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Flagstar Bank Closes Acquisition of Mortgage Warehouse Portfolio from Santander Bank
Tuesday 13 March 2018

13 March 2018 - Michigan, US-based Flagstar Bank, FSB has closed the acquisition of a mortgage warehouse loan portfolio from US-based Santander Bank to strengthen market position in warehouse lending, the company said.

Flagstar Bank, FSB is a wholly owned subsidiary of Flagstar Bancorp, Inc. (NYSE: FBC).

Santander Bank is a subsidiary of Spain-based Santander Group.

Terms of the transaction were not disclosed.

As part of this transaction, Flagstar will hire the existing relationship managers, adding depth and experience to its warehouse business.

Flagstar Bancorp, Inc. said the transaction allows it to leverage its experience and bring service to more customers in the mortgage marketplace and expand its relationship-based lending platform.

Flagstar Bancorp, Inc. (NYSE: FBC) is a USD 16.9bn savings and loan holding company. Flagstar Bank, FSB, provides commercial, small business and consumer banking services through 99 branches in the state.

It also provides home loans through a wholesale network of brokers and correspondents in all 50 states.
Date Published: 13/03/2018
Target: Mortgage warehouse loan portfolio
Country: USA
Sector: Banking/Financial Services
Type: Corporate acquisition
Status: Closed
Vendor: Santander Bank
Buyer: Flagstar Bank
Terms of the deal were not disclosed