TCF Financial to Buy $805M in Deposits from Prudential Unit

by Paul Davis

MAR 2, 2012 5:55pm ET

TCF Financial Corp. in Wayzata, Minn., said in a regulatory filing that it will buy about $805 million in deposits from a unit of insurer Prudential Financial Inc.

TCF said in the Friday filing that the deposits it is buying from Prudential Bank & Trust largely consist of IRA accounts with certificates of deposit or savings accounts and IRA-related brokerage sweep accounts. TCF will also pick up come brokered certificates of deposit.

The filing did not say how much TCF would pay for the deposits. The transaction is expected to close in the second quarter.

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