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TCB > SEC Filings for TCB > Form 8-K on 11-Dec-2013All Recent SEC Filings

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Costs Associated with Exit or Disposal Activities, Financial Statements and Ex

Item 2.05 Costs Associated With Exit or Disposal Activities.

On December 6, 2013, in connection with the Company's ongoing efforts to pursue efficiencies in its operations, TCF National Bank (the "Bank"), the wholly-owned subsidiary of TCF Financial Corporation (the "Company"), approved the consolidation of 37 branches of the Bank with other nearby branches of the Bank. The branches are expected to be fully transitioned by the end of March 2014, subject to applicable regulatory requirements.

The estimated total pre-tax charges to be incurred in connection with these branch closures is expected to be between $7.4 and $7.8 million, consisting primarily of:

Between $4.6 and $4.8 million related to cash payments for contract termination and other expenses related to vacating the leased premises;

Between $2.3 and $2.4 million related to non-cash impairments of leasehold improvements and other equipment and other net costs; and

Between $0.5 and $0.6 million related to cash costs associated with impacted employees.

No additional material charges or future cash expenditures related to this consolidation are expected at this time. The Company expects the ongoing benefit of the branch consolidation will exceed the pre-tax charges set forth above, together with the estimated financial impact of related ongoing account attrition, over a period of approximately one year.

A copy of the press release issued by the Company is included as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit No. Description of Exhibit
99.1 Press Release issued December 11, 2013

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