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Section 1: 8-K (8-K)

 

 

UNITED STATES

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): July 23, 2009

 


 

 

TCF FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

 


 

Delaware

 

001-10253

 

41-1591444

(State of other jurisdiction of

 

(Commission File Number)

 

(IRS Employer Identification No.)

incorporation)

 

 

 

 

 

200 Lake Street East, Mail Code EX0-03-A, Wayzata, Minnesota 55391-1693

(Address of principal executive offices) (Zip Code)

 

(952) 745-2760

(Registrant’s telephone number, including area code)

 


 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

[  ]   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

[  ]   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

[  ]   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

[  ]   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 


 

Item 2.02  Results of Operations and Financial Condition.

 

Information is being furnished herein in Exhibit 99.1 with respect to presentations to investors and others that may be made by executive officers of TCF Financial Corporation (the “Company”).  This information includes selected financial and operational information through the second quarter of 2009 and does not represent a complete set of financial statements and related notes prepared in conformity with generally accepted accounting principles (“GAAP”).  Most, but not all, of the selected financial information furnished herein is derived from the Company’s consolidated financial statements and related notes prepared in accordance with GAAP and management’s discussion and analysis included in the Company’s reports on Forms 10-K and 10-Q.  The Company’s annual financial statements are subject to independent audit.  These materials replace and supersede investor presentation materials previously furnished as an exhibit to Current Reports on Form 8-K.  These materials are dated July 23, 2009, and TCF does not undertake to update the materials after that date.

 

The presentation is also available on the Company’s web site at www.tcfbank.com.  TCF Financial Corporation’s Annual Report to Shareholders and its reports on Forms 10-K, 10-Q and 8-K and other publicly available information should be consulted for other important information about the Company.

 

Information contained herein, including Exhibit 99.1, shall not be deemed filed for the purposes of the Securities Exchange Act of 1934, nor shall such information and Exhibit be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such a filing.

 

Item 7.01  Regulation FD Disclosure.

 

Information is being furnished herein in Exhibit 99.1 with respect to presentations to investors and others that may be made by executive officers of TCF Financial Corporation (the “Company”).  This information includes selected financial and operational information through the second quarter of 2009 and does not represent a complete set of financial statements and related notes prepared in conformity with generally accepted accounting principles (“GAAP”).  Most, but not all, of the selected financial information furnished herein is derived from the Company’s consolidated financial statements and related notes prepared in accordance with GAAP and management’s discussion and analysis included in the Company’s reports on Forms 10-K and 10-Q.  The Company’s annual financial statements are subject to independent audit.  These materials replace and supersede investor presentation materials previously furnished as an exhibit to Current Reports on Form 8-K.  These materials are dated July 23, 2009, and TCF does not undertake to update the materials after that date.

 

The presentation is also available on the Company’s web site at www.tcfbank.com.  TCF Financial Corporation’s Annual Report to Shareholders and its reports on Forms 10-K, 10-Q and 8-K and other publicly available information should be consulted for other important information about the Company.

 

Information contained herein, including Exhibit 99.1, shall not be deemed filed for the purposes of the Securities Exchange Act of 1934, nor shall such information and Exhibit be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such a filing.

 

2


 

Item 9.01  Financial Statements and Exhibits.

 

(d)         Exhibits.

 

Exhibit No.                                                       Description

 

99.1                                                                                                                                                Investor Presentation of TCF Financial Corporation, dated July 23, 2009

 

 

SIGNATURES

 

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 hereunto duly authorized.

