TCF acquires BB&T Commercial Equipment Capital

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Bill Henak Courtesy TCF National Bank

A division of TCF National Bank acquired a small-ticket equipment leasing and finance business.

TCF Capital Solutions, a division of Detroit-based TCF National Bank, said Monday that it acquired BB&T Commercial Equipment Capital (CEC), which includes a portfolio of about $1 billion of equipment finance leases and loans. CEC was Truist Bank’s national small-ticket equipment leasing and finance business.

Terms of the deal were not disclosed.

About 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.

Mike Maguire Courtesy Truist Bank

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

Philadelphia-based Faegre Drinker Biddle & Reath served as legal adviser to TCF, and New York-based Davis Polk & Wardwell served as legal adviser to Truist. Atlanta-based Truist Securities served as financial adviser to Truist.

TCF

TCF Financial Corporation is a financial holding company with $48 billion in total assets as of Dec. 31 and a top 10 deposit market share in the Midwest.

Its primary banking subsidiary, TCF National Bank, offers consumer and commercial banking, trust and wealth management, and specialty leasing and lending products and services to consumers, small businesses and commercial clients. The bank has about 470 branches in Michigan, Illinois and Minnesota with additional locations in Colorado, Ohio, South Dakota and Wisconsin.

TCF is in the process of being acquired by Huntington Bancshares Inc. in a $22 billion merger announced in December.

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