF THE EMPLOYEES OF
STANDARD FEDERAL BANK FOR SAVINGS
Notes to Financial Statements
- -------------------------------------------------------------------------------
(5) ALLOCATION OF ASSETS AVAILABLE FOR PLAN BENEFITS
The Plan's transactions are allocated among available investment options
as follows:
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Fidelity 20th Century
Growth Fidelity U.S. Investors
Cash and and Government U.S.
cash Income Reserves Government Stock
equivalents Fund Fund Fund funds
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Balance as of December 31, 1994* $ - 1,134,176 4,307,661 495,077 1,022,328
Income from investments 718 98,197 243,581 35,183 192,531
Contributions - 173,912 303,525 45,111 163,443
Realized and unrealized appreciation
(depreciation) in fair value of investments - 314,869 (180) 26,632 187,683
Distributions/loans - (140,147) (495,412) (81,658) (60,477)
Fund transfers 18,684 (104,248) (394,109) 173,879 42,410
- -------------------------------------------------------------------------------------------------------------------------
Balance as of December 31, 1995* 19,402 1,476,759 3,965,066 694,224 1,547,918
Income from investments 948 95,029 208,441 33,013 223,285
Contributions 86,464 188,935 225,234 40,516 172,970
Realized and unrealized appreciation
(depreciation) in fair value of investments - 223,457 (265) (8,325) 180,358
Distributions/loans - (123,696) (601,267) (15,362) (46,378)
Fund transfers (93,527) 197,167 (135,579) (129,350) (410,488)
- -------------------------------------------------------------------------------------------------------------------------
Balance as of December 31, 1996* 13,287 2,057,651 3,661,630 614,716 1,667,665
Income from investments 2,327 121,913 282,811 28,926 337,528
Contributions - 277,661 198,446 39,676 372,673
Realized and unrealized appreciation
(depreciation) in fair value of investments - 483,563 (231) 1,229 77,336
Distributions/loans - (348,478) (4,437,621) (45,469) (432,784)
Exchange of Standard Financial, Inc. common
stock for
TCF Financial Corporation common stock - - - - -
Fund transfers (14,727) 329,602 8,536,264 (38,381) 194,765
- -------------------------------------------------------------------------------------------------------------------------
Balance as of December 31, 1997* $ 887 2,921,912 8,241,299 600,697 2,217,183
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
TCF
Standard Financial
Financial, Inc. Corporation
Common Common Loans to
Stock Stock participants Total
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Balance as of December 31, 1994* 6,446,526 - 59,867 13,465,635
Income from investments - - 3,850 574,060
Contributions 124,349 - - 810,340
Realized and unrealized appreciation
(depreciation) in fair value of investments 3,172,025 - - 3,701,029
Distributions/loans (849,045) - (20,830) (1,647,569)
Fund transfers 263,384 - - -
- ---------------------------------------------------------------------------------------------------------
Balance as of December 31, 1995* 9,157,239 - 42,887 16,903,495
Income from investments 200,531 - 5,279 766,526
Contributions 322,949 - - 1,037,068
Realized and unrealized appreciation
(depreciation) in fair value of investments 2,846,535 - - 3,241,760
Distributions/loans (789,819) - 31,185 (1,545,337)
Fund transfers 571,777 - - -
- ---------------------------------------------------------------------------------------------------------
Balance as of December 31, 1996* 12,309,212 - 79,351 20,403,512
Income from investments 195,454 35,485 5,239 1,009,683
Contributions 423,769 113,049 - 1,425,274
Realized and unrealized appreciation
(depreciation) in fair value of investments 4,959,843 1,022,185 - 6,543,925
Distributions/loans (137,699) (2,006,696) (28,482) (7,437,229)
Exchange of Standard Financial, Inc. common
stock for
TCF Financial Corporation common stock (7,643,496) 7,643,496 - -
Fund transfers (10,107,083) 1,099,560 - -
- ---------------------------------------------------------------------------------------------------------
Balance as of December 31, 1997* - 7,907,079 56,108 21,945,165
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
</TABLE>
* Balance includes accrued interest and dividends where applicable.
