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Table of Contents

 

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, 2009

 

or

 

[  ]                              TRANSITION REPORT PURSUANT TO SECTION 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

Commission File No. 33-43030

 

 

A.        Full title of the plan and the address of the plan, if different from that of the issuer named below:

 

TCF EMPLOYEES STOCK PURCHASE PLAN

 

B.         Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

 

TCF FINANCIAL CORPORATION

200 Lake Street East

Mail Code EX0-03-A

Wayzata, Minnesota 55391-1693

 

Table of Contents

 

REQUIRED INFORMATION

 

The TCF Employees Stock Purchase Plan of TCF Financial Corporation 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 TCF Employees Stock Purchase Plan of TCF Financial Corporation, which have been prepared in accordance with the financial reporting requirements of ERISA, are attached hereto as Exhibit 99 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 trustees (or other persons who administer the employee benefit plan) has duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

		TCF Financial Corporation
		(Plan Sponsor and Plan Administrator of the TCF Employees Stock Purchase Plan)
		By	/s/ William A. Cooper
			William A. Cooper, Chairman and Chief Executive Officer (Principal Executive Officer)
		By	/s/ Thomas F. Jasper
			Thomas F. Jasper, Executive Vice President and Chief Financial Officer (Principal Financial Officer)
		By	/s/ David M. Stautz
			David M. Stautz, Senior Vice President, Controller and Assistant Treasurer (Principal Accounting Officer)

 

 

Dated: June 24, 2010

 

Table of Contents

 

TCF Employees Stock Purchase Plan

 

Form 11-K

 

Index to Exhibits

 

 

Exhibit Number		Description
23		Consent of KPMG LLP dated June 24, 2010
99		Financial Statements and Supplementary Schedules

 

 

Exhibit 23

 

 

Consent of Independent Registered Public Accounting Firm

 

 

The Board of Directors of TCF Financial Corporation and

The Plan Sponsor and Plan Administrator of the

TCF Employees Stock Purchase Plan:

 

We consent to the incorporation by reference in the registration statements (No. 333-154929, 333-146741, 333-113748 and 333-72394) on Form S-8 of TCF Financial Corporation of our report dated June 24, 2010, with respect to the statements of net assets available for plan benefits of the TCF Employees Stock Purchase Plan as of December 31, 2009 and 2008, the related statements of changes in net assets available for plan benefits for each of the years in the three-year period ended December 31, 2009, and related schedules as of and for the year ended December 31, 2009, which report appears in the December 31, 2009 annual report on Form 11-K of the TCF Employees Stock Purchase Plan.

 

 

/s/ KPMG LLP

 

 

Minneapolis, Minnesota

June 24, 2010

 

 

Exhibit 99

 

TCF Employees Stock Purchase Plan

 

Financial Statements and

    Supplemental Schedules

 

December 31, 2009, 2008 and 2007

 

 

TCF Employees Stock Purchase Plan

 

Index - Financial Statements and Schedules

 

		Page No.
Report of Independent Registered Public Accounting Firm		1
Statements of Net Assets Available for Plan Benefits - at December 31, 2009 and 2008		2
Statements of Changes in Net Assets Available for Plan Benefits - Years ended December 31, 2009, 2008 and 2007		3
Notes to Financial Statements		4 - 14
Supplemental Schedules:
Schedule 1 - Schedule H, line 4i - Schedule of Assets (Held at End of Year)		15
Schedule 2 - Schedule H, line 4j - Schedule of Reportable Transactions		16

 

 

Report of Independent Registered Public Accounting Firm

 

 

The Board of Directors of TCF Financial Corporation and

The Plan Sponsor and Plan Administrator of the

TCF Employees Stock Purchase Plan:

 

 

We have audited the accompanying statements of net assets available for plan benefits of the TCF Employees Stock Purchase Plan (the “Plan”) as of December 31, 2009 and 2008, and the related statements of changes in net assets available for plan benefits for each of the years in the three-year period ended December 31, 2009. 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 the standards of the Public Company Accounting Oversight Board (United States). 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 audits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for plan benefits of the Plan as of December 31, 2009 and 2008, and the changes in net assets available for plan benefits for each of the years in the three-year period ended December 31, 2009 in conformity with U.S. generally accepted accounting principles.

