TCF Financial Corp., following a preliminary revaluation of its deferred tax assets and deferred tax liabilities, estimates a one-time net tax benefit of $120 million to $140 million.

The adjustment is due to the lower corporate tax rate, which takes effect Jan. 1, 2018. The benefit will be recorded as a decrease in the company's fourth-quarter income tax expense.

Wayzata, Minn.-based TCF additionally disclosed it will pay eligible team members a total of $5 million in one-time bonuses and donate $5 million to TCF Foundation.