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Detroit-based TCF Financial declares quarterly dividend after merger of equals

The board of Detroit-based TCF Financial Corp., previously known as Chemical Financial Corp., declared a quarterly cash dividend of 35 cents per common share.

The dividend will be paid Sept. 3 to shareholders of record at the close of business on Aug. 15. It represents an increase of 1 cent from Chemical Financial's previous quarterly dividend of 34 cents per common share.

The dividend is the first one the company has declared since it completed the previously announced merger of equals with Wayzata, Minn.-based TCF Financial Corp. Under the terms of the deal, legacy TCF Financial merged into Chemical Financial, with the latter as the surviving company. Upon the merger closing, Chemical Financial was renamed TCF Financial Corp.