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TCF Financial Corporation Completes Acquisition of Gateway One Lending & Finance LLC

12/01/2011

Wayzata, MN (Business Wire) -- TCF Financial Corporation ("TCF") today announced that its wholly-owned subsidiary, TCF National Bank, has completed its previously announced acquisition of Gateway One Lending & Finance, LLC (“Gateway One”). With the completion of the transaction, Gateway One is now a wholly-owned subsidiary of TCF National Bank.

Headquartered in Anaheim, California, Gateway One utilizes its more than 3,200 active dealer relationships to originate loans to consumers in 30 states, primarily on used automobiles. Through October 31, 2011, the company had originated $239 million in auto loans and had a managed portfolio of $412 million. As part of the acquisition, TCF is retaining Gateway One’s seasoned executive management team.

“We are pleased with the completion of this acquisition,” said Craig Dahl, Executive Vice President of TCF Wholesale Banking. “The addition of this national secured lending consumer product further diversifies our business and provides ample growth opportunities within the U.S. auto lending marketplace, the second largest consumer finance market in the U.S. TCF has a proven track record of successfully integrating and operating nationally-oriented specialty finance businesses in the past and we expect additional success with Gateway One.”