Treasury receives $9.45 million for TCF warrants

AP News
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Posted: Dec 16, 2009 9:20 AM

The Treasury Department has received $9.45 million in the sale of warrants it had received from TCF Financial Corp. as part of the support the government provided the bank during last year's financial crisis.

The Treasury said that it sold 3.2 million warrants at a price of $3 per warrant. Warrants are financial instruments that allow the holder to buy stock in the future at a fixed price.

It was the third auction of warrants from financial institutions that had received support from the government's $700 billion financial bailout fund, which was created by Congress in October 2008 at the height of the financial crisis.