TCF National Bank Acquires BB&T Commercial Equipment Capital, Corp.

Rhea-AI Summary

TCF Capital Solutions, a division of TCF National Bank, has successfully acquired BB&T Commercial Equipment Capital, Corp., inheriting a portfolio valued at approximately $1 billion in equipment finance leases and loans. This acquisition will integrate around 60 employees from Truist Bank’s national small-ticket equipment leasing and finance division into TCF. Senior executives from both companies expressed optimism about the synergies this deal will create, driving growth and enhancing service delivery in the evolving equipment financing market.

Positive

• Acquisition of a portfolio worth approximately $1 billion in equipment finance leases and loans.
• Integration of 60 experienced employees from Truist/CEC can enhance operational capabilities.
• Strategic alignment between TCF and CEC business models expected to create significant growth opportunities.

Negative

• None.

TCF Capital Solutions, a division of TCF National Bank (“TCF”), announced that TCF has acquired BB&T Commercial Equipment Capital, Corp. (“CEC”), which includes a portfolio of approximately $1 billion of equipment finance leases and loans. CEC was Truist Bank’s national small-ticket equipment leasing and finance business. Approximately 60 employees from Truist/CEC have joined the TCF team as a result of the transaction.

“We are excited the talented and experienced CEC team has joined TCF. The CEC business model is very complementary and consistent with the TCF Capital Solutions business model, which we believe will create significant incremental growth opportunities for our entire bank,” said Bill Henak, Senior Executive Vice President, TCF Specialty Finance.

“The small-ticket equipment financing business is evolving quickly and TCF, with its long track record in the business, is well-positioned to deliver expertise and scale to benefit CEC clients and CEC teammates joining the company,” said Mike Maguire, Senior Executive Vice President at Truist.

Faegre Drinker Biddle & Reath LLP served as legal advisor to TCF, and Davis Polk & Wardwell LLP served as legal advisor to Truist. Truist Securities served as financial advisor to Truist.

About TCF: TCF Financial Corporation (NASDAQ: TCF) is a Detroit, Michigan-based financial holding company with $48 billion in total assets at Dec. 31, 2020 and a top 10 deposit market share in the Midwest. TCF’s primary banking subsidiary, TCF National Bank, is a premier Midwest bank offering consumer and commercial banking, trust and wealth management, and specialty leasing and lending products and services to consumers, small businesses and commercial clients. TCF has approximately 470 branches primarily located in Michigan, Illinois and Minnesota with additional locations in Colorado, Ohio, South Dakota and Wisconsin. TCF also conducts business across all 50 states and Canada through its specialty lending and leasing businesses. To learn more about TCF, visit tcfbank.com.

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Source: TCF Financial Corporation

View source version on businesswire.com: https://www.businesswire.com/news/home/20210201005123/en/

FAQ

What is the value of the portfolio acquired by TCF from BB&T?

TCF acquired a portfolio valued at approximately $1 billion in equipment finance leases and loans from BB&T.

How many employees joined TCF from BB&T due to the acquisition?

Approximately 60 employees from Truist Bank's CEC division have joined TCF as a result of the acquisition.

What are the expected benefits of TCF's acquisition of BB&T Commercial Equipment Capital?

The acquisition is expected to create significant growth opportunities for TCF by aligning complementary business models and enhancing service delivery.

When was the acquisition of BB&T Commercial Equipment Capital completed?

The acquisition was announced recently, but the exact completion date is not specified in the press release.