TCF Equipment Finance, Inc. provides financing solutions to small and mid-size companies
Among TCF’s fastest growing operations are its two leasing and equipment finance companies: TCF Equipment Finance, Inc. and Winthrop Resources Corporation. These companies have experienced a 167% increase in total portfolio growth since 2003. During the fourth quarter of 2010,the total portfolio of the combined companies decreased $70.7 million or 2.2% mainly due to lower buying activity by its customers in the construction and manufacturing segments. The companies’ diversified marketing and sales strategy covers a broad range of the major equipment sectors for lease and loan financing primarily throughout the United States.
TCF Equipment Finance, Inc. (TCFEF) headquartered in Minnetonka, Minnesota was established in 1999 and is the 15th largest bank owned equipment finance company in the U.S. in asset size. TCFEF provides financing solutions to companies through programs with vendors and manufacturers in a growing number of select market segments such as: Healthcare, Specialty Vehicle, Construction, and Manufacturing. TCFEF is widely recognized as one of the premier equipment finance companies in the United States and has 38 sales and regional offices nationwide. TCFEF tailors finance solutions for customers through established relationships with vendors in the Golf and Homecare markets through VGM Financial Services (VGMFS). VGMFS is a trade name of TCF Equipment Finance and is the sole endorsed provider of financing solutions for members of The VGM Group. Also, TCFEF through its Capital Markets segment has acquired selected companies and portfolios as part of its strategic plan for growth.
Winthrop Resources Corporation, established in 1982 and acquired by TCF Financial in 1997, focuses on providing customized, high technology lease financing to meet the special needs of mid-size and large companies and health care facilities that are acquiring technology equipment. During the third quarter 2009, Winthrop Resources Corporation acquired Fidelity National Capital, Inc. a wholly-owned subsidiary of Fidelity National (NYSE: FNF). Fidelity National Capital, Inc. managed approximately a $275 million lease portfolio. Fidelity National Capital, Inc. was founded in 1998 and is a highly respected provider of technology financing and leasing solutions.
| Leasing and Equipment Finance Statistics: | |||||
|---|---|---|---|---|---|
| ($ in millions, quarterly data) | 3/31/09 | 6/30/09 | 9/30/09 | 12/31/09 | 3/31/10 |
| Total portfolio assets* | $2,855.4 | $2,876.0 | $3,169.1 | $3,177.4 | $3,106.6 |
| Originations & purchases | $574.0 | $298.8 | $339.0 | $322.0 | $267.2 |
| Uninstalled backlog | $332.5 | $283.4 | $353.0 | $322.6 | $361.6 |
| Net Income | $5.9 | $7.6 | $6.8 | $6.1 | $7.9 |
*Includes operating leases
Leasing and Equipment Finance Total Portfolio*
