We advised Truist Financial on the sale of an equipment finance business to TCF
Davis Polk advised Truist Financial Corporation on its sale of BB&T Commercial Equipment Capital, Corp., which includes a portfolio of approximately $1 billion of equipment finance leases and loans, to TCF Capital Solutions, a division of TCF National Bank.
BB&T Commercial Equipment Capital was Truist Bank’s national small-ticket equipment leasing and finance business. Formed by the historic merger of equals of BB&T and SunTrust, Truist is a purpose-driven financial services company committed to inspiring and building better lives and communities. TCF’s primary banking subsidiary, TCF National Bank, is a Midwest bank offering consumer and commercial banking, trust and wealth management, and specialty leasing and lending products and services to consumers, small businesses and commercial clients.
The Davis Polk financial institutions M&A team included partners Oliver Smith, Margaret E. Tahyar and Evan Rosen, counsel Eric McLaughlin and associates Lisa Ogust, Ryan Johansen, Devon D. Willitts and Jessica Brodman. Partner Adam Kaminsky and associate Nicholas D. DeLuca provided executive compensation advice. Partner William A. Curran provided tax advice. Members of the Davis Polk team are based in the New York and Washington DC offices.