TCF Inventory Finance, Inc. Assumes Floorplan Financing Programs

TCF Inventory Finance, Inc. (“TCFIF”), a subsidiary of TCF National Bank, announced today an agreement with Textron Financial Corporation (“Textron Financial”) to assume the rights to existing Textron Financial programs that will enable TCFIF to originate certain floorplan financing receivables for retailers of lawn and garden products. TCFIF did not acquire any existing floorplan financing receivables from Textron Financial.

The assumption of these programs by TCFIF represents the opportunity to originate future floorplan financing receivables from 4,600 retailers who acquire products from the industry’s major suppliers. TCFIF will begin originating receivables under the programs this month and expects that balances from these receivables could exceed $150 million before the end of 2009.

“By assuming these floorplan finance programs from Textron Financial, TCFIF makes a clear statement of commitment to support retailers and suppliers in the lawn and garden industry in the United States and Canada. In the current environment, with unpredictable and diminishing credit availability, TCFIF is both truly excited and completely dedicated to provide liquidity and a high level of service to our customers,” said Mr. Ross Perrelli, President and CEO of TCFIF.

“TCF is committed to expanding lending across all of its business lines,” said William Cooper, Chairman and CEO of TCF Financial Corporation. “These lawn and garden relationships will be beneficial for TCF and the 4,600 retailers who will continue to receive first-class service from the TCFIF team.”

TCFIF (www.tcfif.com) offers a full range of inventory financing solutions to retailers in the consumer electronics and household appliances industries and now the lawn and garden industry throughout the United States and Canada. TCFIF is an indirect subsidiary of TCF Financial Corporation (NYSE: TCB) (www.tcfbank.com), a Wayzata, Minnesota-based national financial holding company with $18.1 billion in total assets. TCF has 449 banking offices in Minnesota, Illinois, Michigan, Colorado, Wisconsin, Indiana, Arizona and South Dakota, providing retail and commercial banking services. TCF also conducts leasing and equipment finance business in all 50 states.

Textron Financial is a diversified commercial finance company. Additional information about the company is available at www.textronfinancial.com.

Source: sys-con.com