MINNEAPOLIS - TCF Financial Corp. said it bought the assets and deposits of First Federal Savings and Loan Association in Pontiac, Mich., from the Resolution Trust Corp.
TCF, which has $5.1 billion of assets and 130 banking offices in Minnesota, Illinois, Wisconsin, Michigan, and Iowa, said it paid a premium to the government of $14.5 million for First Federal's 15 offices and $231.5 million of insured deposits.
First Federal's loan portfolio and remaining four offices were acquired by other financial institutions.
The new offices will be operated as TCF bank Michigan. Robert T. Griffore, previously manager of commercial lending at TCF Bank Savings, has been named president and chief executive of the new unit.