TCF National Bank (TCF Bank), a subsidiary of TCF Financial Corporation (NYSE:TCF) , headquartered at Wayzata, recently closed the acquisition deal with Rubicon Mortgage Advisors, LLC, under which the former has acquired the latter. With offices in Minnesota and North Dakota, Rubicon is a residential mortgage lender.
Financial terms of the transaction remain undisclosed. Notably, the deal was announced in October 2017.
Post closure of the deal, TCF Bank’s residential first mortgage program will be marketed as TCF Home Loans in the consumer market. These loans will serve TCF Bank’s retail banking clients and the additional market of North Dakota with residential mortgage lending solutions of superior quality.
“We are excited to welcome the Rubicon team to TCF Bank and introduce the additional scale and capabilities they bring to our newly formed TCF Home Loans business,” said Michael S. Jones, executive vice president, Consumer Banking. “Our focus in retail banking continues to be on providing our customers with the products, expertise and service to help them in every stage of their financial life. As TCF Home Loans, we look forward to broadening the products and services we offer and putting our deep expertise and mortgage industry relationships to work on behalf of customers and consumers,” Jones further added.
Bottom Line
We believe the latest acquisition is a befitting one that will support TCF Financial’s future prospects. The company’s repositioning and restructuring efforts help it reallocate capital into core markets. Further, the company’s effort to enhance customer service through digitization is encouraging.
Such moves have caused investors to become optimistic about TCF Financial's growth prospects. Notably, the company's share price surged nearly 30.8% over the last six months as compared with 8.3% growth recorded by the industry.
Currently, TCF Financial carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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