National Bank TCF is expanding its lending capabilities in the commercial equipment sector.
The Detroit-based bank said in a press release on Monday that it had acquired BB&T Commercial Equipment Capital Corp. in Malvern, Pennsylvania.
A TCF spokesperson declined to provide an acquisition price for the deal, citing confidentiality.
The deal includes about $1 billion in equipment leasing and gives TCF about 60 new employees as a result of the transaction.
“We are delighted that the talented and experienced team at CEC has joined TCF,” Bill Henak, senior executive vice president of TCF’s specialty finance division, said in a statement. “CEC’s business model is highly complementary and consistent with TCF Capital Solutions’ business model, which we believe will create significant additional growth opportunities for our bank as a whole.”
Commercial Equipment Capital was part of North Carolina-based Truist Bank.
“The low cost equipment finance business is changing rapidly and TCF, with its long history in the industry, is well placed to provide expertise and scale to benefit CEC customers and CEC teammates who join the company,” said Mike Maguire, vice general manager. president of Truist, said in the statement.
Faegre Drinker Biddle & Reath LLP served as counsel to TCF on the agreement, and Davis Polk & Wardwell LLP served as counsel to Truist. Truist Securities served as financial advisor to Truist.
As Crain’s has previously reported, TCF has a history dating back more than 20 years in the equipment lending business, a practice that was started by former CEO Craig Dahl.