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TCF Bank Signs Definitive Agreement to Acquire Rubicon Mortgage Advisors

  • Acquisition of Rubicon Mortgage Advisors strengthens TCF’s experienced mortgage lending team and creates additional opportunities to serve customers
  • TCF Bank gains scale and geographic reach in its residential first mortgage program
Monday, October 30, 2017 3:20 pm CDT

Dateline:

WAYZATA, Minn.

Public Company Information:

NYSE:
TCF
"As we continue to broaden the products and services we provide to help our customers achieve their financial goals, increasing our capability to originate first mortgages is an important priority for TCF"

WAYZATA, Minn.--(BUSINESS WIRE)--TCF National Bank (TCF Bank), a subsidiary of TCF Financial Corporation (TCF) (NYSE: TCF), today announced that it has signed a definitive agreement to acquire Rubicon Mortgage Advisors, LLC (Rubicon), a residential mortgage lender with offices in Minnesota and North Dakota and licenses to operate in South Dakota, Wisconsin, Colorado and California. Financial terms of the agreement were not disclosed and the transaction is expected to close before the end of the calendar year. Rubicon’s 34 employees are expected to join TCF Bank following the closing of the agreement.

“As we continue to broaden the products and services we provide to help our customers achieve their financial goals, increasing our capability to originate first mortgages is an important priority for TCF,” said Michael S. Jones, executive vice president, consumer banking. “The experienced and knowledgeable team at Rubicon Mortgage Advisors, combined with its complementary geographic footprint to TCF Bank, enables us to increase our scale and reach for these products. Together with our current mortgage lending professionals, our customers will benefit from an outstanding team with deep lending experience and mortgage industry relationships.”

Brian Call, president of Rubicon Mortgage Advisors added: “We are excited to be joining TCF and enhancing our ability to serve Rubicon’s portfolio of customers. Our team of experienced mortgage lending professionals will benefit from having the backing of a strong, well-capitalized bank and the opportunity to provide expanded services to TCF Bank’s large customer base. We look forward to integrating our origination capabilities with TCF Bank’s existing team of professionals and working together to expand home mortgage lending in the markets we collectively serve.”

Founded in 2006, Rubicon Mortgage Advisors operates as a residential mortgage lender. Its team of professionals has been recognized for their industry expertise through numerous state and national accreditations, as well as multiple regional business awards. Brian Call served as president of the Minnesota Mortgage Association in 2016 and currently sits on its board of directors. Call also was named one of the country’s “Most Influential Mortgage Professionals” by the National Mortgage Professional Magazine.

About TCF
TCF is a Wayzata, Minnesota-based national bank holding company. As of September 30, 2017, TCF had $23 billion in total assets and 321 bank branches in Arizona, Colorado, Illinois, Michigan, Minnesota, South Dakota and Wisconsin, providing retail and commercial banking services. TCF, through its subsidiaries, also conducts commercial leasing, equipment finance, and auto finance business in all 50 states and commercial inventory finance in all 50 states and Canada. For more information about TCF, visit tcfbank.com.

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Contact:

TCF Financial Corporation
Media:
Mark Goldman, 952-475-7050
news@tcfbank.com
or
Investors:
Jason Korstange, 952-745-2755
investor@tcfbank.com