TCF Financial Corp. is acquiring Gateway One Lending & Finance LLC, a privately held used car lender in Southern California.
Terms of the deal, which is expected to close by the end of the year, weren't disclosed.
Gateway One, based in Anaheim, manages a portfolio of $406 million, makes loans in 30 states and originated $214 million in auto loans so far this year, TCF said.
Gateway One's management team will stay on.
"The addition of this national secured lending consumer product further diversifies our business and provides ample growth opportunities within the large U.S. auto lending marketplace," Craig Dahl, executive vice president of TCF Wholesale Banking, said in a statement.
Wayzata-based TCF is the state's No. 3 lender by deposits.
JENNIFER BJORHUS