 

Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. Supplemental Schedules 1 and 2 are presented for the purpose of additional analysis and are not a required part of the basic financial statements, but are supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. These supplemental schedules are the responsibility of the Plan’s management. The supplemental schedules have been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole.

 

 

/s/ KPMG LLP

 

 

Minneapolis, Minnesota

June 24, 2010

 

 

1

 

TCF Employees Stock Purchase Plan

 

Statements of Net Assets Available for Plan Benefits

 

			At December 31,
			2009			2008
Assets:
Investments at fair value:
TCF Financial Corporation Stock Fund:
TCF Financial Corporation stock			$ 110,882,716			$ 105,827,462
Cash and accrued interest receivable			8,440			17,020
Total TCF Financial Corporation Stock Fund			110,891,156			105,844,482
Mutual funds			26,245,310			16,481,627
Money market funds			6,218,640			5,383,387
Total investments			143,355,106			127,709,496
Receivables			-			14,971
Total assets			143,355,106			127,724,467
Liabilities
Distributions payable to participants			247,586			297,893
Net assets available for plan benefits			$ 143,107,520			$ 127,426,574

 

 

See accompanying notes to financial statements.

 

 

2

 

TCF Employees Stock Purchase Plan

 

Statements of Changes in Net Assets Available for Plan Benefits

 

 

		Year Ended December 31,
		2009			2008			2007
Investment income:
Dividends		$     3,712,238			$     7,958,194			$     7,656,835
Interest		-			12,245			18,285
Total investment income		3,712,238			7,970,439			7,675,120
Net appreciation (depreciation):
Realized (losses)/gains on distributions, sales and share class changes:
TCF Financial Corporation Stock Fund		(224,971	)		3,404,611			15,246,889
Mutual funds		(1,035,313	)		(577,504	)		950,044
Change in unrealized appreciation (depreciation) of investments:
TCF Financial Corporation Stock Fund		463,219			(34,442,410	)		(83,394,844	)
Mutual funds		5,989,852			(7,683,035	)		(527,787	)
Total net appreciation (depreciation)		5,192,787			(39,298,338	)		(67,725,698	)
Deposits and contributions:
Participant deposits		12,753,184			12,474,684			11,891,988
Employer cash contributions		6,868,723			6,860,806			6,551,633
Total deposits and contributions		19,621,907			19,335,490			18,443,621
Distributions:
Withdrawals and distributions		(11,550,388	)		(13,835,378	)		(25,900,311	)
Dividends		(1,295,598	)		(3,148,335	)		(3,208,712	)
Total distributions		(12,845,986	)		(16,983,713	)		(29,109,023	)
Administrative expenses		-			(115,991	)		(378,296	)
Increase (decrease) in net assets available for plan benefits		15,680,946			(29,092,113	)		(71,094,276	)
Net assets available for plan benefits:
Beginning of year		127,426,574			156,518,687			227,612,963
End of year		$ 143,107,520			$ 127,426,574			$ 156,518,687

 

 

See accompanying notes to financial statements.

 

 

3

 

TCF Employees Stock Purchase Plan

 

Notes to Financial Statements

 

 

(1)                                  Accounting Policies

 

The financial statements of the TCF Employees Stock Purchase Plan (the “Plan”) have been prepared on the accrual basis of accounting. Assets of the Plan are stated at fair value. The fair value of these assets are based upon quotes from independent asset pricing services based on active markets. Purchases and sales of investments are recorded on a trade-date basis. The cost of Plan investments sold is determined by the average cost method. Distributions are recorded when paid.

 

Basis of Presentation

 

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires the Plan administrator to make estimates and assumptions that affect the reported amounts of net assets available for plan benefits at the date of the financial statements and the reported amounts of changes in net assets available for plan benefits during the reporting period. Actual results could differ from those estimates.

