TCF National Bank (TCF Bank) announced the creation of a new commercial banking division called TCF Capital Funding. Headquartered in Burr Ridge, IL, TCF Capital Funding will specialize in asset-based and cash-flow lending to smaller middle-market companies across the U.S.

TCF Capital Funding’s president, Joe Gaffigan, joined TCF Bank after a 25-year career in the leverage finance business. Gaffigan previously held senior level management positions with MFC Capital Funding, where he most recently served as co-founder, president and chief executive officer, as well as Fifth Third Bank’s Structured Finance Group. Gaffigan will report to Jim Urbanek, managing director of Commercial Banking.

Joining Gaffigan at TCF Capital Funding are several leverage finance veterans including senior vice presidents Ed Ryczek and Thom Karle, vice presidents Jim Kuncl and Monica Briseno, and assistant vice president Frances Miller.

“TCF is committed to developing new products and services targeted at the commercial middle-market segment,” said Craig R. Dahl, vice chairman of Lending. “The expansion of our commercial lending business into leverage finance will continue to diversify and grow TCF’s assets on a disciplined basis. Joe has assembled a strong management team with a wealth of industry experience that has worked together for a significant part of their business careers. Their experience and successful track record in the asset-based and cash-flow lending industries, combined with the current competitive landscape, will allow TCF Capital Funding to quickly become a significant contributor to our corporate objectives.”