WAYZATA, Minn. — TFC Financial Corp. recently announced its subsidiary — TFC National Bank — has signed a definitive agreement to acquire Gateway One Lending & Finance, LLC.

Headquartered in Anaheim, Calif., Gateway One is a privately held lending company “that utilizes its more than 3,100 active dealer relationships to originate loans to consumers in 30 states, primarily on used automobiles,” officials noted.

Moreover, as of the end of September, the company had originated $214 million in auto loans year-to-date and had a managed portfolio of $406 million.

“We are very excited about the acquisition of Gateway One,” said Craig Dahl, executive vice president of TCF Wholesale Banking.

“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. TCF has a proven track record of successfully acquiring, integrating and operating nationally-oriented specialty finance businesses in the past and we expect additional success with Gateway One,” he continued.

As part of the acquisition — which is expected to close before the end of this year, subject to customary closing conditions — TCF will be retaining Gateway One’s executive management team.

Brian MacInnis, chief executive officer of Gateway One, also offered his opinion on the upcoming deal: “We are looking forward to joining an organization with the financial capabilities of TCF and taking advantage of the opportunities it will provide.

“We believe our dealers, customers and employees will benefit from the proven financial strength of TCF,” he added.

Lastly, William Cooper, chairman and CEO of TCF, chimed in, noting, “The acquisition of Gateway One is another step toward the further diversification of TCF by growing high quality assets with strong risk-adjusted returns through national specialty finance lending programs.

“Gateway One will provide both a new incremental revenue source and opportunities for balance sheet growth at a time where these objectives are challenged by industry or economic headwinds. With a management team that brings a wealth of industry knowledge and experience, I am confident that this acquisition will be a very profitable business for TCF. This is another example of TCF following through on our commitment to our shareholders to be proactive and take advantage of marketplace opportunities while in this difficult environment,” he concluded.

J.P. Morgan Securities LLC is acting as exclusive financial adviser to TCF.

Also, Morgan Keegan & Company, Inc. is serving as exclusive financial adviser to Gateway One.