 

Risks and Uncertainties

 

The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the statement of net assets available for plan benefits.

 

The Plan provides for investment in TCF Financial Corporation common stock. At December 31, 2009 and 2008, approximately 77% and 83% of the Plan’s total assets were invested in the common stock of TCF Financial Corporation. The underlying value of the TCF Financial Corporation common stock is entirely dependent upon the performance of TCF Financial Corporation and the market’s evaluation of such performance.

 

 

4

 

TCF Employees Stock Purchase Plan

 

Notes to Financial Statements (Continued)

 

 

(2)                                  Employees Stock Purchase Plan

 

The Plan is intended to meet the requirements of a stock bonus plan under section 401 (a) of the Internal Revenue Code of 1986, as amended (the “Code”), an employee stock ownership plan under Section 4975 (e) of the Code, and a qualified cash or deferred arrangement under Section 401 (k) of the Code. The Plan is a tax-qualified contributory plan subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). The Plan sponsor is TCF Financial Corporation (“TCF Financial”). Mercer Trust Company (“Mercer” or “Trustee”) is the trustee of the Plan appointed to serve under the trust agreement. Record keeping administration of the Plan is managed by Mercer HR Services, LLC. For the years ended December 31, 2008 and 2007, US Bank National Association (“US Bank” or “Trustee”) was the trustee of the Plan appointed to serve under the trust agreement and Hewitt Associates LLC provided record keeping administration.

 

All full-time and part-time employees are eligible to participate in the Plan. Participants may elect to invest, in increments of 1%, up to 50% of their covered pay on a tax deferred basis. Contributions of employees defined by the Code as “highly compensated” are limited based on an annual determination by TCF Financial. The aggregate contributions are subject to the Internal Revenue Service (“IRS”) maximum annual limits of $16,500, $15,500 and $15,500 during 2009, 2008 and 2007, respectively. Effective April 1, 2006, the Plan was amended to allow participants age 50 or older to make “catch up” pre-tax contributions in excess of the IRS limits stated above. The maximum catch-up contribution was $5,500, $5,000 and $5,000 for 2009, 2008 and 2007, respectively.

 

Participating employers match the contributions of employees who have completed one year of service at the rate of 50 cents per dollar contributed for employees with one to less than five years of service, 75 cents per dollar contributed for employees with five to less than ten years of service and $1 per dollar contributed for employees with ten or more years of service. Employer matching contributions are made on the first 6% of eligible compensation contributed. Employer contributions are generally made in cash and can also be made in the form of TCF Financial Corporation common stock.

 

All employee and employer contributions are invested in participant directed investments, including TCF Financials Corporation stock, shortly after the date contributed.

 

The participating employers, at their discretion, may make additional contributions to the Plan, subject to an overall limit. These additional contributions, if any, are allocated to participants’ matching accounts in proportion to their respective percentage rate of matched contributions, subject to certain limitations. To date, no such contributions have been made.

 

Participants may elect to invest their employee account balance in any or all of the offered mutual fund investments or TCF Financial Corporation common stock. Effective June 1, 2008, participants may also elect to

 

 

5

 

TCF Employees Stock Purchase Plan

 

Notes to Financial Statements (Continued)

 

diversify their employer matching account balance immediately without a service completion requirement. Between January 1, 2007 and May 31, 2008, participants were able to elect to diversify their employer matching account balance after completing three years of service. Eligible participants may select from the following investment options: Vanguard Institutional Index Fund, Vanguard Mid-Cap Index Fund, Vanguard Small-Cap Index Fund, Vanguard Intermediate-Term Bond Index Fund, Vanguard Developed Markets Index Fund, Vanguard Prime Money Market Fund and the TCF Financial Corporation Stock Fund.

 

Participant deposits to the Plan are fully vested at all times. Participants’ interests in the employer matching account generally vest at the rate of 20% per year (with full vesting after five years of service). The Plan permits financial hardship withdrawals consistent with the safe harbor provisions of regulations issued pursuant to the Tax Reform Act of 1986.

