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TCF gets approval to buy back $361.2M in TARP shares

TCF Bank says it’s received approval to buy back preferred shares it sold to the federal government as part of the Troubled Asset Relief Program. CEO Bill Cooper said TARP participation has put the bank at a competitive disadvantage.

TCF is coming out from under the TARP.

The Wayzata-based bank said today that it’s received approval from the U.S. Treasury Department to buy back the $361.2 million in preferred shares the feds bought from the bank last fall.

CEO Bill Cooper said in the company’s statement that participation in the Troubled Asset Relief Program has put the bank at a competitive disadvantage.

Without the government money, TCF remains well-capitalized, the company said, and withdrawing from the TARP program will improve the bank’s earnings per share by more than 14 cents.