TCF Financial Corporation Announces Merger with Great Lakes Bancorp

TCF Financial Corporation (TCF) (NYSE: TCB) has announced that the Office of Thrift Supervision has approved its merger application with Great Lakes Bancorp, a Michigan-based bank. The merger will join TCF's $5.1 billion in assets with Great Lakes' $2.8 billion in assets, creating a stronger financial institution with a broader presence in the Midwest. The deal is expected to close shortly after shareholder approval is received, pending successful completion of the merger process.

Key Takeaways:

• The merger involves the combination of TCF's $5.1 billion in assets with Great Lakes' $2.8 billion in assets, creating a combined entity with a total asset value of over $8 billion.
• The merger is subject to approval by TCF and Great Lakes shareholders, who will vote on the deal at meetings on February 8.
• Great Lakes shareholders will receive between 0.5957 and 0.7568 shares of TCF common stock for each Great Lakes share, based on the market value of TCF common stock prior to closing.
• Upon completion, Great Lakes outstanding stock warrants will become warrants to purchase TCF common stock based on the exchange ratio.
• The merger will result in the creation of a Michigan savings bank, retaining the Great Lakes name and headquarters in Ann Arbor, Mich.

Statistics:

• $5.1 billion: Total assets of TCF Financial Corporation
• $2.8 billion: Total assets of Great Lakes Bancorp
• 39 offices: Number of Great Lakes offices in Michigan
• 5 offices: Number of Great Lakes offices in western Ohio
• 200 retail financial services offices: Number of offices operated by TCF's bank subsidiaries
• 0.5957 - 0.7568: Exchange ratio for Great Lakes shareholders to receive TCF common stock

Sources:

• TCF Financial Corporation press release, January 13, 1995
• PRNewswire, "TCF Financial Corporation Announces Merger with Great Lakes Bancorp", January 13, 1995
• Ann Arbor Business Journal, "Great Lakes Bancorp to Be Merged with TCF Financial", January 13, 1995