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 MINNEAPOLIS, Aug. 27 /PRNewswire/ -- TCF Financial Corporation (TCF) (NYSE: TCB) announced that TCF Bank Michigan fsb, a newly formed subsidiary of TCF Bank Savings fsb, today acquired from the Resolution Trust Corporation (RTC) $231.5 million of insured deposits and 15 offices of First Federal Savings and Loan Association (First Federal), Pontiac, Mich. TCF Bank Michigan paid the RTC a premium of $14.5 million.
 Under the agreement, TCF Bank Michigan will assume responsibility for insured deposits at First Federal offices located in the following communities of Oakland and Macomb counties: Pontiac, Eastpointe, Warren, Mount Clemens, Chesterfield/New Baltimore, Roseville, Clarkston, Lake Orion, Waterford, Union Lake, Drayton Plains, Rochester Hills, Shelby/Washington, Royal Oak and Troy. First Federal's loan portfolio and remaining four offices -- located in Detroit, Lapeer, Rochester and Southfield -- were acquired by other financial institutions.
 "This is an important acquisition for TCF. Expanding our Midwest franchise into these economically strong and growing markets in Michigan presents tremendous opportunities for deposit and loan growth," said William A. Cooper, TCF Chairman and CEO and a former Michigan banker. "We are very familiar with these markets, as our management team has banking experience in Michigan, and believe our community banking strategy will be an excellent fit."
 The RTC was appointed conservator of First Federal in October 1991 by the Office of Thrift Supervision, at which time the offices later acquired by TCF Bank Michigan had $455 million in deposits. "We believe there is an excellent opportunity to regain market share, and we look forward to providing our new customers with convenient access to a broader array of banking products and services," said Cooper.
 TCF Bank Michigan will open for drive-up service Saturday, Aug. 28, and lobby service will commence Monday, Aug. 30. Customers with accounts opened at the 15 acquired offices will be able to access their insured deposits at any TCF Bank Michigan location, and office hours will remain the same. First Federal checks and other account evidence may continue to be used. Deposits will be insured to $100,000 by the Federal Deposit Insurance Corporation's Savings Association Insurance Fund.
 Robert T. Griffore, previously senior vice president and manager of commercial lending at TCF Bank Savings, has been named president and chief executive officer of TCF Bank Michigan. Griffore joined TCF Bank Savings in 1985 after 17 years' banking experience in Michigan. TCF has $5.1 billion in assets and 130 banking offices in Minnesota, Illinois, Wisconsin, Michigan and Iowa.
 -0- 8/27/93
 /CONTACT: Cynthia Wind, investor relations, 612-370-7390, or Elizabeth Anders, media relations, 612-370-1576, both of TCF/

CO: TCF Financial Corporation; TCF Bank Michigan ST: Minnesota, Michigan IN: FIN SU: TNM

KH-DS -- MN013 -- 6818 08/27/93 19:55 EDT
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Publication:PR Newswire
Date:Aug 27, 1993

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