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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):

August 12, 2009

 


 

 

TCF FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

 


 

Delaware

 

001-10253

 

41-1591444

(State or other jurisdiction of incorporation or organization)

 

(Commission File Number)

 

(IRS Employer Identification No.)

 

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

(Address of principal executive offices)

 

(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:

 

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

 

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

 

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

 

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

 

 

 



 

Item 8.01  Other Events.

 

On August 18, 2009, an indirect subsidiary of TCF Financial Corporation, TCF Inventory Finance, Inc. (“TCFIF”), announced the creation of a joint venture with The Toro Company (“Toro”), on August 12, 2009, named Red Iron Acceptance, LLC (“Red Iron”).  Red Iron will provide U.S. distributors and dealers and select Canadian distributors of the Toro and Exmark brands with a reliable cost-effective source of floor plan and open account financing.  In conjunction with the joint venture, TCFIF’s affiliate, TCF Commercial Finance Canada, Inc., will provide floor plan and open account financing to dealers located in Canada.  Red Iron anticipates financing receivables beginning in the fourth quarter of 2009.

 

A copy of the press release is attached as Exhibit 99.1 and incorporated herein by reference.

 

Item 9.01  Financial Statements and Exhibits.

 

(d)  Exhibits.

 

 

Exhibit No.

 

Description

 

99.1

 

Press Release dated August 18, 2009

 

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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, thereunto 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)

 

Dated:  August 18, 2009

 

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Section 2: EX-99.1 (EX-99.1)

Exhibit 99.1

 

NEWS RELEASE

 

CONTACT:

 

Jason Korstange

 

 

 

 

(952) 745-2755

 

 

 

 

www.tcfbank.com

 

 

 

 

 

 

 

FOR IMMEDIATE RELEASE

 

200 Lake Street East, Wayzata, MN 55391-1693

 

TCF Inventory Finance, Inc. Partners with The Toro Company to Provide Floorplan Financing to Toro Customers

 

HOFFMAN ESTATES, IL, August 18, 2009 — TCF Inventory Finance, Inc. (“TCFIF”), a subsidiary of TCF National Bank, has announced the creation of a new joint venture with The Toro Company (“Toro”) named Red Iron Acceptance, LLC (“Red Iron”).  Red Iron will provide U.S. distributors and dealers and select Canadian distributors of the Toro and Exmark brands with a reliable, cost-effective source of floor plan and open account financing.  In conjunction with the joint venture, TCFIF’s affiliate TCF Commercial Finance Canada, Inc., will provide floor plan and open account financing to dealers located in Canada.

 

“In June, TCFIF announced its entry into the lawn and garden industry and we have targeted this key area in our growth plans,” said Mr. Ross Perrelli, President and CEO of TCFIF.  “In the current environment, with unpredictable and diminishing credit availability, Red Iron stands ready to provide liquidity and a high level of service to Toro and its channel partners.  This alliance, with a proven market leader like Toro, further demonstrates TCFIF’s commitment to the industry.”

 

Red Iron anticipates financing receivables beginning in the fourth quarter and TCFIF expects that balances from these receivables could exceed $75 million before the end of 2009.  Red Iron will

 

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service nearly 3,500 of Toro’s channel partners serving the golf, sports field, municipal, landscape contractor and residential markets.

 

“The opportunity to expand in the lawn and garden industry and grow our business with an organization like Toro is strategically a good move for TCF,” said William Cooper, Chairman and CEO of TCF Financial Corporation.  “Our objective is to be very prudent in selecting business partnerships with exceptional businesses, make a solid return on our investment, and deliver increased value to our stockholders.”

 

The Toro Company (NYSE: TTC) is a leading worldwide provider of turf and landscape maintenance equipment, and precision irrigation systems.  With sales of nearly $1.9 billion in fiscal 2008, Toro’s global presence extends to more than 140 countries through its reputation of world-class service, innovation and turf expertise.  Since 1914, the company has built a tradition of excellence around a number of strong brands to help customers care for golf courses, sports fields, public green spaces, commercial and residential properties, and agricultural fields.  More information is available at www.thetorocompany.com.

 

TCFIF (www.tcfif.com) offers a full range of inventory financing solutions to retailers in the consumer electronics and household appliances industries and the lawn and garden industry throughout the United States and Canada.  TCFIF is an indirect subsidiary of TCF Financial Corporation (NYSE: TCB) (www.tcfbank.com), a Wayzata, Minnesota-based national financial holding company with $17.5 billion in total assets.  TCF has 444 banking offices in Minnesota, Illinois, Michigan, Colorado, Wisconsin, Indiana, Arizona and South Dakota, providing retail and commercial banking services.  TCF also conducts commercial leasing and equipment finance business in all 50 states.

 

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