TROY, Mich., May 15, 2017 /PRNewswire/ -- Flagstar
Bancorp, Inc. (NYSE: FBC) today reported it has closed its
previously announced transaction to acquire certain assets of Opes
Advisors, Inc., a retail mortgage originator and wealth advisory
firm headquartered in Cupertino,
Calif. The transaction was announced April 3, 2017.
This is the second acquisition Flagstar has completed this year
to strengthen its position at the forefront of the mortgage
industry. Flagstar acquired the delegated lending business of
Stearns Lending, LLC on Feb. 28, 2017
to expand its market share in the correspondent channel. With the
acquisition of Opes Advisors, Flagstar has expanded its retail
mortgage origination business and significantly increased its
access to high-quality purchase mortgage originations.
"On behalf of all Flagstar associates, I'm pleased to welcome
the talented team of Opes Mortgage and Wealth Advisors to the
Flagstar family," said Alessandro P.
DiNello, Flagstar's president and CEO. "This transaction is
good news for both companies. Opes Advisors now has the backing of
a well-capitalized bank that can help expand its successful
business model to the entire country. And Flagstar now has a
national retail origination platform and wealth management business
that will provide best-in-class service to our customers."
"We see this transaction as amazing in its opportunity for
mutual growth, collaboration, and benefits," said Susan McHan, CEO, co-founder, and president of
Mortgage Banking at Opes Advisors. "The added product capabilities
will be a win for our clients, and the expanded opportunities for
growth will be a win for our mortgage advisors and wealth advisors.
We feel fortunate to have found in Flagstar the perfect partner—a
long-time leader in the mortgage industry with a strategy and
interest in growing its retail mortgage business."
About Flagstar
Flagstar Bancorp, Inc. (NYSE: FBC) is a $15.4 billion 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 82 retail locations in
25 states, representing the combined retail branches of Flagstar
and Opes Advisors mortgage division. Flagstar is a leading national
originator and servicer of mortgage loans, handling payments and
record keeping for $83 billion of
home loans representing 393,000 borrowers. For more information,
please visit flagstar.com.
Terms of the transaction were not disclosed.
Forward-Looking Statements
This communication contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements are based on the current beliefs and
expectations of Flagstar Bancorp, Inc.'s management and are subject
to significant risks and uncertainties. Actual results may differ
from those set forth in the forward-looking statements. Factors
that could cause the Company's actual results to differ materially
from those described in the forward-looking statements can be found
in periodic Flagstar reports filed with the U.S. Securities and
Exchange Commission, which are available on the Company's website
(flagstar.com) and on the Securities and Exchange Commission's
website (sec.gov). Other than as required under United States securities laws, Flagstar
Bancorp does not undertake to update the forward-looking statements
to reflect the impact of circumstances or events that may arise
after the date of the forward-looking statements.
For further information
ANALYSTS: David Urban, Senior Vice
President, Investor Relations, (248) 312-5970
MEDIA: Susan Bergesen, Corporate
Communications, (248) 312-6237
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SOURCE Flagstar Bancorp, Inc.