Scottrade Bank in St. Louis has hired a former executive at TCF Financial (TCB) to launch an equipment finance unit.
The $16 billion-asset unit of Scottrade Financial Services said Wednesday that it has hired Fred Van Etten to become the unit’s president. Van Etten recently served as a senior vice president for TCF Equipment Finance. He was president and chief executive of Popular Equipment Finance when Banco Popular (BPOP) sold the unit to TCF in 2009.
The unit will buy loan portfolios from established equipment finance firms, while also building its own book of business, Van Etten said in a press release. "We will begin building our origination platform with the future plan of originating assets directly from vendors and customers nationwide," he said.
"This division will enable Scottrade Bank to grow its commercial loan base of products and execute on our plan to expand our lending capabilities nationwide," Joe Pope, the bank’s president, said in the release.
