TCF Bank 2002 Annual Report Download

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TCF FINANCIAL CORPORATION
2002 Annual Report
INVESTING IN THE FUTURE

Table of contents

  • Page 1
    TCF FINANCIAL CORPORATION 2002 Annual Report INVESTING IN THE FUTURE

  • Page 2
    ...Minnesota-based national financial holding company with $12.2 billion in assets. TCF has 395 banking offices in Minnesota, Illinois, Michigan, Wisconsin, Colorado and Indiana. Other TCF affiliates provide leasing and equipment finance, mortgage banking, brokerage, and investments and insurance sales...

  • Page 3
    ...) 2002 2001 % Change SELECTED BALANCE SHEET DATA: Securities available for sale ...Residential real estate loans ...Subtotal ...Other loans and leases ...Goodwill ...Mortgage servicing rights ...Total assets ...Deposits ...Short-term borrowings ...Long-term borrowings ...Stockholders' equity...

  • Page 4
    ... at December 31, 2002, down from $47.98 per share at year-end 2001. Our annualized total return to investors over the past ten years was almost 23 percent. We are proud that TCF now ranks second in ten-year compounded dividend growth rate among the top 50 banks in the country. Our dividend increased...

  • Page 5
    ... balance sheet. Expanding the number of fee income producing products and services while growing the overall customer base fuels fee income growth. TCF added over 89,000 new checking accounts in 2002, bringing our total to over 1.3 million accounts. We have an 81 percent debit card penetration rate...

  • Page 6
    ... funds. As of December 31, 2002, TCF had $2.1 billion of non-interest bearing deposits. We opened 15 new supermarket branches and 12 traditional branches in 2002. We have opened 220 branches in the last five years, bringing Net Interest Income 2002 Annual Growth Rate of +4% (millions of dollars...

  • Page 7
    ... customer base. Supermarket Banking TCF Express Card Interchange Revenue 2002 Annual Growth Rate of +23% (millions of dollars) $46.2 98 99 00 01 02 TCF has the fourth largest supermarket branch system in the United States, with 244 supermarket branches. In 2002, supermarket deposits totaled...

  • Page 8
    ... with very low interest rates. These very low $108 interest rates had a major impact on TCF in 2002. Low rates caused increased prepayments on loans and mortgage-backed securities and accelerated the write-off of mortgage servicing rights. Many banks are reporting "restructuring charges" resulting...

  • Page 9
    ... our traditional branch system, this risk is mitigated somewhat. We continue to work closely with $1,213 $1,074 $826 $618 98 99 00 01 02 Supermarket Branch Expansion 2002 Annual Growth Rate of +4% 244 our partners to optimize our businesses and to be aware of and address 234 213...

  • Page 10
    ... outstanding team of employees who truly do put the customer first every day. The ability, dedication and energy of our employees are extraordinary. Thank you for your continued support and investment in TCF. 98 99 00 01 02 Fee Revenue Per Retail Checking Account 2002 Annual Growth Rate...

  • Page 11
    ..., free TCF Check cards, free online banking - all of these services make banking easier and more convenient. TCF's two powerhouse product lines are our Power Assets (higheryielding consumer loans, commercial loans and leasing assets) and Power Liabilities (lower-cost checking, savings, money market...

  • Page 12
    ... convenient, fullservice banking not only to our retail customers, but also to our growing commercial and small business customers. In 2003, TCF will focus on traditional branch expansion by adding 18 new traditional branches including eight in Colorado, six in Michigan and four in Illinois. and...

  • Page 13
    ... of services around Totally Free Checking, including the TCF Check Card, TCF Express Phone Card, Totally Free Online Banking and free coin counting. Our home equity loan products offer unequaled flexibility for customers seeking a convenient way to access the equity in their homes. TCF Express Trade...

  • Page 14
    ... for our commercial business customers. TCF Express Business allows commercial customers to access complete balance reporting, initiate transfers, stop payments, and ACH transactions from any personal computer worldwide, 24 hours a day, 365 days a year. This important new product positions TCF to...

