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TCF Bank buys Equipment Financing & Leasing Corp. for $9M

TCF National Bank on June 16 acquired Equipment Financing & Leasing Corp., a provider of operating and direct financing leases for material handling equipment. Its clients, according to a TCF regulatory filing, are primarily Fortune 500 customers.

TCF National paid $9.0 million in cash and acquired $47.2 million in operating lease equipment, $5.9 million in direct financing leases, $21.3 million in amortizable intangible assets, $1.4 million related to goodwill and approximately $3.3 million in cash, other assets and other liabilities, net. The bank recorded a liability of $5.9 million to be paid within three years. It also assumed $64.2 million of Equipment Financing & Leasing's debt.

Goodwill related to the merger was allocated to the wholesale banking segment.

The Sioux Falls, S.D.-based bank is a subsidiary of Wayzata, Minn.-based TCF Financial Corp. The bank has an equipment finance subsidiary — TCF Equipment Finance Inc.