 

 

 

 

TCF FINANCIAL CORPORATION

 

 

 

 

 

 

 

 

/s/ William A. Cooper

 

 

William A. Cooper,
Chairman and Chief Executive Officer
(Principal Executive Officer)

 

 

 

 

 

 

 

 

/s/ Thomas F. Jasper

 

 

Thomas F. Jasper, Executive Vice President
and Chief Financial Officer
(Principal Financial Officer)

 

 

 

 

 

 

 

 

/s/ David M. Stautz

 

 

David M. Stautz, Senior Vice President,
Controller and Assistant Treasurer
(Principal Accounting Officer)

 

 

 

Date:       July 23, 2009

 

 

 

 

3

(Back To Top)

Section 2: EX-99.1 (EX-99.1)

Exhibit 99.1

 

TCF Financial Corporation

2009 Second Quarter Investor Presentation

The Convenience Franchise

 

1.)                                  Corporate Profile

 

At June 30, 2009

 

·                                          $17.5 billion financial holding company headquartered in Minnesota

 

·                                          30th largest U.S. based bank by asset size

 

·                                          444 bank branches, 96 branches opened since January 1, 2004

 

·                                          23rd largest U.S. branch network

 

·                                          9 campus alliances; 5th largest in campus card banking relationships

 

·                                          1,636 ATMs free to TCF customers; 1,148 off-site

 

·                                          10th largest issuer of Visa® Classic debit cards

 

·                                          17th largest bank-affiliated equipment finance/leasing company in the U.S.

 

·                                          Tangible realized common equity of 5.75%1

 

·                                          Redeemed outstanding Capital Purchase Program (CPP) preferred stock from the U.S. Treasury on April 22, 2009

 

1                   Excludes the impact of preferred stock, goodwill and accumulated other comprehensive income (loss) (see “Reconciliation of GAAP to Non-GAAP Measures” slide)

 

2.)                                  Corporate Profile

 

At June 30, 2009

 

·                                          Bank branches located in eight states

 

Traditional

 

197

Supermarket

 

233

Campus

 

14

Total

 

444

 

 

 

 

 

 

Minnesota

 

110

Illinois

 

202

Michigan

 

56

Colorado

 

36

Wisconsin

 

27

Arizona

 

7

Indiana

 

5

South Dakota

 

1

Total

 

444

 

3.)                                  What Makes TCF Different

 

·                                          Convenience

TCF banks a large and diverse customer base by offering a host of convenient banking services:

 

·                                          Open seven days a week, 364 days/year

·                                          Traditional, supermarket and campus branches

·                                          1,636 free ATMs

·                                          Free debit cards

·                                          No purchase-fee gift cards

·                                          Free coin counting

·                                          TCF Totally Free Online banking

 

·                                          Credit Quality

TCF is primarily a secured lender, emphasizing credit quality over asset growth.

 


 

4.)                                  What Makes TCF Different

 

·                                          No CPP preferred stock

 

·                                          No teaser rate or subprime lending programs

 

·                                          No option ARM loans

 

·                                          No asset-backed commercial paper

 

·                                          No Freddie Mac or Fannie Mae preferred stock

 

·                                          No off-balance sheet funding

 

·                                          No auto lease portfolio

 

·                                          No bank-owned life insurance

 

·                                          No structured investment vehicles (SIVs)

 

·                                          No mortgage servicing rights

 

·                                          No brokered deposits

 

5.)                                  Risk-Based Capital

$177 million excess over well capitalized requirement

($ millions)

 

 

 

12/05

 

12/06

 

12/07

 

12/08

 

6/09

 

 

 

 

 

 

 

 

 

 

 

 

 

Actual

 

$

1,050

 

$

1,173

 

$

1,246

 

$

1,817

 

$

1,466

 

Well Capitalized Requirement

 

$

983

 

$

1,057

 

$

1,165

 

$

1,240

 

$

1,289

 

Tier 1:

 

8.79

%

8.65

%

8.28

%

11.79

%

8.71

%

Total:

 

10.68

%

11.10

%

10.70

%

14.65

%

11.37

%

Excess RBC:

 

$

67

 

$

116

 

$

81

 

$

577

 

$

177

 

 

6.)                                  CPP Repayment

 

·                                          $361.2 million of preferred stock redeemed on April 22, 2009.

 

·                                          Recorded a $12 million non-cash deemed preferred dividend, which had no impact on net income or total stockholders’ equity. Reduced diluted EPS by 10 cents per common share.

