TCF National Bank Acquires Equipment Finance Firm with $1B Portfolio

TCF National Bank in Detroit, through a division called TCF Capital Solution, today announced it has acquired BB&T Commercial Equipment Capital Corp. The deal includes a portfolio of approximately $1 billion of equipment finance leases and loans.
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TCF has acquired BB&T Commercial Equipment Capital Corp., which specializes in equipment finance. // Stock photo

TCF National Bank in Detroit, through a division called TCF Capital Solution, today announced it has acquired BB&T Commercial Equipment Capital Corp. The deal includes a portfolio of approximately $1 billion of equipment finance leases and loans.

Prior to the transaction, BB&T Commercial (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 deal. Further details of the transaction were not disclosed.

“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,” says Bill Henak, senior executive vice president of TCF Specialty Finance.

Founded in 1998, BB&T Commercial is a specialized team of equipment finance professionals who serve more than 24,000 client accounts annually.

“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,” says Mike Maguire, senior executive vice president at Truist.

As part of the transaction, Faegre Drinker Biddle & Reath served as legal advisor to TCF, and Davis Polk & Wardwell served as legal advisor to Truist. Truist Securities served as financial advisor to Truist.

TCF Financial Corp., a financial holding company with $48 billion in total assets as of Dec. 31, 2020, has as its primary banking subsidiary TCF National Bank. The latter entity offers 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.

In mid-December, TCF Financial Corp. announced it had signed a definitive agreement under which it will combine in an all-stock merger with a total market value of about $22 billion with Columbus, Ohio’s Huntington Bancshares Inc., the parent company of The Huntington National Bank. Terms of the deal were not disclosed.

The merger, which is expected to close in the second quarter, will create a top 10 U.S. regional bank with dual headquarters in Detroit and Columbus. It was unanimously approved by the boards of both companies. TCF will merge into Huntington, and the combined holding company and bank will operate under the Huntington name and brand following the closing of the transaction.

Upon closing, Stephen D. Steinour of Huntington will remain the chairman, president, and CEO of the holding company as well as CEO and president of the bank. Gary Torgow, executive chairman of TCF, will serve as chairman of the combined bank’s board of directors.

Once the merger is completed, the commercial bank headquarters will be in downtown Detroit, where TCF has been building a new headquarters. At least 800 employees of the combined company, nearly three times the number TCF had planned, will be housed at the new location. Columbus will remain the headquarters for the holding company and the consumer bank.

To learn more about TCF, visit tcfbank.com.

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