Today, the U.S. Department of the Treasury announced that it priced a secondary public offering of 3,199,988 warrants to purchase shares of common stock of TCF Financial Corporation at $3.00 per warrant, or total gross proceeds of approximately $9.5 million. The offering represents the Treasury’s sale of its remaining investment in TCF Financial Corporation, and was priced through a modified Dutch auction.

In October, the Treasury released a report on warrant valuation methods that stated the Treasury may sell its warrant positions at auction if an agreement between the Treasury and the qualified entity desiring to repurchase such warrants positions could not be reached. In November, Treasury announced its intent to auction several of its warrant positions, including the TCF Financial Corporation warrants.