The company, which runs
"This is kind of the third reinvention in my career here," TCF Chairman
Cooper told analysts that the moves are paying off. Auto financing at the bank is up 70 percent over the past 12 months. TCF said it has partnerships with 9,500 auto dealerships and is adding 500 more each quarter.
"In the auto business, we're doing business with more dealers and deeper into more dealers," Cooper said.
When it comes to leasing and equipment financing, Cooper said the growth reflects "deeper penetration" with existing customers. The bank is helping golf cart and lawn mower dealers finance their inventory, said
"I think you have to give management a lot of credit for recognizing that their business model had to change, and then changing it," McEvoy said. "The company has transitioned itself."
TCF has helped soften concerns about a national subprime boom in auto lending by selling many of its lower-credit-score loans to other financial institutions, McEvoy said. But the rise in auto lending is still a concern in the banking industry.
"It's something that we will be monitoring going forward," he said.
For TCF, revenue was
The company's profit amounted to
This spring, the bank announced that it was exiting the
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