  • Page 15
    ... activities, TCF Mortgage Corporation funded $2.9 billion in mortgage loans during 2002. S T RUC T U R E One key to TCF's long-term success is that our strong, seasoned management team is structured to optimize strategies for geographically based marketing and centralized product line management...

  • Page 16
    ...TCF's experience has proven that there are some product lines and administrative services that are best managed centrally in Minnesota. TCF's Leasing & Equipment Finance business, which includes subsidiaries Winthrop Resources and TCF Leasing, is managed in Minnesota and has 57 sales representatives...

  • Page 17
    ... Banking, built around our unique "Free Small Business Checking" account, has matured into a full-service small business resource and our customer base has grown rapidly. In 2002, TCF continued to expand the scope of our innovations. TCF Express Business, our Internet-based commercial banking system...

  • Page 18
    .... Once objectives are set and the process is managed, the results are measured and employees are held accountable for their results. Long-term incentives such as stock compensation and TCF's Employees R E WA R D S A N D RECOGNITION At TCF, we work every day for our shareholders and we reward...

  • Page 19
    ... volunteer time, management counsel and grants. This support is concentrated into four categories: human services, community development, education, and arts and culture. Additionally, we provide assistance to local organizations supported by TCF employees, through active volunteerism or service on...

  • Page 20
    ... in banking; we're open 12 hours a day, seven days a week, 363 days per year. We provide customers innovative products through multiple banking channels, including traditional and supermarket branches, TCF EXPRESS TELLER® ATMs, TCF Express Cards, phone banking and Internet banking. • TCF operates...

  • Page 21
    ... Financials I N V E S T I NG I N T H E F U T U R E page 20 page 46 page 51 page 76 page 77 page 78 page 80 Financial Review Consolidated Financial Statements Notes to Consolidated Financial Statements Independent Auditors' Report Other Financial Data Corporate Information Shareholder Information

  • Page 22
    ... Commercial loans are generally made on local properties or to local customers, and are virtually all secured. TCF's largest core lending business is its consumer home equity loan operation, which offers fixed- and variable-rate closed-end loans and lines of credit secured by residential real estate...

  • Page 23
    ...Securities available for sale ...$ 2,426,794 Residential real estate loans ...1,800,344 Subtotal ...4,227,138 Other loans and leases ...6,320,784 Total assets ...12,202,069 Checking, savings and money 5,791,233 market deposits ...Certificates ...1,918,755 Borrowings ...3,110,295 Stockholders' equity...

  • Page 24
    ...-offs and growth in the loan portfolio. Noninterest income (excluding gains on sales of branches and securities available for sale) totaled $345.5 million, up 11.7% from $309.3 million in 2001. This improvement was driven by increased fees, service charges and debit card and ATM revenues generated...

  • Page 25
    ... and Rates Year Ended December 31, 2000 Average Balance Yields and Rates (Dollars in thousands) Interest(1) Interest(1) Interest(1) Assets: Investments ...Securities available for sale (2) ...Loans held for sale ...Loans and leases: Consumer ...Commercial real estate ...Commercial business...

  • Page 26
    ......Securities available for sale ...Loans held for sale ...Loans and leases: Consumer ...Commercial real estate ...Commercial business ...Leasing and equipment finance . . Subtotal ...Residential real estate ...Total loans and leases ...Total interest income ...Deposits: Checking ...Savings ...Money...

  • Page 27
    ... due to rate changes. The favorable impact of the growth in consumer lending volumes and rates, leasing and equipment finance volumes, and commercial real estate volumes and rates was partially offset by decreased consumer finance automobile loans and securities available for sale balances and...

  • Page 28
    ... commissions generated by TCF's expanding branch network and customer base. The increase in fees and service charges, debit card revenue and ATM revenue primarily reflect the increase in the number of retail checking accounts, which totaled 1,338,000 accounts at December 31, 2002, up from 1,249...

  • Page 29
    ...) 2000 2002/2001 (Dollars in thousands) 2002 2001 2001/2000 TCF Express Cards ...Other ATM Cards ...Total EXPRESS TELLER® ATM cards outstanding . . Number of EXPRESS TELLER® ATM's (1) ...Percentage of customers with Express Cards who were active users ...Average number of transactions per...

