On 8/13/14, TCF Financial Corp.'s 6.45% Series B Non-Cumulative Perpetual Preferred Stock ( TCB.PRC) will trade ex-dividend, for its quarterly dividend of $0.4031, payable on 9/2/14. As a percentage of TCB.PRC's recent share price of $24.65, this dividend works out to approximately 1.64%, so look for shares of TCB.PRC to trade 1.64% lower — all else being equal — when TCB.PRC shares open for trading on 8/13/14. On an annualized basis, the current yield is approximately 6.57%, which compares to an average yield of 5.71% in the "Financial" preferred stock category, according to Preferred Stock Channel.As of last close, TCB.PRC was trading at a 1.76% discount to its liquidation preference amount. Investors should keep in mind that the shares are not cumulative, meaning that in the event of a missed payment, the company does not have to pay the balance of missed dividends to preferred shareholders before resuming a common dividend. The chart below shows the one year performance of TCB.PRC shares, versus TCB: Below is a dividend history chart for TCB.PRC, showing historical dividends prior to the most recent $0.4031 on TCF Financial Corp.'s 6.45% Series B Non-Cumulative Perpetual Preferred Stock : According to the ETF Finder at ETF Channel, TCF Financial Corp. ( TCB) makes up 1.76% of the SPDR S&P Bank ETF (KBE) which is trading up by about 0.5% on the day Monday. In Monday trading, TCF Financial Corp.'s 6.45% Series B Non-Cumulative Perpetual Preferred Stock ( TCB.PRC) is currently up about 0.4% on the day, while the common shares ( TCB) are up about 0.5%.