 

·                                          Common stock warrant currently for 3,199,988 shares at a strike price of $16.93 currently owned by U.S. Treasury.

 

7.)                                  Liquidity and Borrowing Capacity

 

At June 30, 2009

 

·                                          TCF has $140.8 million in excess cash held in interest-bearing deposits at the Federal Reserve. In addition, TCF has borrowing capacity from a variety of sources:

 

·                                          $2.1 billion in secured borrowing capacity at the Federal Home Loan Bank of Des Moines

 

·                                          $1.3 billion in unsecured and uncommitted available lines

 

·                                          $720 million of secured borrowing capacity at the Federal Reserve Discount Window

 


 

8.)                                  Securities Available for Sale

Quarterly Average Balances

($ millions)

 

 

 

12/08

 

Yield

 

6/09

 

Yield

 

U.S. Government sponsored enterprise and federal agencies mortgage-backed securities

 

$

1,964

 

5.13

%

 

$

1,657

 

4.91

%

 

U.S. Government sponsored enterprise debentures

 

 

 

 

527

 

2.17

 

 

Other securities

 

3

 

3.93

 

 

1

 

5.63

 

 

Total

 

$

1,967

 

5.13

 

 

$

2,185

 

4.25

 

 

 

At June 30, 2009, 99.9% of

securities available for sale were from

Fannie Mae, Freddie Mac or Ginnie Mae

 

9.)                                  Consumer Real Estate

($ millions)

 

68% are 1st mortgages at June 30, 2009

 

 

 

12/05

 

12/06

 

12/07

 

12/08

 

6/09

 

 

 

 

 

 

 

 

 

 

 

 

 

1st Mortgages

 

$

4,146

 

$

4,409

 

$

4,707

 

$

4,882

 

$

4,941

 

Junior Liens

 

1,773

 

2,101

 

2,344

 

2,420

 

2,339

 

Total

 

$

5,919

 

$

6,510

 

$

7,051

 

$

7,302

 

$

7,280

 

 

10.)                           Consumer Real Estate

 

At June 30, 2009

 

·                                          68% 1st mortgages, average loan amount of $113,407

 

·                                          32% junior lien positions, average loan amount of $36,155

 

·                                          77% amortizing loans, 23% lines of credit

 

·                                          74% fixed rate, 26% variable rate (prime based)

 

·                                          Average home value of $247,772 1

 

·                                          Yield 6.36%

 

·                                          Over-60-day delinquency rate 1.09% 2

 

·                                          Net charge-offs: 2009 = 1.24%3, 2008 = .86%, 2007 = .31%

 

·                                          Average FICO score at origination 724

 

·                                          Originated $1.5 billion of new loans in 2008 and 2009 year-to-date; of these loans, net charge-offs over the last six quarters totaled $1 million (or 4 bps3)

 

1                   Based on most recent values known to TCF

2                   Excludes non-accrual loans

3                   Annualized

 

11.)                           Commercial Lending +11%*

($ millions)

 

 

 

12/05

 

12/06

 

12/07

 

12/08

 

6/09

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial Business

 

$

435

 

$

552

 

$

558

 

$

507

 

$

487

 

Commercial Real Estate

 

2,298

 

2,391

 

2,558

 

2,984

 

3,155

 

Total

 

$

2,733

 

$

2,943

 

$

3,116

 

$

3,491

 

$

3,642

 

 

*                 Twelve-month growth rate

 


 

12.)                           Commercial Loans

 

At June 30, 2009

 

·      Commercial real estate — $3.2 billion

·      29% retail services

·      20% apartment loans

·      16% office buildings

·      15% industrial buildings

·      2% residential development and construction

 

·      Commercial business — $487.1 million

 

·      Yield 5.43%

 

·      Over-60-day delinquency rate .06 %1

 

·      Net charge-offs: 2009 = 1.47%2, 2008 = .54%, 2007 = .12%

 

·      Approximately 99% of all commercial loans secured

 

·      CRE location mix: 93% TCF Banking Markets, 7% Other

 

