Detroit’s TCF Financial has acquired BB&T Commercial Equipment Capital, Truist Bank’s small-ticket equipment leasing and finance business.
The deal includes about $1 billion in equipment finance leases and loans, and about 60 employees have joined TCF Capital Solutions as part of the acquisition.
“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.
Faegre Drinker Biddle & Reath LLP served as legal advisor to TCF, and Davis Polk & Wardwell LLP served as legal advisor to Charlotte, N.C.-based Truist. Truist Securities served as financial advisor to Truist.
The $48 billion TCF agreed to an acquisition with Columbus, Ohio-based Huntington Bancshares in December.