 

Dividends paid on the TCF Financial Corporation Stock Fund are reinvested in such fund or, at the election of the participant, may be paid in cash to the participant. Dividends paid from the mutual funds are reinvested in the mutual funds.

 

Effective July 1, 2008, amounts which have been forfeited in accordance with the provisions of the Plan are available to use for payment of various Plan obligations according to the following hierarchy: reinstatement of participant accounts upon rehire, reduction of employer contributions and Plan administration expenses as defined. Other Plan obligations are paid directly by TCF Financial. Administrative expenses paid by TCF Financial during 2009, 2008 and 2007 totaled $517,203, $812,621 and $512,758, respectively. Any remaining forfeiture amounts are retained by the Plan to be used for payment of Plan obligations in future periods.

 

Effective April 1, 2008, the trustee now redeposits to the Plan, on a monthly basis, all outstanding distribution checks which have not been cashed within 9 months from date of issuance. During 2009, TCF received $9,908 of redeposited distributions from the trustee and reissued distribution checks to participants totaling $60,215. As of December 31, 2009 and 2008, $247,586 and $297,893 of distributions were payable to participants, respectively.

 

The Advisory Committee for the TCF Employees Stock Purchase Plan has shared voting power with participants of all allocated shares of TCF common stock in the Plan.

 

TCF Financial has reserved the right to amend the Plan at any time and each participating employer may cease to participate in the Plan and stop offering the Plan at any time to its employees. In the event of termination of the Plan, participating employees become 100% vested in their employer matching account balances.

 

 

6

 

TCF Employees Stock Purchase Plan

 

Notes to Financial Statements (Continued)

 

 

(3)                                  Participating Employers Included in the Plan

 

The Plan is a pooled fund for certain participating employers, all of which are direct or indirect subsidiaries of TCF Financial. Participant deposits, employer contributions and the related net assets are as follows:

 

 

		Year Ended December 31, 2009
Participating Employer		Participant Deposits at Cost			Employer Contributions at Cost			At December 31, 2009 Net Assets
TCF Financial Corporation		$	150,706		$	105,711		$	4,925,631
TCF National Bank *		10,223,620			5,547,213			121,612,325
TCF Equipment Finance, Inc.		1,327,207			656,178			7,581,577
Winthrop Resources Corporation		614,266			409,834			5,842,657
TCF Portfolio Services, Inc.		95,779			72,228			1,441,264
TCF Agency, Inc.		63,002			22,101			674,316
TCF Inventory Finance		262,110			53,900			498,664
TCF Insurance Agency, Inc.		-			-			495,297
Great Lakes Mortgage LLC		16,494			1,558			35,789
Total		$	12,753,184		$	6,868,723		$	143,107,520

 

 

		Year Ended December 31, 2008
Participating Employer		Participant Deposits at Cost			Employer Contributions at Cost			At December 31, 2008 Net Assets
TCF Financial Corporation		$	112,193		$	77,640		$	3,768,369
TCF National Bank		10,312,510			5,692,175			110,713,252
TCF National Bank Arizona		81,413			33,906			565,730
TCF Equipment Finance, Inc.		1,195,055			595,380			5,289,169
Winthrop Resources Corporation		554,492			375,523			4,323,782
TCF Portfolio Services, Inc.		93,013			58,506			1,257,628
TCF Agency, Inc.		66,253			24,537			921,118
TCF Inventory Finance		45,208			-			43,420
TCF Insurance Agency, Inc.		-			-			484,575
Great Lakes Mortgage LLC		14,547			3,139			59,531
Total		$	12,474,684		$	6,860,806		$	127,426,574

 

* On October 31, 2009, TCF National Bank Arizona merged with TCF National Bank.

