WAYZATA, Minn. — TCF Financial Corporation announced that its wholly-owned subsidiary, TCF National Bank, has signed a definitive agreement to acquire Gateway One Lending & Finance LLC, an Anaheim, Calif.-based indirect auto lender with more than 3,100 active dealer relationships.
As part of the acquisition, which is expected to close by the end of this year, TCF will retain GateOne’s executive management team. J.P. Morgan Securities LLC is acting as exclusive financial advisor to TCF. Morgan Keegan & Company Inc. is serving as exclusive financial advisor to Gateway One.
"We are very excited about the acquisition of Gateway One," 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 large U.S. auto lending marketplace."
From January to September, Gateway One has originated $214 million in auto loan, and owns a managed portfolio of $406 million.
"We are looking forward to joining an organization with the financial capabilities of TCF and taking advantage of the opportunities it will provide," said Brian MacInnis, CEO of Gateway One. "We believe our dealers, customers and employees will benefit from the proven financial strength of TCF."