TCF Financial, the banking parent of a mid-sized residential servicing company, has received preliminary approval from the Treasury Department to participate in the agency's capital purchase program. In a statement, TCF of Wayzata, Minn., said the government will buy $361 million worth of preferred stock in the depository and receive a warrant to buy 3.2 million shares of its common. At mid-year, the bank's subsidiary, TCF Mortgage of Minneapolis, ranked 54 among residential servicers with $6.7 billion in housing receivables, according to the Quarterly Data Report. The capital purchase effort is part of the government's new Troubled Asset Relief Program, legislated into law by the Emergency Economic Stabilization Act.
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