 

 

7

 

TCF Employees Stock Purchase Plan

 

Notes to Financial Statements (Continued)

 

 

(4)                                  Income Tax Status

 

TCF Financial has received a favorable tax determination letter from the IRS indicating that the Plan qualified under Sections 401(a) and 4975(e) (7) of the Code and met the requirements for a qualified cash or deferred arrangement under Section 401(k) of the Code, and the trust established thereunder is thereby exempt from federal income taxes under Section 501(a) of the Code. As such, the Plan’s assets are exempt from federal income tax, and participant tax-deferred deposits and amounts contributed by participating employers are not taxed to the employee until distributed from the Plan. Continued compliance with applicable provisions of the Code is required to maintain this tax-exempt status.

 

The most recent determination letter dated May 7, 2003 provided a favorable determination regarding the restatement of the Plan document in its entirety on April 30, 2001. The Plan administrator believes the Plan continues to qualify under provisions of Section 401(a) of the Code and that the related trust is exempt from federal income taxes.

 

8

 

TCF Employees Stock Purchase Plan

 

Notes to Financial Statements (Continued)

 

 

(5)                                  Investments Not Directed by Participants

 

Effective June 1, 2008, participants may elect to diversify their employer matching account balance immediately without a service completion requirement. At December 31, 2007, changes in net assets relating to investments of non-participant directed assets represented the employer matching account balances of participants that had not yet completed three years of service.

 

For the year ending December 31, 2009 and for the period June 1, 2008 through December 31, 2008, all balances were directed by participants. For the years ending December 31, 2008 and 2007, the significant components of the changes in net assets relating to investments not directed by participants are as follows:

 

 

		Year Ended December 31,
		2008				2007
Investment income:
Dividends		$	27,754			$	34,603
Interest		-				111
Total investment income		27,754				34,714
Net depreciation		(402,872		)		(297,925		)
Employer cash contributions		546,071				1,069,427
Transfers to assets eligible for participant direction		(947,812		)		(2,225,906		)
Distributions:
Withdrawals and distributions		(54,559		)		(171,740		)
Dividends		(403		)		(1,202		)
Total distributions		(54,962		)		(172,942		)
Administrative expenses		(115,991		)		(378,296		)
Decrease in net assets not directed by participants		(947,812		)		(1,970,928		)
Net assets not directed by participants:
Beginning of year		947,812				2,918,740
End of year		$	-			$	947,812

 

 

9

 

TCF Employees Stock Purchase Plan

 

Notes to Financial Statements (Continued)

 

 

(6)                                  Investments

 

Plan investments are stated at fair value as determined by quoted market prices. The net unrealized (depreciation) / appreciation of investments reflected in Plan total and net assets is as follows:

 

			At December 31, 2009
			Cost					Fair Value					Unrealized (Depreciation)
TCF Financial Corporation Stock Fund*:
TCF Financial Corporation stock			$	111,154,988				$		110,882,716			$	(272,272		)
Cash and accrued interest receivable				8,440						8,440				-
Total TCF Financial Corporation Stock Fund				111,163,428						110,891,156				(272,272		)
Mutual funds **				27,101,469						26,245,310				(856,159		)
Money market funds				6,218,640						6,218,640				-
			$	144,483,537				$		143,355,106			$	(1,128,431		)
				At December 31, 2008
			Cost						Fair Value				Unrealized (Depreciation)
TCF Financial Corporation Stock Fund*:
TCF Financial Corporation stock			$	106,562,953					$	105,827,462			$	(735,491	)
Cash and accrued interest receivable				17,020						17,020				-
Total TCF Financial Corporation Stock Fund				106,579,973						105,844,482				(735,491	)
Mutual funds				23,327,638						16,481,627				(6,846,011	)
Money market funds				5,383,387						5,383,387				-
			$	135,290,998					$	127,709,496			$	(7,581,502	)

 

 

*  Individual investments which represent 5% or more of the plan’s net assets.

 

**  Includes investments in the Vanguard Mid-Cap Index Fund and Vanguard Institutional Index Fund which have a fair value of $8,088,262 and $7,384,337, respectively, each representing 5% or more of the Plan’s net assets.

