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Alaska USA Federal Credit Union to Acquire Phoenix Branches of TCF Bank Branches
Tuesday 14 January 2020

14 January 2020 – US-based credit union Alaska USA Federal Credit Union (Alaska USA) has agreed to acquire seven bank branches of TCF National Bank, a subsidiary of TCF Financial Corp. (NASDAQ: TCF), located in the Phoenix, Arizona market, the company said.
Financial terms of the agreement were not disclosed, and the transaction is expected to close in 2Q20, subject to customary closing conditions and regulatory approval.
TCF Bank branches add to the eight branches that Alaska USA currently operates in the Phoenix market, which will total 15 branches following the acquisition.
Piper Sandler is acting as financial advisor and Dorsey and Whitney, LLP is acting as legal counsel to Alaska USA. D.A. Davidson Companies is acting as financial advisor and Vantage Law Group, PLLC is acting as special real estate legal counsel to TCF Bank.
Alaska USA Federal Credit Union is a member-owned, not-for-profit cooperative, with a full range of financial services, including checking and savings accounts, consumer loans, real estate loans, mortgage loans, credit cards, business services and personal insurance.
TCF Financial Corp. (NASDAQ: TCF) is a Detroit, Michigan-based financial holding company with USD 46bn in total assets and a top 10 deposit market share in the Midwest as of September 30, 2019.
TCF's primary banking subsidiary, TCF National Bank, is a premier Midwest bank offering consumer and commercial banking, trust and wealth management, and speciality leasing and lending products and services to consumers, small businesses and commercial clients.
Details
Date Published: 14/01/2020
Target: TCF National Bank/seven bank branches
Country: USA
Sector: Banking/Financial Services
Type: Corporate acquisition
Financing:
Status: Agreed
Vendor: TCF Financial Corp
Buyer: Alaska USA Federal Credit Union
Buyer Advisor: Piper Sandler , Dorsey and Whitney
Comment:
Terms of the deal were not disclosed

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