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Flagstar Bank to Acquire Desert Community Bank Branches from East West Bank
Tuesday 14 November 2017

14 November 2017 - Michigan, US-based bank holding company Flagstar Bancorp, Inc.'s (NYSE: FBC) Flagstar Bank, FSB has signed a definitive agreement to acquire eight Desert Community Bank branches in San Bernardino County, California from East West Bank along with certain related assets, the company said.

These branches have approximately USD 600m in deposits and USD 70m in loans.

Terms of the transaction were not disclosed.

DCB, headquartered in Victorville, California, holds the #2 deposit market share in the High Desert region of San Bernardino County, the fifth largest county in California with a total population of 2.1m. 

The transaction is subject to regulatory approval and customary closing conditions, and is expected to close in the first half of 2018.

Flagstar Bancorp is a USD 16.9bn savings and loan holding company headquartered in Troy, Mich. 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, as well as 95 retail locations in 27 states, representing the combined retail branches of Flagstar and Opes Advisors mortgage division.

Flagstar is a national originator and servicer of mortgage loans, handling payments and record keeping for USD 91bn of home loans representing 415,000 borrowers.

Flagstar was advised by the law firm of Morrison and Foerster LLP.
Details
Date Published: 14/11/2017
Target: Eight Desert Community Bank branches in,  San Bernardino County, California
Country: USA
Sector: Banking/Financial Services
Type: Corporate acquisition
Financing:
Status: Agreed
Vendor: East West Bank,  
Buyer: Flagstar Bancorp
Buyer Advisor: Morrison and Foerster
Comment:
Terms of the deal were not disclosed

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