  • Page 30
    ... 31, Change 2001 $ % (Dollars in thousands) 2002 Third party servicing portfolio ...Weighted average note rate ...Mortgage applications in process ...Capitalized mortgage servicing rights, net ...Mortgage servicing rights as a percentage of servicing portfolio ...Average servicing fee (basis...

  • Page 31
    ...remaining life of the loans by tranche. In 2001, TCF used constant prepayment speed assumptions. At December 31, 2002, the sensitivity of the fair value of mortgage servicing rights to a hypothetical immediate 10% and 25% adverse change in prepayment speed and discount rate assumptions is as follows...

  • Page 32
    ...Compound Annual Growth Rate 1-Year 5-Year 2002/2001 2002/1997 10.5% 5.5 4.7 8.5 8.9 (100.0) 7.2 (Dollars in thousands) 2002 2001 2000 1999 1998 Compensation and employee benefits ...Occupancy and equipment ...Advertising and promotions ...Other ...Subtotal ...Amortization of goodwill ...Total...

  • Page 33
    ... held in TCF's portfolio, excluding loans held for sale: At December 31, Compound Annual Growth Rate 1-Year 5-Year 2002/2001 2002/1997 19.8% 13.1 4.2 8.6 14.7 (34.1) (1.5) (Dollars in thousands) 2002 2001 2000 1999 1998 Consumer ...Commercial real estate ...Commercial business ...Leasing and...

  • Page 34
    ... TCF's commercial real estate loan portfolio by property type: At December 31, 2002 Over 30-Day Delinquency Rate as a Percentage of Balance 2001 Over 30-Day Delinquency Rate as a Percentage of Balance (Dollars in thousands) Balance Number of Loans Balance Number of Loans Apartments ...Office...

  • Page 35
    ...of TCF's commercial real estate loans outstanding were secured by properties located in its primary markets. The following tables summarize TCF's leasing and equipment finance portfolio by marketing segment and by equipment type: At December 31, (Dollars in thousands) 2002 Over 30-Day Delinquency...

  • Page 36
    ... in management's interest rate risk analysis. Company experience indicates that loans remain outstanding for significantly shorter periods than their contractual terms. (2) Includes $1 billion of consumer loans and $196.5 million of variable-rate commercial real estate and commercial business loans...

  • Page 37
    ... and selected statistics: Year Ended December 31, (Dollars in thousands) 2002 2001 2000 1999 1998 Balance at beginning of year ...Transfers to loans held for sale ...Charge-offs: Consumer ...Commercial real estate ...Commercial business ...Leasing and equipment finance ...Residential real...

  • Page 38
    ... allowance balances for TCF's residential and consumer loan portfolios, at December 31, 2002, reflect the Company's credit quality and related low level of net loan charge-offs for these portfolios. The increase in the allocated allowance for the commercial business portfolio reflects the growth in...

  • Page 39
    ...following table: At December 31, (Dollars in thousands) 2002 2001 2000 1999 1998 Non-accrual loans and leases: Consumer ...Commercial real estate ...Commercial business ...Leasing and equipment finance, net ...Residential real estate ...Total non-accrual loans and leases, net ...Non-recourse...

  • Page 40
    ... TCF's over 30-day delinquent loan and lease portfolio by loan type: At December 31, 2002 2001 Percentage of Portfolio (Dollars in thousands) Principal Balances Principal Balances Percentage of Portfolio Consumer ...Commercial real estate ...Commercial business ...Leasing and equipment...

  • Page 41
    ...(Dollars in thousands) 2002 2001 2000 1999 1998 Number of branches ...Number of deposit accounts ...Deposits: Checking ...Savings ...Money market ...Subtotal ...Certificates ...Total deposits ...Average rate on deposits ...Total fees and other revenue for the year ...Consumer loans outstanding...

  • Page 42
    ... of a fee. Since certain of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Collateral predominantly consists of residential and commercial real estate and personal property. Loans serviced with...

  • Page 43
    ... the gap is significant customer demand for variable-rate consumer and commercial loan products, in addition to the growth in deposits. TCF has managed this change by repositioning the balance sheet for a rising shortterm interest rate environment. If interest rates remain at current levels or fall...

