Dear Customers and Stockholders:

We have reached an important milestone at TCF. On April 20, 2009, TCF's Board of Directors announced that it received approval to pay all of the TARP funds it had previously received back to the United States government. At the same time, TCF's Board of Directors announced a reduction to TCF's quarterly common stock dividend from 25 cents per share to 5 cents per share payable on May 29, 2009 to stockholders of record at the close of business on May 1, 2009. Our philosophy at TCF is to do the right thing-all the time. By returning the TARP funds and preserving capital in dividends, we strongly believe we are positioning our company for long-term success for the benefit of our employees, customers and stockholders.

On November 14, 2008, TCF entered into an agreement with the U.S. Treasury in which TCF received proceeds of $361.2 million in exchange for 361,172 outstanding shares of preferred stock of TCF and a warrant to purchase 3.2 million shares of TCF common stock. The investment in TCF by the U.S. Treasury required TCF to pay a non-tax deductible cumulative dividend each quarter. Initially, it was announced that only healthy banks would be eligible to participate in TARP and it appeared-at that time-to be a competitive advantage to participate in the program. As time passed and the rules changed, the program quickly became tarnished and public perception of TARP participants was that they were weak and in dire need of capital support (or "bailout") from the government. This certainly was not the case for TCF and a handful of other well-run financial institutions that participated in the program. Although we had been strongly encouraged by the Federal regulators to take part in the TARP and we felt it was an inexpensive form of raising capital back in November, we believe today that 1) the Federal government will continue to make adaptations to the rules for which we do not wish to partake, 2) the public perception of the TARP is cemented and cannot be reversed, 3) the TARP funds are no longer meaningful to TCF with the regulator's unexpected change in focus to tangible common equity strength-of which the TARP funds have no impact-and limits rather than supports loan growth, and 4) (most importantly) TCF is solidly capitalized on a regulatory basis and on a tangible common equity basis without the TARP funds.

Fortunately, a provision in the recently issued American Recovery and Reinvestment Act of 2009 allows TARP participants with strong capital levels to pay back TARP funds. In protecting TCF's well-regarded reputation and the continued growth of our business, we felt it was in the best interest of our stockholders to pay back the TARP funds. We repaid the TARP funds on April 22, 2009. We believe this was the right thing to do on many levels and are encouraged by the outpouring of support we have received from people across the country. In total, it took TCF 65 days from the date of the law change to pay off the TARP funds while the clock is still ticking for all major banks who are trying to position themselves for TARP repayment.

TCF has always been a safe, sound and secure financial institution-then why would TCF pay back the TARP funds and then reduce the dividend when TCF is already solidly capitalized and TCF earned 17 cents per share in the 2009 first quarter? First, the decision to reduce the dividend was based on recent guidance given by the Federal Reserve Board to the banking industry on dividends as well as our decision to pay back the TARP funds. Second, today's investors value strong capital positions. They understand that preservation of capital in today's market makes TCF stronger and better able to withstand the current economic environment, support our loan and deposit growth, maintain our valuable customer relationships, and expand our current businesses and develop new ones. Furthermore, the TARP repayment will improve earnings by eliminating the TARP dividend obligation which increases stockholder value, while the dividend reduction will accelerate the accumulation of retained earnings and add to our capital cushion for future growth. We have seen good growth opportunities to expand deposits and loans/leases, and by reducing the dividend now we can better position ourselves to quickly take advantage of these opportunities when they arise by use of our capital war chest without diluting the stockholder base.

The decision to reduce the dividend is fiscally reasonable and the responsible thing to do in today's capital-focused world. TCF has always been able to return a large percent of net income back to our stockholders in the form of dividend payments and stock repurchases, which has made TCF stock an attractive investment for many years. When the economy recovers and TCF's results return to historic norms, we expect the Board of Directors to return the common stock dividend to a more normalized rate as soon as fiscally possible, and returning capital to stockholders will once again be a key part of how we deliver value over the long-term.

Let me assure you, TCF's fundamentals remain strong and we continue to grow even during these difficult times. Our conservative philosophy of banking has been the foundation of our growth and success, and it will continue to serve us well.

Sincerely,

William A. Cooper
Chairman and Chief Executive Officer