TCF Financial Corp., Wayzata, said it raised gross proceeds of $100 million through its previously announced public offering of 6.45 percent Series B non-cumulative perpetual preferred stock. In connection with the offering, TCF issued 4 million shares at a public offering price of $25 per share. The underwriters have an option to purchase up to an additional 600,000 preferred shares to cover overallotments at the same price, for potential additional gross proceeds of $15 million. Net proceeds of the offering to TCF were about $96.5 million, which TCF expects to use for general corporate purposes.
Mocon Inc., Brooklyn Park, declared a quarterly cash dividend of 10.5 cents a share, payable Feb. 15 to shareholders of record on Feb. 1.