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 169% increase in total portfolio growth since 2003. 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. Over the last 12 months, the combined companies grew the portfolio $29.6 million.
TCF Equipment Finance, Inc. (TCFEF) headquartered in Minnetonka, Minnesota was established in 1999 and is the 13th largest bank-affiliated 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 portfolios as part of its strategic plan for growth. In 2010, TCF Equipment Finance was named to the Star Tribune “Top Workplaces 2010” – a list of the 100 best places to work in the Minneapolis/ St. Paul metro area.
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. Through Winthrop’s acquisition of Fidelity National Capital Inc. in 2009, Professional Services and the Bank Partner Program were added to the product offering providing increased diversity and additional marketing channels. In 2010, the Equipment Leasing and Finance Association announced that its 2010 Operations and Technology Excellence Award went to Winthrop for its development and implementation of a robust technical platform capable of handling over a million leased assets and several thousand customers.
| Leasing and Equipment Finance Statistics: | |||||
|---|---|---|---|---|---|
| ($ in millions, quarterly data) | 6/30/10 | 9/30/10 | 12/31/10 | 3/30/11 | 6/30/11 |
| Total portfolio assets* | $3,092.7 | $3,239.6 | $3,231.9 | $3,145.6 | $3,122.3 |
| Originations & purchases | $368.5 | $498.7 | $384.8 | $310.6 | $352.6 |
| Uninstalled backlog | $348.3 | $359.7 | $402.6 | $429.6 | $420.6 |
| Net Income | $9.5 | $12.5 | $13.0 | $16.3 | $15.1 |
*Includes operating leases
Leasing and Equipment Finance Total Portfolio*
