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TCF Expands Inventory Finance Business into Canada

Company Release - 12/18/2008 2:08 PM ET

WAYZATA, Minn.--(BUSINESS WIRE)-- TCF Financial Corporation ("TCF") (NYSE: TCB) announced today the launch of a new subsidiary called TCF Commercial Finance Canada, Inc. ("TCF Commercial Finance Canada"). TCF Commercial Finance Canada, headquartered in Oakville, Ontario, Canada, will specialize in the inventory floorplan finance business across Canada, with an initial focus on the consumer electronics and household appliance industries.

TCF Commercial Finance Canada is led by Peter D. Kelley, President, who joins the company with over twenty years of experience in the commercial finance industry. Mr. Kelley has held senior-level management positions with GE Commercial Distribution Finance Canada, Transamerica Commercial Finance Canada and Borg-Warner Acceptance Canada. Mr. Kelley will report to Ross A. Perrelli, President and CEO of TCF Inventory Finance, Inc. based in Hoffman Estates, Illinois.

"Expanding our inventory finance operation into Canada enables us to offer a North America solution for our OEM customers," said Mr. Perrelli, "and Peter Kelley joins us as a proven industry leader, with an established track record of success in delivering high-quality inventory finance services to the consumer electronics and household appliance industries in Canada. We fully expect that TCF Commercial Finance Canada will quickly become a major contributor to our growth and success."

TCF is a Wayzata, Minnesota-based national financial holding company with $16.5 billion in total assets. The company has 445 banking offices in Minnesota, Illinois, Michigan, Colorado, Wisconsin, Indiana and Arizona, providing retail and commercial banking services. TCF also conducts leasing and equipment finance business in all 50 states.

    Source: TCF Financial Corporation
Contact: TCF Financial Corporation, Wayzata Jason Korstange, 952-745-2755

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