WAYZATA, Minn. TCF Financial Corp. announced Monday that its board of directors had decided to remove the loan feature from the deferred-compensation plans of its officers and directors.
The financial holding company said that until now it has encouraged its top officials to buy additional shares of TCF stock through fully secured loans at market interest rates.
But in light of changes in corporate and public attitudes regarding loans to officers and directors of public companies, the statement said, we have decided to eliminate this feature and have requested payment in full of all outstanding loans.
E-Trade Group Inc.s stock plunged recently after the Menlo Park, Calif., company said that its chief executives 2001 compensation package of almost $80 million included a $15 million forgiven loan.
