Benzinga | Feb 1, 2021 07:02AM EST

TCF National Bank Acquires BB&T Commercial Equipment Capital, Corp.

* The deal involves approximately $1 billion of loans and leases

* Approximately 60 employees join TCF team as part of the acquisition



DETROIT--(BUSINESS WIRE)-- TCF Capital Solutions, a division of TCF National Bank ("TCF"), announced that TCF has acquired BB&T Commercial Equipment Capital, Corp. ("CEC"), 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.

"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.

"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," said Mike Maguire, Senior Executive Vice President at Truist.

Faegre Drinker Biddle & Reath LLP served as legal advisor to TCF, and Davis Polk & Wardwell LLP served as legal advisor to Truist. Truist Securities served as financial advisor to Truist.