 

 

10

 

TCF Employees Stock Purchase Plan

 

Notes to Financial Statements (Continued)

 

 

(7)                                  Fair Value Measurement

 

Effective January 1, 2008, the Plan adopted FASB Accounting Standard Codification (FASC) 820, Fair Value Measurements and Disclosure. FASC 820 defines fair value and establishes a consistent framework for measuring fair value and expands disclosure requirements for fair value measurements. Fair values represent the estimated price that would be received from selling an asset or paid to transfer a liability, otherwise known as an “exit price”.

 

At December 31, 2009, assets held in trust for the Plan included investments in publicly traded stock, mutual funds and money market funds. The fair value of these assets is based upon quotes from independent asset pricing services based on active markets, which are considered level 1 under FASC 820 and are measured on a recurring basis. There were no assets measured on a recurring basis that are based on observable market prices (level 2) or company determined market prices (level 3).

 

 

11

 

TCF Employees Stock Purchase Plan

 

Notes to Financial Statements (Continued)

 

 

(8)                                  Distributions

 

Participants can elect to receive distributions from the Plan in the form of cash or shares of TCF Financial Corporation common stock. Distributions, sales and share class changes (mutual funds) are as follows:

 

			Year Ended December 31, 2009
			Number of Units/Shares			Cost				Fair Value				Losses on Distributions and Sales
TCF Financial Corporation stock			1,075,601			$	14,719,690			$	14,494,719			$	(224,971	)
Mutual funds			266,083				5,473,490				4,438,177				(1,035,313	)
Money market funds			19,928,159				19,928,159				19,928,159				-
			21,269,843			$	40,121,339			$	38,861,055			$	(1,260,284	)
			Year Ended December 31, 2008
			Number of Units/Shares			Cost				Fair Value				Gains / (Losses) on Distributions and Sales
TCF Financial Corporation stock			813,826			$	10,435,139			$	13,839,750			$	3,404,611
Mutual funds			237,748				6,437,555				5,860,051				(577,504	)
Money market funds			44,422,615				44,422,615				44,422,615				-
			45,474,189			$	61,295,309			$	64,122,416			$	2,827,107
			Year Ended December 31, 2007
			Number of Units/Shares			Cost				Fair Value				Gains on Distributions and Sales
TCF Financial Corporation stock			1,024,081			$	11,510,445			$	26,757,334			$	15,246,889
Mutual funds			182,113				4,040,725				4,990,769				950,044
Money market funds			65,219,021				65,219,021				65,219,021				-
			66,425,215			$	80,770,191			$	96,967,124			$	16,196,933

 

 

12

 

 

TCF Employees Stock Purchase Plan

 

Notes to Financial Statements (Continued)

 

 

Cash and shares of TCF Financial Corporation common stock totaling $12,845,986, $16,983,713 and $29,109,023 were distributed in 2009, 2008 and 2007, respectively. At December 31, 2009 and 2008, there were $5,396 and $66,854, respectively, of distribution amounts that have not yet been paid to participants. In addition, at December 31, 2009 and 2008 there were $247,586 and $297,893 of distribution amounts previously paid to current and prior plan participants which had not yet been cashed. At December 31, 2007, such outstanding distribution payments were an obligation of the trustee, not the Plan. Outstanding distribution payments are shown as a liability reducing assets available for plan benefits.

 

The accompanying financial statements for 2009 and 2008 differ from Form 5500, when filed with the Department of Labor, as follows:

 

		At December 31,
			2009				2008
Net assets available for plan benefits per accompanying financial statements		$	143,107,520			$	127,426,574
Liabilities including amounts due to participants			(5,396	)			(66,854	)
Net assets available for plan benefits per Form 5500		$	143,102,124			$	127,359,720
The following is a reconciliation of distributions paid to participants per the financial statements to Form 5500:
		Year Ended December 31,
			2009				2008
Distributions to participants per accompanying financial statements		$	12,845,986			$	16,983,713
Add: Amounts allocated to withdrawing participants at year end			5,396				66,854
Less: Amounts allocated to withdrawing participants at the prior year end			(66,854	)			(131,251	)
Distributions to participants per Form 5500		$	12,784,528			$	16,919,316

 

 

