TCF Financial raises $164.5 million in stock offering, boosting share count by 12.3 million
TCF Financial Corp. on Friday said it raised $164.5 million in a public stock offering this week.
The financial holding company said it issued 12.3 million shares of common stock at $14 per share. The proceeds will be used to boost the bank's capital ratios and for general corporate purposes.
Morgan Stanley and JPMorgan were joint lead book-running managers. RBC Capital Markets and Stifel Nicolaus served as co-managers.
TCF operates 443 bank branches in the Midwest, Colorado and Arizona.
TCF Financial shares slipped 9 cents to $14.41 in afternoon trading.
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