1                   Excludes non-accrual loans

2                   Annualized

 

13.)                           Leasing and Equipment Finance1 +24%*
($ millions)

 

 

 

12/05

 

12/06

 

12/07

 

12/08

 

6/09

 

 

 

 

 

 

 

 

 

 

 

 

 

Leasing and Equipment Finance

 

$

1,560

 

$

1,899

 

$

2,175

 

$

2,545

 

$

2,876

 

 

1                   Includes operating leases

*                 Twelve-month growth rate

 

14.)                           Leasing and Equipment Finance

 

At June 30, 2009

 

·      17th largest bank-affiliated equipment finance/leasing company in the U.S.

 

·      32nd largest equipment finance/leasing company in the U.S.

 

·      Diverse equipment types

·      18% manufacturing

·      18% specialty vehicles

·      16% construction

·      16% medical

·      10% technology and data processing

 

·      Yield 6.94%

 

·      Uninstalled backlog of $283.4 million; down $44.6 million from year-end 2008

 

·      Over-60-day delinquency rate .65%1

 

·      Net charge-offs: 2009 = .75%2, 2008 = .50%, 2007 = .20%

 

1                   Excludes non-accrual loans and leases and includes $10.3 million (or 24 bps)  in loans and leases purchased in 2009

2                   Annualized

 


 

15.)                           TCF Inventory Finance

 

At June 30, 2009

 

·      Launched in April 2008 and headquartered in Hoffman Estates, IL

 

·      Inventory floorplan finance business with a focus on consumer electronics, household appliance, and lawn and garden industries

 

·      Operates primarily in the U.S. with a presence in Canada

 

·      78 employees

 

·      $157.2 million in assets

 

·      Loans are variable-rate

 

·      Yield 8.38%

 

16.)                           Allowance for Loan & Lease Losses
($ millions)

 

 

 

12/05

 

12/06

 

12/07

 

12/08

 

6/09

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for Loan & Lease Losses

 

$

55.8

 

$

58.5

 

$

80.9

 

$

172.4

 

$

193.4

   2

Net Charge-offs (NCO)1

 

$

28.2

 

$

18.0

 

$

34.6

 

$

100.5

 

$

84.6

 

 

 

 

 

 

 

 

 

 

 

 

 

As a % of Loans & Leases:

 

 

 

 

 

 

 

 

 

 

 

Allowance

 

.55

%

.52

%

.66

%

1.29

%

1.39

%

NCO

 

.29

%

.17

%

.30

%

.78

%

1.24

3

Coverage Ratio

 

2.0

X

3.3

X

2.3

X

1.7

X

1.1

3

 

1                   Year-to-date

2                   Excludes $13.8 million in reserves netted against purchased leasing portfolio balance

3                   Annualized

 

17.)                           Delinquencies (Over 60-Day)1
($ millions)

 

 

 

12/05

 

12/06

 

12/07

 

12/08

 

6/09

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer Real Estate

 

$

12.2

 

$

21.2

 

$

28.1

 

$

67.8

 

$

78.6

 

Commercial

 

1.7

 

14.1

 

3.7

 

0.8

 

2.3

 

Leasing

 

3.3

 

1.8

 

4.0

 

10.9

 

18.1

 

Delinquencies

 

$

17.2

 

$

37.1

 

$

35.8

 

$

79.5

 

$

99.0

 

Over 60-Day Delinquencies1:

 

.17

%

.33

%

.29

%

.60

%

.72

%

Over 90-Day Delinquencies1:

 

.06

%

.11

%

.12

%

.28

%

.35

%

 

1                   Excludes non-accrual loans and leases

 


 

18.)                           Non-Performing Assets
($ millions)

 

 

 

12/05

 

12/06

 

12/07

 

12/08

 

6/09

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Accrual Loans & Leases

 

$

29.7

 

$

43.2

 

$

59.8

 

$

172.5

 

$

239.9

 

Real Estate Owned

 

17.7

 

22.4

 

