TCF Financial Corp. has approved a plan to buy back as much as 5% of its outstanding shares.

The $14.7 billion-asset Wayzata, Minn., company said Monday that it plans to buy 6.5 million shares out of 129 million outstanding. A previous repurchase agreement leaves it with the authority to buy back an additional 1.8 million.

Since 1998, TCF said, it has bought back over 62 million shares, spending $1.2 billion, or an average of $18.77 each.

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