TCF Plans To Give Fed Money Back

By: Associated Press
By: Associated Press

WAYZATA, Minn. (AP) -- TCF Financial Corp. plans to return more than $361 million it received from the federal government four months ago, saying "the rules have definitely changed" since it accepted the money.

The bank holding company, which has operations in Colorado and six other states, has asked permission from federal regulators to return the money it received in November under the Troubled Asset Relief Program.

TCF Chairman and Chief Executive Officer Bill Cooper says public perception now views banks that took TARP money as having done so out of weakness, and says participation in TARP has put TCF at a competitive disadvantage.

Wayzata, Minn.-based TCF has assets of $16.7 billion and offices in Minnesota, Colorado, Arizona, Illinois, Michigan, Wisconsin and Indiana.

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