TCF Bank Issues First-Ever ABS | Auto Finance News | Auto Finance News

TCF Bank Issues First-Ever ABS

Wall StreetMinnesota-based TCF Bank announced its first-ever issuance of asset-back securities (TCFAT 2014-1) this week. Standard & Poors published a presale for the securitization, which will total $200 million and be backed with prime loans. TCFB’s indirect auto loans are available in 48 states.

In November 2011, TCF National Bank finalized its acquisition of Gateway One Lending & Finance in Anaheim, Calif. TCF Bank has $18.8 in total assets and operates more than 400 branches, primarily in Minnesota, Illinois, and Michigan. Year-to-date auto loan ABS issuance is $41 billion, with prime accounting for about $27 billion, or 65% of the total.

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