45.8

 

61.7

 

96.9

 

Total

 

$

47.4

 

$

65.6

 

$

105.6

 

$

234.2

 

$

336.8

 

 

 

 

 

 

 

 

 

 

 

 

 

# of consumer residential properties owned

 

70

 

95

 

137

 

187

 

266

 

 

19.)                           Net Charge-Offs by Type
(Percent)

 

 

 

 

 

 

 

YTD1

 

 

 

2007

 

2008

 

2009

 

Consumer real estate:

 

 

 

 

 

 

 

First mortgage lien

 

.21

%

.62

%

.91

%

Junior lien

 

.50

 

1.34

 

1.94

 

Total consumer real estate & other

 

.40

 

.98

 

1.32

 

Commercial real estate

 

.10

 

.44

 

1.52

 

Commercial business

 

.22

 

1.05

 

1.19

 

Leasing and equipment finance

 

.20

 

.50

 

.75

 

Inventory Finance

 

N.A.

 

 

 

Total

 

.30

 

.78

 

1.24

 

 

1                   Annualized

N.A. Not Applicable

 

20.)                           Loan and Lease Geographic Diversification
($000s)

 

 

 

 

 

Commercial

 

 

 

 

 

 

 

 

 

Consumer

 

Real Estate

 

Leasing and

 

 

 

 

 

 

 

Real Estate

 

& Commercial

 

Equipment

 

Inventory

 

 

 

At June 30, 2009:

 

& Other

 

Business

 

Finance

 

Finance

 

Total

 

Minnesota

 

$

2,831,855

 

$

958,363

 

$

69,966

 

$

2,664

 

$

3,862,848

 

Illinois

 

2,220,458

 

850,719

 

102,859

 

146

 

3,174,182

 

Michigan

 

1,202,964

 

867,097

 

118,774

 

7,293

 

2,196,128

 

Wisconsin

 

513,070

 

515,271

 

49,235

 

537

 

1,078,113

 

Colorado

 

455,315

 

100,146

 

50,880

 

3,890

 

610,231

 

California

 

9,613

 

18,981

 

372,726

 

6,219

 

407,539

 

Texas

 

1,873

 

2,982

 

211,253

 

24,097

 

240,205

 

Florida

 

5,082

 

58,173

 

157,507

 

16,116

 

236,878

 

Ohio

 

4,127

 

54,675

 

113,689

 

6,426

 

178,917

 

Arizona

 

45,548

 

32,908

 

84,452

 

1,754

 

164,662

 

New York

 

3,608

 

523

 

145,915

 

578

 

150,624

 

Indiana

 

25,157

 

57,681

 

50,781

 

8,049

 

141,668

 

Other

 

21,454

 

124,962

 

1,294,821

 

79,424

 

1,520,661

 

Total

 

$

7,340,124

 

$

3,642,481

 

$

2,822,858

 

$

157,193

 

$

13,962,656

 

 


 

21.)                           Net Charge-Offs1 vs. Other Banks

(Percent)

 

 

 

2005

 

2006

 

2007

 

2008

 

2009 2

 

 

 

 

 

 

 

 

 

 

 

 

 

TCF

 

.29

%

.17

%

.30

%

.78

%

1.24

%

M&I

 

.12

 

.10

 

.59

 

2.74

 

3.16

 

Bank of America

 

.83

 

.68

 

.82

 

1.72

 

3.06

 

U.S. Bancorp

 

.51

 

.38

 

.52

 

1.07

 

1.81

 

Comerica

 

.25

 

.12

 

.30

 

.91

 

1.67

 

BB&T

 

.30

 

.27

 

.38

 

.89

 

1.68

 

KeyCorp

 

.48

 

.25

 

.38

 

1.62

 

2.75

 

 

1                   As a percent of average loans & leases

2                   YTD as of June 30, 2009 (annualized)

 

22.)                           Total Deposits

Quarterly Average Balances +13%*

($ millions)

 

 

 

12/05

 

12/06

 

12/07

 

12/08

 

