TCF Financial announced that its wholly-owned subsidiary, TCF National Bank, has signed a definitive agreement to acquire Gateway One Lending & Finance.

Anaheim, CA-based Gateway One is a privately held lending company that utilizes its more than 3,100 active dealer relationships to originate loans to consumers in 30 states, primarily on used automobiles.

As of September 30, 2011, the company had originated $214 million in auto loans year-to-date and had a managed portfolio of $406 million.

“The acquisition of Gateway One is another step toward the further diversification of TCF by growing high quality assets with strong risk-adjusted returns through national specialty finance lending programs”

As part of the acquisition, TCF will be retaining Gateway One’s seasoned executive management team. The transaction is expected to close before the end of 2011, subject to customary closing conditions.

“We are very excited about the acquisition of Gateway One,” said Craig Dahl, executive vice president of TCF Wholesale Banking. “The addition of this national secured lending consumer product further diversifies our business and provides ample growth opportunities within the large U.S. auto lending marketplace.”