TCF National Bank launches 10-year fixed-to-floating subordinated bank notes

By Cristal Cody

Tupelo, Miss., June 25 – TCF National Bank launched an offering of fixed-to-floating rate subordinated bank notes due 2029 (Baa2/BBB-), according to an 8-K filing with the Securities and Exchange Commission on Tuesday.

The notes are offered under Regulation D.

The deal features $150 million of callable bank notes due July 2, 2029, according to a ratings assignment from S&P Global Ratings on Tuesday.

TCF National Bank announced in January that it plans to merge with Chemical Financial Corp. in a stock transaction valued at $3.6 billion. Shareholders of both companies approved the deal on June 7. The merger is expected to close by the fourth quarter.

Wayzata, Minn.-based TCF National Bank is a bank and financial services subsidiary of TCF Financial Corp.

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