7
<PAGE>
401(k) PLAN OF THE EMPLOYEES OF
STANDARD FEDERAL BANK FOR SAVINGS
Notes to Financial Statements
- -------------------------------------------------------------------------------
(6) SUBSEQUENT EVENT
As a result of the acquisition of Standard by TCF, the Plan is expected
to be terminated effective March 31, 1998. The Plan's investment in
Standard common stock was exchanged for the common stock of TCF.
All employee and matching contributions to the Plan ceased on March 31,
1998. Effective September 4, 1997, any participant with a balance as of
that date became fully vested in his or her account.
Beginning April 1, 1998, the Bank's employees were offered participation
in the TCF Employees Stock Purchase Plan (TCF Plan). It is expected that
participants in the Plan will be 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.
8
<PAGE>
SUPPLEMENTARY SCHEDULES
<PAGE>
401(k) PLAN OF THE EMPLOYEES OF SCHEDULE 1
STANDARD FEDERAL BANK FOR SAVINGS
Item 27a--Schedule of Assets Held for Investment Purposes
December 31, 1997
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------
Current Fair
Description of security shares value
- -----------------------------------------------------------------------------
<S> <C> <C>
Fidelity Growth and Income Portfolio Fund 76,691 $ 2,921,912
Fidelity United States Government Reserves Fund 8,203,327 8,203,327
Twentieth Century Investors United States
Government Fund 63,124 597,788
Gabelli Growth Fund 16,969 485,822
Janus Fund 26,227 653,053
Nicholas Fund 4,888 409,604
Brandywine Fund 20,864 644,475
Investment in common stock of TCF Financial
Corporation* 232,986 7,907,079
Loans to participants (6.25% to 9% interest rate) N/A 56,108
Cash and cash equivalents N/A 541
- -----------------------------------------------------------------------------
$21,879,709
- -----------------------------------------------------------------------------
</TABLE>
*Party-in-interest
See accompanying independent auditors' report.
9
<PAGE>
401(k) PLAN OF THE EMPLOYEES OF SCHEDULE 2
STANDARD FEDERAL BANK FOR SAVINGS
Item 27d - Schedule of Reportable Transactions
Year ended December 31, 1997
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
Proceeds/
Description Purchase selling
Identity of party involved of asset price price Gain/(Loss)
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CATEGORY (i)--SINGLE TRANSACTIONS IN EXCESS OF 5% OF THE CURRENT VALUE OF PLAN ASSETS AT JANUARY 1
Fidelity U.S. Government Reserves Fund Mutual fund: $10,426,172 - -
Fidelity U.S. Government Reserves Fund Mutual fund: - 3,357,203 -
Harris Insight Money Market Institutional #23 (3) Money Market: 3,366,826 - -
Harris Insight Money Market Institutional #23 (3) Money Market: - 3,651,302 -
Standard Financial, Inc. (1) (2) Common Stock: - 4,337,283 2,346,544
Standard Financial, Inc. (1) (2) Common Stock: - 6,088,889 3,294,193
CATEGORY (iii)--A SERIES OF TRANSACTIONS IN EXCESS OF 5% OF THE CURRENT VALUE OF PLAN ASSETS AT JANUARY 1
Fidelity Growth and Income Portfolio Fund Mutual fund:
55 purchases 1,237,679 - -
74 sales - 856,980 188,490
Fidelity U.S. Government Reserves Fund Mutual fund:
54 purchases 11,483,145 - -
48 sales - 6,925,871 -
Harris Insight Money Market Institutional #23 (3) Money Market:
84 purchases 8,724,751 - -
84 sales - 8,724,210 -
SEI Daily Income Prime Obligation (3) Money Market:
36 purchases 1,254,758 - -
54 sales - 1,267,836 -
Standard Financial, Inc. (1) (2) Common stock:
52 purchases 1,335,334 - -
8 sales - 10,882,189 5,883,399
TCF Financial Corporation (1) (2) Common stock:
37 purchases 1,719,266 - -
11 sales - 555,105 294,111
</TABLE>
(1) Party-in-interest
(2) Excludes activity with respect to the exchange of Standard common stock for
TCF common stock on September 4, 1997.
(3) Represents money market investments included as cash and cash equivalents.
See accompanying independent auditors' report.
10