  • Page 44
    ...: Loans held for sale ...Securities available for sale (1) ...Real estate loans (1) ...Leasing and equipment finance (1) Other loans (1)(2) ...Investments ...Interest-bearing liabilities: Checking deposits (3) ...Savings deposits (3) ...Money market deposits (3) ...Certificate deposits ...Short-term...

  • Page 45
    ... rate changes and changes in market conditions and management strategies, among other factors. Recent Accounting Developments In June 2001, the Financial to an exit plan. SFAS No. 146 is effective for exit or disposal activities that are initiated after December 31, 2002, with early application...

  • Page 46
    ...from the investor relations section within TCF's web site at www.tcfexpress.com or by contacting TCF's Corporate Communications Department at (952) 745-2760. The website also includes free access to company news releases, TCF's annual report, quarterly reports, investor presentations and SEC filings...

  • Page 47
    .... Power Assets represent the subtotal of all consumer, commercial real estate, commercial business, and leasing and equipment finance loans and leases. Power Liabilities is synonymous with total deposits and thus includes all checking, savings, money market, and certificate deposits. Growth in Power...

  • Page 48
    ... data) 2002 2001 ASSETS Cash and due from banks ...Investments ...Securities available for sale ...Loans held for sale ...Loans and leases: Consumer ...Commercial real estate ...Commercial business ...Leasing and equipment finance ...Subtotal ...Residential real estate ...Total loans and leases...

  • Page 49
    ... equipment finance ...Mortgage banking ...Other ...Fees and other revenue ...Gains on sales of securities available for sale ...Gains on sales of branches ...Other non-interest income ...Total non-interest income ...NON-INTEREST EXPENSE: Compensation and employee benefits ...Occupancy and equipment...

  • Page 50
    Consolidated Statements of Stockholders' Equity (Dollars in thousands) BALANCE, DECEMBER 31, 1999 ...Comprehensive income: Net income ...Other... at cost ...Purchase of TCF stock to fund the Employees Stock Purchase Plan, net ...Loan to deferred compensation plans ...BALANCE, DECEMBER 31, 2000 ......

  • Page 51
    Number of Common Shares Issued 92,804,205 48,546 92,755,659 36,115) - - ...049 2,405 (9,744) - (4,646) (576,517) - - - - (148,030) (1,139) 742 11,590 1,551 1,244 9,783 $ (700,776) $ Total 808,982 186,245 37,514 223,759 (66,101) 1,380 (73,824) - (876) 9,375 7,256 1 - 684 (416) 910,220 207,322 16,097...

  • Page 52
    Consolidated Statements of Cash Flows Year Ended December 31, (In thousands) 2002 2001 2000 CASH FLOWS FROM OPERATING ACTIVITIES: Net income ...Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization ...Mortgage servicing rights ...

  • Page 53
    ... during the reporting period. Actual results could differ from those estimates. CRITICAL ACCOUNTING POLICIES rights asset for its right to service mortgage loans it has sold to third parties but continues to service for a fee. The total cost of loans sold is allocated between the loans sold and...

  • Page 54
    ...on securities available for sale. Discounts and premiums on securities available for sale are amortized using methods which approximate a level yield over the life of the security. Loans Held for Sale Loans held for sale include residential mort- gage and education loans. Residential mortgage loans...

  • Page 55
    ... to extend credit and forward mortgage loan sales commitments. TCF does not use derivatives to manage its interest rate risk position. See Notes 19 and 20 for additional information concerning these derivative financial instruments. 2. Cash and Due from Banks At December 31, 2002, TCF was required...

  • Page 56
    ... (Dollars in thousands) Carrying Value $ 868 Yield Due in one year or less ...No stated maturity(1) ...(1) Balance represents FRB and Federal Home Loan Bank ("FHLB") stock, required regulatory investments. 1.57% 4.49 4.47 152,854 $153,722 4. Securities Available for Sale Securities available for...

