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TCF Bows CE, Majap-Focused Inventory Finance Subsidiary

8/06/2008 01:06:00 PM Eastern

Wayzata, Minn. — TCF Financial Corp. has created a new subsidiary called TCF Inventory Finance that will specialize in the inventory floor plan finance business in the United States and Canada, with an initial focus on the consumer electronics and household appliance industries. The subsidiary will be based in Hoffman Estates, Ill.

Ross A. Perelli will lead TCF Inventory Finance as its president and CEO; his most recent position before joining TCF was as the president of Transamerica Finance Corporation. Perelli will report to Craig R. Dahl, executive VP of TCF Financial Corporation, president and CEO of TCF Equipment Finance and chairman and CEO of Winthrop Resources Corporation.

Other TCF Inventory Finance executives will include Chris C. Meals as chief risk officer, H. James Hentz as corporate development officer and Vincent E. Hillery as general counsel.