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TCF Inventory Finance, Inc. Assumes Floorplan Financing Programs

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^{Published in Business and Finance on Wednesday, December 31st 2008 at 12:05 GMT, Last Modified on 2008-12-31 12:06:35 by Market Wire}  

HOFFMAN ESTATES, Ill.--([ BUSINESS WIRE ])--TCF Inventory Finance, Inc. ("TCFIF"), a subsidiary of TCF Financial Corporation ("TCF") (NYSE: TCB), announced today an agreement with Textron Financial Corporation ("Textron") to assume the right to continue existing programs of originating certain floorplan financing receivables for retailers of consumer electronics and appliances.

The assumption of these programs by TCFIF represents the opportunity to originate future floorplan financing receivables from 1,200 retailers who acquire products from the industries' major suppliers and buying groups and will begin originating receivables under these programs this month. Although TCFIF did not acquire any existing floorplan financing receivables from Textron, these floorplan finance customer relationships total approximately $200 million in credit lines.

"By assuming the floorplan finance programs from Textron, TCFIF makes a clear statement of commitment to support retailers, suppliers and buying groups in the Consumer Electronics and Household Appliances Industries in the United States and Canada. In the current environment, with unpredictable and diminishing credit availability, it is truly exciting to lead a team dedicated to providing liquidity into our chosen markets," said Mr. Ross Perrelli, President and CEO of TCFIF.

"TCF is committed to expanding lending across all of its business lines," said William Cooper, Chairman and CEO of TCF Financial Corporation. "Assuming these relationships will be beneficial for TCF and 1,200 retailers will continue to receive first-class service from the TCFIF team."

TCFIF ([ www.tcfif.com ]) offers a full range of inventory financing solutions to retailers in the Consumer Electronics and Household Appliances Industries throughout the United States and Canada. TCFIF is a subsidiary of TCF Financial Corporation ([ www.tcfbank.com ]), a Wayzata, Minnesota-based national financial holding company with $16.5 billion in total assets. TCF has 445 banking offices in Minnesota, Illinois, Michigan, Colorado, Wisconsin, Indiana and Arizona, providing retail and commercial banking services. TCF also conducts leasing and equipment finance business in all 50 states.

Textron Financial is a diversified commercial finance company with more than $11 billion in managed receivables. Additional information about the company is available at [ www.textronfinancial.com ].