TCF National Bank, a Minnesota-based depository, announced this week that it will acquire Rubicon Mortgage Advisors, a mortgage lender with offices in Minnesota and North Dakota and licenses to operate in South Dakota, Wisconsin, Colorado, and California.
Financial terms of the deal were not disclosed.
Rubicon’s 34 employees are expected to join TCF Bank following the closing of the deal, which is expected to take place before the end of the year.
Michael Jones, executive vice president of consumer banking at TCF Bank, said that the deal will help both companies grow.
“As we continue to broaden the products and services we provide to help our customers achieve their financial goals, increasing our capability to originate first mortgages is an important priority for TCF,” Jones said.
“The experienced and knowledgeable team at Rubicon Mortgage Advisors, combined with its complementary geographic footprint to TCF Bank, enables us to increase our scale and reach for these products,” Jones added. “Together with our current mortgage lending professionals, our customers will benefit from an outstanding team with deep lending experience and mortgage industry relationships.”
Brian Call, president of Rubicon Mortgage Advisors, said that having the financial support of a bank will allow Rubicon to grow its lending operation.
“We are excited to be joining TCF and enhancing our ability to serve Rubicon’s portfolio of customers. Our team of experienced mortgage lending professionals will benefit from having the backing of a strong, well-capitalized bank and the opportunity to provide expanded services to TCF Bank’s large customer base,” Call said. “We look forward to integrating our origination capabilities with TCF Bank’s existing team of professionals and working together to expand home mortgage lending in the markets we collectively serve.”