TCF Financial raises $164.5 million in stock offering, boosting share count by 12.3 million

TCF Financial raises $164.5M in stock offering

WAYZATA, Minn. — 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.