Regional bank TCF Financial selling $150 million in common stock to the public

TCF Financial launches $150M stock offering

WAYZATA, Minn. — Regional bank holding company TCF Financial Corp. said Monday it is selling $150 million in shares to the public to boost its capital ratios, allowing it to grow and pursue acquisitions.

TCF said it will grant the underwriters up to 15 percent of the amount sold if demand exceeds initial supply.

Morgan Stanley and JP Morgan are joint bookrunning managers in the sale. RBC Capital Markets and Stifel Nicolaus are co-managers.

Shares of TCF fell 30 cents, or 2.1 percent, to $14.09 in after-hours trading on the sale’s potential dilution to current shareholders’ stakes. During the regular session the stock gained 25 cents to close at $14.39.