TCF buys equipment finance business from Truist

TCF Financial in Detroit has acquired an equipment leasing and finance business from Truist Financial in Charlotte, N.C.

The $48 billion-asset TCF said its TCF Capital Solutions division bought BB&T Commercial Equipment Capital, including about $1 billion of leases and loans. About 60 Truist employees joined TCF as part of the transaction.

Truist had moved the portfolio of national small-ticket loans to held-for-sale status during the fourth quarter.

TCF, which agreed on Dec. 13 to be sold to Huntington Bancshares in Columbus, Ohio, did not say what it paid for the equipment finance business.

“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” the former Truist unit’s clients and employees, Mike Maguire, a senior executive vice president at Truist, said in a press release Monday.

Faegre Drinker Biddle & Reath advised TCF. Davis Polk & Wardwell and Truist Securities advised Truist.