TCF buys equipment finance firm

DETROIT—TCF Capital Solutions, a unit of Detroit-based TCF Financial Corp., has acquired Malvern, Pa.-based BB&T Commercial Equipment Capital Corp., 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.

“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 of TCF Specialty Finance.

TCF Financial (NASDAQ: TCF) is a financial holding company with $48 billion in assets 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 in Michigan, Illinois and Minnesota with additional locations in Colorado, Ohio, South Dakota and Wisconsin. More at tcfbank.com.

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