  • Page 57
    ... 31, (Dollars in thousands) 2002 2001 Percentage Change Consumer: Home equity ...Other secured ...Unsecured ...Commercial: Commercial real estate: Permanent ...Construction and development ...Commercial business ...Leasing and equipment finance: Equipment finance loans ...Lease financings...

  • Page 58
    ... course of business on normal credit terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with unrelated persons. The aggregate amount of loans to executive officers of TCF was $25,000 and $9.1 million at December 31, 2002 and 2001, respectively...

  • Page 59
    ... and lease losses and selected statistics: Year Ended December 31, (Dollars in thousands) 2002 2001 2000 Balance at beginning of year ...Provision for credit losses ...Charge-offs ...Recoveries ...Net charge-offs ...Balance at end of year ...Ratio of net loan and lease charge-offs to average...

  • Page 60
    ... of new intangible assets, changes in mortgage interest rates, prepayment rates and market conditions. (In thousands) Estimated Amortization Expense: Mortgage Servicing Rights Deposit Base Intangibles Total For the year ended December 31, 2003 For the year ended December 31, 2004 For the year ended...

  • Page 61
    ... real estate loans, which are included in deposits in the Consolidated Statements of Financial Condition. These custodial deposits relate primarily to mortgage servicing operations and represent customer funds for taxes and insurance and funds due investors on mortgage loans serviced by TCF. The...

  • Page 62
    ... 31, 2002: 2002 2001 Rate 2000 Rate Amount Rate (Dollars in thousands) Amount Amount At December 31, Federal funds purchased ...Securities sold under repurchase agreements ...Treasury, tax and loan note payable ...Line of credit ...Total ...Year ended December 31, Average daily balance Federal...

  • Page 63
    ...-up support by the bank line of credit. Commercial paper generally matures within 90 days, although it may have a term of up to 270 days. 13. Long-term Borrowings Long-term borrowings consist of the following: At December 31, (Dollars in thousands) Year of Maturity 2002 WeightedAverage Rate 2001...

  • Page 64
    ...Year Ended December 31, (In thousands) 2002 2001 2000 Computed income tax expense ...Increase in income tax expense resulting from: Amortization of goodwill ...State income tax, net of federal income tax benefit ...Deductible stock dividends ...Tax credits from investments in affordable housing...

  • Page 65
    ... 2002 2001 Deferred tax assets: Allowance for loan and lease losses ...Pension and other compensation plans ...Total deferred tax assets ...Deferred tax liabilities: Lease financing ...Subsidiary tax year-end ...Securities available for sale ...Loan fees and discounts ...Mortgage servicing rights...

  • Page 66
    ..., bonds or mutual The following tables set forth TCF's and TCF National Bank's regulatory tier 1 leverage, tier 1 risk-based and total risk-based capital levels, and applicable percentages of adjusted assets, together with the excess over minimum capital requirements: (Dollars in thousands) Actual...

  • Page 67
    ... 2002, 2001 and 2000, respectively. TCF has also issued stock options under the Program that generally become exercisable over a period of one to 10 years from the date of the grant and expire after 10 years. All outstanding stock options have a fixed exercise price equal to the market price of TCF...

  • Page 68
    18. Employee Benefit Plans Pension Plan The TCF Cash Balance Pension Plan (the "Pension Postretirement Plan TCF provides health care benefits for eli- Plan") is a qualified defined benefit plan covering all "regular stated salary" employees and certain part-time employees who are at least 21 years ...

  • Page 69
    ...term rate of return on plan assets were as follows: Pension Plan Year Ended December 31, 2002 Postretirement Plan Year Ended December 31, 2000 2002 2001 2001 2000 Discount rate ...Rate of increase in future compensation . . Expected long-term rate of return on plan assets ...N.A. Not applicable...

  • Page 70
    ... mortgage loan sales commitments totaled $511 million and $490.9 million at December 31, 2002 and 2001, respectively. 20. Financial Instruments with Off-Balance-Sheet Risk TCF is a party to financial instruments with off-balance-sheet risk, primarily to meet the financing needs of its customers...

  • Page 71
    ...terms to borrowers with similar credit risk characteristics. Deposits The fair value of checking, savings and money market consist of Veterans Administration ("VA") loans and loans sold with recourse to the Federal National Mortgage Association ("FNMA"). As is typical of a servicer of VA loans, TCF...

