TCF Financial Corp. said it has signed a letter of intent to acquire Winthrop Resources Corp., a specialized high-tech equipment leasing company, in a stock transaction valued at $326 million.
The deal would be the highest-priced one to date for TCF, a $7.1 billion-asset Minneapolis thrift company that is converting to a commercial bank. The acquisition of Winthrop, also of Minneapolis, helps diversify TCF, creating a potentially lucrative new line of business.
TCF has been an active acquirer, cobbling together a strong Midwest franchise by buying low-performing thrifts. Its last major deal and largest previous transaction was for $2.7 billion-asset Great Lakes Bancorp, Ann Arbor, Mich., in February 1995.
The price for Winthrop appears "reasonable" said Roney & Co. analyst Michael Moran.