TCF Financial Corporation subsidiary signs agreement with Textron Financial Corporation
Jan 02, 2009 (M2 EQUITYBITES via COMTEX News Network) -- TCF Inventory Finance Inc (TCFIF), an inventory financing solutions
company and subsidiary of TCF Financial Corporation (TCF) (NYSE: TCB),
a bank holding company, revealed on 31 December that an agreement has
been signed with Textron Financial Corporation granting the right to
continue existing programmes of originating certain floorplan financing
receivables for retailers of consumer electronics and appliances.
TCFIF did not acquire any existing floorplan financing receivables from
Textron but it will begin originating receivables under these
programmes this month.
According to TCFIF the assumption of these programmes represents the
opportunity to originate future floorplan financing receivables from
1,200 retailers who acquire products from the industries' major
suppliers and buying groups.
These floor plan finance customer relationships total around USD200m in
credit lines.
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