  • Page 72
    ...mortgage loan sales commitments(1) ...Loans: Consumer ...Commercial real estate ...Commercial business ...Equipment finance loans ...Residential real estate ...Allowance for loan losses (2) ...Financial instrument liabilities: Checking, savings and money market deposits ...Certificates ...Short-term...

  • Page 73
    ...Year Ended December 31, (In thousands, except per-share data) 2002 2001 2000 Net Income Reported net income ...Add back: Amortization of goodwill, net of applicable..., of performance-based restricted stock granted to certain executive officers which will vest only if certain earnings per share...

  • Page 74
    ...: Year Ended December 31, (In thousands) 2002 2001 2000 Deposit account losses ...Postage and courier ...Telecommunication ...TCF Express Card interchange ...Office supplies ...ATM interchange ...Federal deposit insurance and OCC assessments ...Mortgage servicing liquidation expense ...Deposit...

  • Page 75
    ... of TCF's consolidated totals. The results of TCF's parent company and corporate functions comprise the "other" category in the table below. Leasing and Equipment Finance Mortgage Banking Eliminations and Reclassifications (In thousands) At or For the Year Ended December 31, 2002(1): Revenues...

  • Page 76
    ... income (expense) ...Cash dividends received from consolidated bank subsidiaries ...Other non-interest income: Affiliate service fees ...Other ...Total other non-interest income ...Non-interest expense: Compensation and employee benefits ...Occupancy and equipment ...Other ...Total non-interest...

  • Page 77
    ... included in the parent company transferred, with related assets and liabilities, to TCF National Bank. 28. Litigation and Contingent Liabilities From time to time, TCF is a party to legal proceedings arising out of its lending, leasing, deposit operations or other activities. TCF engages in...

  • Page 78
    ... 2002 and 2001, and the related consolidated statements of income, stockholders' equity, and cash flows for each of the years in the three-year period ended December 31, 2002. These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express...

  • Page 79
    ...2002 At March 31, 2002 At Dec. 31, 2001 At Sept. 30, 2001 At June 30, 2001 At March 31, 2001 Selected Financial Condition Data: Securities available for sale ...Residential real estate loans ...Subtotal ...Other loans and leases ...Total assets ...Deposits ...Borrowings ...Stockholders' equity...

  • Page 80
    ... BANK CORPORATE TCF NATIONAL BANK COLORADO WINTHROP RESOURCES CORPORATION Chief Executive Officer and President B A R RY N . W I N S L O W TCF NATIONAL BANK ILLINOIS/WISCONSIN/ INDIANA President WAY N E A . M A R T Y Chairman C R A I G R . DA H L President T I M O T H Y P. B A I L E Y Senior...

  • Page 81
    ... AREA (3) COLORADO SPRINGS (2) Chairman, Xerxes Corporation THOMAS A. CUSICK4 Senior Partner, Kaplan, Strangis and Kaplan, P.A. 1 Audit Committee 2 Compensation/Nominating/ Corporate Governance Committee 3 Advisory Committee - TCF Employees Stock Purchase Plan 4 Shareholder Relations/ De Novo...

  • Page 82
    ... Corporate Communications (952) 745-2755 ADDITIONAL INFORMATION Patricia Quaal Senior Vice President Investor Relations (952) 745-2758 1998 Fourth Quarter Third Quarter Second Quarter First Quarter TCF's report on Form 10-K is filed with the Securities and Exchange Commission and is available to...

  • Page 83
    ... $100 invested December 31, 1992 with dividends reinvested. Credit Ratings Last Rating Action Last Review October 2001 Last Rating Action Last Review June 2002 Last Rating Action Last Review January 2003 Moody's TCF National Bank: Outlook Issuer Long-term deposits Short-term deposits Bank...

  • Page 84
    TCF Financial Corporation 200 Lake Street East Wayzata, MN 55391-1693 www.tcfexpress.com E In an effort to help save our natural resources, the cover and inside pages of this annual report are printed on paper stock made from 30% post-consumer waste and a total 50% recycled fiber content. This ...