|[January 25, 2013]
TCF National Bank Agrees to Regulatory Settlement of BSA Matters
WAYZATA, Minn. --(Business Wire)--
TCF National Bank ("TCF Bank"), the principal subsidiary of TCF
Financial Corporation ("TCF") (NYSE: TCB), today announced that it has
entered into an agreement with the Office of the Comptroller of the
Currency ("OCC") pursuant to previously disclosed deficiencies in its
Bank Secrecy Act ("BSA") compliance program. TCF Bank previously
disclosed that it may incur a civil money penalty related to its BSA
program. TCF Bank has agreed to payment of a civil money penalty in the
amount of $10.0 million, or 6 cents per common share in the fourth
quarter of 2012. TCF Bank believes that this settlement, along with
comprehensive changes it has made to strengthen its BSA compliance
program, is a significant step towards a satisfactory resolution of its
July 2010 BSA-related consent order with the OCC.
"TCF, bank regulators and law enforcement all share the same goal -
ensuring the continued safety and security of the deposits of our
customers - and we are confident that with the help of the OCC, we have
taken the necessary steps to put in place a best-in-class BSA program
and team to lead this critical area moving forward," said William A.
Coope, TCF Chairman and Chief Executive Officer. "We appreciate the
OCC's guidance in helping us strengthen our BSA program and take great
pride in our ability to assist regulators and law enforcement in
improving the safety of the banking system."
In cooperation with the OCC, TCF Bank has devoted considerable effort
and resources over the past two years - ranging from enhanced training
to screening-system improvements - to strengthen its BSA compliance
program aimed at monitoring, detecting and reporting suspicious
activities, as well as its other legal and regulatory requirements.
About TCF Financial Corporation
TCF is a Wayzata,
Minnesota-based national bank holding company with $17.9 billion in
total assets at September 30, 2012. The company has nearly 430 branches
in Minnesota, Illinois, Michigan, Colorado, Wisconsin, Indiana, Arizona
and South Dakota, providing retail and commercial banking services. TCF,
through its subsidiaries, also conducts commercial leasing and equipment
finance business in all 50 states, commercial inventory finance business
in the U.S. and Canada, and indirect auto finance business in 40 states.
For more information about TCF, please visit http://ir.tcfbank.com.
Safe Harbor for Forward-Looking Information
release may contain projections and other "forward-looking" statements
within the meaning of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements
deal with future results, plans or performance. We caution you that such
statements are predictions and that actual events or results may differ
materially. TCF's expected financial results or other plans are subject
to a number of risks and uncertainties. Please see the forward-looking
statement disclosure contained in TCF's 2012 third quarter Form 10-Q for
more information about risks and uncertainties. Forward-looking
statements speak only as of the date made and TCF undertakes no duty to
update the information.
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