TCF expands equipment lending business with acquisition
TCF Bank has acquired BB&T Commercial Equipment Capital Corp. out of Malvern, Pa.
TCF National Bank is expanding its lending capabilities in the commercial equipment sector.
The Detroit-based bank said in a news release Monday that it has acquired BB&T Commercial Equipment Capital Corp. out of Malvern, Pa.
A TCF spokesperson declined to provide an acquisition price for the deal, citing confidentiality.
The deal includes about $1 billion in equipment finance leases and gives TCF about 60 new employees as a result of the transaction.
"We are excited the talented and experienced CEC team has joined TCF," Bill Henak, senior executive vice president for TCF's specialty finance division, said in a release. "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."