6/09

 

 

 

 

 

 

 

 

 

 

 

 

 

Certificates of deposit

 

$

1,887

 

$

2,471

 

$

2,307

 

$

2,449

 

$

2,087

 

Savings and money market

 

2,839

 

2,915

 

3,194

 

3,486

 

5,530

 

Checking

 

4,102

 

4,141

 

3,981

 

3,914

 

4,055

 

Total

 

$

8,828

 

$

9,527

 

$

9,482

 

$

9,849

 

$

11,672

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Rate1:

 

1.54

%

2.33

%

2.29

%

1.51

%

1.15

%

 

*                 Twelve-month growth rate

1                   Quarter-to-date

 

23.)                           Banking Fees and Other Revenue1

($ millions)

 

 

 

2005

 

2006

 

2007

 

2008

 

2009

 

 

 

 

 

 

 

 

 

 

 

 

 

First Quarter

 

$

85

 

$

92

 

$

94

 

$

96

 

$

90

 

Second Quarter

 

97

 

104

 

106

 

103

 

112

 

Third Quarter

 

102

 

105

 

107

 

107

 

 

Fourth Quarter

 

99

 

99

 

106

 

100

 

 

Total

 

$

383

 

$

400

 

$

413

 

$

406

 

$

202

 

 

1                   Consisting of fees and service charges, card revenue, and ATM revenue

 


 

24.)                           Card Revenue

($ millions)

 

 

 

2005

 

2006

 

2007

 

2008

 

2009

 

 

 

 

 

 

 

 

 

 

 

 

 

First Quarter

 

$

17.6

 

$

21.3

 

$

23.3

 

$

24.8

 

$

25.0

 

Second Quarter

 

19.8

 

22.9

 

24.9

 

26.8

 

26.6

 

Third Quarter

 

21.0

 

24.4

 

25.6

 

26.2

 

 

Fourth Quarter

 

21.4

 

23.5

 

25.1

 

25.2

 

 

Total

 

$

79.8

 

$

92.1

 

$

98.9

 

$

103.0

 

$

51.6

 

 

 

 

 

 

 

 

 

 

 

 

     

Sales Volume:

 

$

5,673

 

$

6,465

 

$

6,949

 

$

7,280

 

$

3,606

1

Average Interchange Rate:

 

1.34

%

1.36

%

1.35

%

1.34

%

1.34

%1

 

1                   Year-to-date

 

25.)                           Card Revenue

 

·                                          10th largest issuer of Visa® Classic debit cards

 

·                                          11th largest issuer of Visa® Commercial debit cards

 

·                                          $3.6 billion in sales volume, down 1.5% 1

 

·                                          20.5 transactions per month on active cards, up 1.2% 1

 

1                   Year-to-date

 

26.)                           Reconciliation of GAAP to Non-GAAP Measures1

($000s)

 

 

 

    June 30, 2009

 

Computation of stockholders’ equity to total assets:

 

 

 

Stockholders’ equity

 

$

1,142,535

 

Total assets

 

$

17,475,721

 

Stockholders’ equity to total assets

 

6.54

%

 

 

 

 

Computation of tangible realized common equity to total assets:

 

 

 

Stockholders’ equity

 

$

1,142,535

 

Less:

 

 

 

Preferred Stock

 

 

Goodwill

 

152,599

 

Add:

 

 

 

Accumulated other comprehensive loss

 

15,296

 

Tangible realized common equity

 

$

1,005,232

 

Total assets

 

$

17,475,721

 

Tangible realized common equity to total assets

 

5.75

%

 

1                   In contrast to GAAP-basis measures, tangible realized common equity excludes the effect of preferred stock, goodwill and accumulated other comprehensive income (loss). Management reviews tangible realized common equity as an ongoing measure and has included this information because of current interest in tangible realized common equity by the industry and banking regulatory authorities.