13

 

TCF Employees Stock Purchase Plan

 

Notes to Financial Statements (Continued)

 

 

Forfeitures of unvested employer matching contributions were used to offset plan obligations as follows:

 

		Year Ended December 31,
		2009				2008				2007
Total forfeitures during year		$	362,276			$	348,251			$	361,480
Forfeitures carried over from previous year			15,233				9,808				19,802
Interest on forfeited amounts			626				4,453				8,873
Forfeitures used to reinstate employee balances			(11,257	)			(26,288	)			(2,051	)
Forfeitures used to fund employer contributions			(360,000	)			(205,000	)			-
Forfeitures used to pay plan expenses			-				(115,991	)			(378,296	)
Forfeitures to be used to offset future obligations		$	6,878			$	15,233			$	9,808

 

 

If participants are rehired by a participating employer within five years of termination, unvested balances forfeited are returned to the participant’s account.

 

(9)                                  Party-in-Interest Transactions

 

The Plan engages in transactions involving the acquisition or disposition of TCF Financial Corporation common stock. TCF Financial is a party-in-interest. These transactions are covered by an exemption from the “prohibited transactions” provisions of ERISA and the Code.

 

During 2009 and 2008, TCF Financial did not purchase any shares of TCF Financial Corporation common stock from the Plan.

 

During 2009 and 2008 the Plan purchased 1,259,812 and 595,916 shares, respectively, of TCF Financial Corporation common stock from TCF Financial Corporation for $16,663,945 and $8,862,410, respectively. The shares were purchased at current market prices with no commission fees.

 

 

14

 

Schedule 1

TCF Employees Stock Purchase Plan

 

Schedule H, line 4i - Schedule of Assets (Held at End of Year)

 

At December 31, 2009

 

 

Issuer		Description		Units / Shares				Cost				Fair Value
TCF Financial Corporation stock*								$	111,154,988			$	110,882,716
Cash and accrued interest receivable									8,440				8,440
Total TCF Financial Corporation Stock Fund*:		Stock Fund			8,141,157			$	111,163,428			$	110,891,156
Vanguard Institutional Index Fund		Mutual Fund			72,410			$	7,898,701			$	7,384,337
Vanguard Mid-Cap Index Fund		Mutual Fund			493,187			$	8,210,676			$	8,088,262
Vanguard Small-Cap Index Fund		Mutual Fund			192,428			$	5,732,385			$	5,291,765
Vanguard Intermediate-Term Bond Index Fund		Mutual Fund			436,497			$	4,531,883			$	4,679,248
Vanguard Developed Markets Index Fund		Mutual Fund			84,124			$	727,824			$	801,698
Vanguard Prime Money Market Fund		Money Market Fund			6,218,640			$	6,218,640			$	6,218,640

 

 

*Parties-in-interest

 

See accompanying Report of Independent Registered Public Accounting Firm.

 

 

15

 

Schedule 2

 

TCF Employees Stock Purchase Plan

 

Schedule H, line 4j - Schedule of Reportable Transactions

 

Year Ended December 31, 2009

 

 

Series of Transactions (Involving One Security) Which Exceed 5% of Plan Assets:

 

 

		Number of				Amount of
Description of  Asset		Purchases		Sales		Purchases				Sales				Cost				Net Losses
TCF Financial
Stock Fund *		425		866		$	19,311,496			$	14,494,719			$	14,719,690			$	(224,971)
Vanguard Mid-Cap
Index Fund		228		235		$	3,138,584			$	1,800,992			$	2,258,033			$	(457,041)
Vanguard Institutional
Index Fund		225		238		$	2,115,083			$	1,146,688			$	1,528,758			$	(382,070)

 

 

Series of Transactions (Involving One Broker) Which Exceed 5% of Plan Assets:

 

 

Number of

Amount of

Description of Asset

Purchases

Sales

Purchases

Sales

Cost

Net Gains

Not Applicable

 

 

*Parties-in-interest

 

 

See accompanying Report of Independent Registered Public Accounting Firm.

 

 

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