Minneapolis-based TCF Financial Corp. accelerated its expansion in the Midwest on Friday, announcing an agreement to buy the $2.8 billion-asset Great Lakes Bancorp, Ann Arbor, Mich.

The stock swap, worth $195 million or 164% of book value. is TCF's biggest deal to date and underscores the company's financial strength compared with that of other thrifts, few of which could contemplate such a transaction.

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