 


 

27.)                           Cautionary Statement

 

This presentation and other reports issued by the Company, including reports filed with the SEC, may contain “forward-looking” statements that deal with future results, plans or performance. In addition, TCF’s management may make such statements orally to the media, or to securities analysts, investors or others. Forward-looking statements deal with matters that do not relate strictly to historical facts. TCF’s future results may differ materially from historical performance and forward-looking statements about TCF’s expected financial results or other plans and are subject to a number of risks and uncertainties. These include, but are not limited to, continued or deepening deterioration in general economic and banking industry conditions; continued increases in unemployment in TCF’s primary banking markets; limitations on TCF’s ability to pay dividends or to increase dividends in the future because of financial performance deterioration, regulatory restrictions or limitations; increased deposit insurance premiums, special assessments or other costs related to deteriorating conditions in the banking industry and the economic impact on banks of the Emergency Economic Stabilization Act, as amended (“EESA”) or other related legislative and regulatory developments; the impact of the Obama Administration’s financial regulatory reform proposals including possible additional capital, consumer protection and supervisory requirements; the imposition of requirements with an adverse financial impact relating to TCF’s lending, loan collection and other business activities as a result of the EESA,  or other legislative or regulatory developments such as mortgage foreclosure moratorium laws; possible legislative changes, including restrictions on deposit fees and reduction of interchange revenue from debit card transactions and adverse economic, business and competitive developments such as shrinking interest margins, deposit outflows, an inability to increase the number of deposit accounts and the possibility that deposit account losses (fraudulent checks, etc.) may increase; impact of legislative, regulatory or other changes affecting customer account charges and fee income; legislative changes to bankruptcy laws which would result in the loss of all or part of TCF’s security interest due to collateral value declines (so-called “cramdown” provisions); reduced demand for financial services and loan and lease products; adverse developments affecting TCF’s supermarket banking relationships or any of the supermarket chains in which TCF maintains supermarket branches; changes in accounting standards or interpretations of existing standards; monetary, fiscal or tax policies of the federal or state governments, including adoption of state legislation that would increase state taxes; adverse findings in tax audits or regulatory examinations and resulting enforcement actions, including those provided for under the Bank Secrecy Act, changes in credit and other risks posed by TCF’s loan, lease, investment, and securities available for sale portfolios, including continuing declines in commercial or residential real estate values or changes in allowance for loan and lease losses methodology dictated by new market conditions or regulatory requirements; lack of or inadequate insurance coverage for claims against TCF; technological, computer related or operational difficulties or loss or theft of information; adverse changes in securities markets directly or indirectly affecting TCF’s ability to sell assets or to fund its operations; results of litigation, including potential class action litigation concerning TCF’s lending or deposit activities or employment practices and possible increases in indemnification obligations for certain litigation against Visa U.S.A. (“covered litigation”) and potential reductions in card revenues resulting from covered litigation or other litigation against Visa; heightened regulatory practices, requirements or expectations, including, but not limited to, requirements related to the Bank Secrecy Act and anti-money laundering compliance activity; or other significant uncertainties. Investors should consult TCF’s Annual Report on Form 10-K, and Forms 10-Q and 8-K for additional important information about the Company.

 

28.)                           Source References

 

Slide: Corporate Profile

30th largest U.S. bank - Ipreo; 3/31/08

23rd largest branch network - SNL Financial, LC; 2Q09

5th largest in campus card relationships - CR80News; Spring 2009

10th largest issuer of Visa Classic - Visa; 1Q09; ranked by sales volume

17th largest bank-affiliated leasing company - The Monitor; Jul/Aug 2008

 

Slide: Leasing and Equipment Finance

17th largest bank-affiliated leasing company - The Monitor; Jul/Aug 2008

32nd largest leasing company - The Monitor; 2009 Monitor 100

 

Slide: Net Charge-Offs vs. Other Banks

Net charge-off data - SNL Financial, LC; 2Q09

 

Slide: Card Revenue

10th largest issuer of Visa Classic - Visa; 1Q09; ranked by sales volume

11th largest issuer of Visa Commercial - Visa; 1Q09; ranked by sales volume

 

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